What customer lifecycle management is….
Customer Lifecycle management can be seen as the process of managing the cycle that customers goes through while they join your organisation until the time that you lose them to a competitor. 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.
#1 Data as an element of customer lifecycle management
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.
#2 Information as part of customer lifecycle management
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.
#3 Knowledge as part of customer lifecycle management
#4 Wisdom as a component of customer lifecycle management
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.