What is “Customer Lifecycle Management (CLM)“?
Customer lifecycle management (CLM) is the process of monitoring the stages of the customer lifecycle, this refers to the various stages consumers go through before and after they completed a transaction. Through CLM, it’ll be easier for companies to measure and analyze their overall business performance.
The objective of CLM is to gather all the static and dynamic data across all the customer lifecycle stages. This information will then be used to design and map out a highly optimal process to map out an effective and efficient customer journey.
When done properly, CLM can help businesses in delivering seamless communications and fully optimized customer lifecycle stages.
Why is Customer Lifecycle Management important?
For any organization, whether they are big or small, mapping and tracking customer lifecycle allows them to better understand their customers. The only way to measure this is through CLM. With CLM, it’s easier for businesses to analyze the health of customer accounts and identify the relationship of the brand to the customers.
Additionally, this tool can anticipate customers’ needs, expectations, and desires during each part of the journey. It builds a better understanding of what is working and what is not by fixing or redesigning the journeys for a better end-to-end experience.
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