/Analytics and Customer Lifecycle Management in CRM

Analytics and Customer Lifecycle Management in CRM

In my previous article, I have talked about Customer Intelligence Management Cycle in a customer centric enterprise. One thing is clear, in order for an organisation to begin to use customers data successfully, there are some vital processes involved. That is what I want to discuss in this article.


data

Data can be seen as raw facts that you have about your customers. It might be in form of the form that they filled when they begin transaction with your organisation or the receipt that you issued to them when they make transaction. All this can help you to know more about your customers and their purchase preferences. Data when supported with facts becomes information to the organisation.

 

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information

Information is what transformed into Corporate Knowledge when decision makers are educated about the information and they begin to use it in order to shape their interaction with their customers. That means it is one thing to have information about your customers. It is another thing to have the willingness to use it to shape customer interaction.




knowledge

Under customer lifecycle management, When we talk about knowledge in this regard, we are looking at the processing of customer information in order to raise exit barrier from customers. Knowledge is when you know what to do and you begin to do that. You have studied customer pattern and see what your customers have in common. You are now using that to make business decisions.


wisdom

Under customer lifecycle management, this has to do with the conversion of data to something that helps the organisation to raise exit barrier for customers. Through corporate wisdom, organisation now realise that it is better to retain existing customers than to start working on how they can get new ones. The organisation is able to consolidate all customers data in one place and make business decisions based on the result of their data analysis.

 
 
 

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Salau Adeniyi Olayinka (CEP, MCTP,CSCU, Hubspot Inbound Marketing Expert) is an accomplished Digital Marketer and E-Business Consultant . His passion is writing and sharing of knowledge and meeting people. He intends to use this blog to boost ICT and E-Business Knowledge in Nigeria and beyond.