Customer lifecycle management (CLM) involves measuring various customer related metrics, which, when analyzed for a period of time, provides insights about the performance of a business.
Four phases of Customer lifecycle: Marketing, Customer Acquisition, Relationship Management, Loss/Churn.
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A CRM system integrates all four phases of the customer life cycle into three major processes. These processes are solicitation, lead-tracking, and relationship management. The diagram above depicts the four phases and the three major processes.
MBA question on this topic:
Trends in every field keep on evolving. The only constant in today’s world is change. Just as it is true for all aspects of business, customer lifecycle management (CLM) is no exception.
a. Discuss 5 key trends that would help marketers in rolling out their CLM strategies?
b. Why is CRM believed to be a new way of thinking?
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