When the customer life cycle is not well understood, it may happen that customer service loses quality, that cross-selling opportunities are lost or that a salesperson discovers. In the middle of a sales conversation, that he is not clear about his purpose.
Problems with visibility can occur due to a lack of organization of information. The presence of duplicate data or fragmentation. It is necessary to solve them in order to trust in the unique vision of the client.
CRM and the customer life cycle
Regardless of the part of the customer life cycle that is examined. The data is collected, updated and used to guide how to proceed in future interactions with current and potential customers. Without complete and reliable data, there is no way to know such important aspects of the relationship with the client as:
- What he bought the last time.
- Why he made that purchase.
- At what time the sale was closed.
- How satisfied the consumer has been with the product and the service.
It is clear that one of the ways to increase this knowledge is to adopt a customer relationship management solution, which is also called CRM software.
CRM systems provide visibility into the customer’s life cycle. And It can improve operational effectiveness, maximize productivity. And ensure that information is easily tracked and managed.
However, without the right data management strategy, it may be difficult to achieve the stated goal in terms of ROI or achieve the level of adoption that is expected. We need a plan that includes, from the integration of applications to the deduplication. And the standardization of data to the management of multiple complex hierarchies.
Do you know how the right data management strategy can offer a unique and reliable customer view within the CRM? Do you have a clear idea of how to provide high-value interactions in each stage of the customer life cycle, to retain the most important, loyal and committed customers?
The stages of the customer life cycle and the data
The life cycle of the client is divided into five stages. In each of them, knowing how to propose the correct data management strategy can offer a unique and reliable customer vision within the CRM.
At each stage of the life cycle, the collected data allows providing high-value interactions that keep your most important clients loyal and committed. The different phases and aspects to be taken into account in each of them are:
First contact with the prospects. The way you use the information available to manage the prospect’s relationship with the company can be the difference between winning a customer or losing a sales opportunity. For everything to come out as expected. It is necessary to acquire an adequate understanding of how and when customers commit. The data that is collected during these first interactions can become one of the best assets to convert prospects into customers.
- Providing key information to the right people at the right time can help personalize the prospecting activities. And differentiate the company from its competitors.
- The synchronization of data in the front and back office systems allows commercial. And customer service agents to obtain the information they need when they need it.
- Knowing which customers are happy with your products or services can facilitate the process of cross-selling or additional sales. Which allows your company to increase customer loyalty that drives your total value.
The first purchase Often, converting a prospect into a client involves the synchronized work of different areas of the business including sales, marketing, finance or distribution, among others. Each of these functions can have different ways of documenting the conversion process. And employing a different system to capture the information. When these systems are not integrated and the information must be modified. Such as contact or payment information, errors may occur. Also, when information about the customer life cycle is not shared between the equipment, other problems may arise such as delays, for example. These could be avoided. Thanks to better monitoring of a customer’s activities along the customer life cycle. Which would also help to create an ideal buyer profile, understand how and why he bought it. And facilitate future interactions with the customer. client. The result is the acceleration of customer acquisition. It is an achievable goal provided that best practices in data management are applied, including:
- Deduplication of data at the point of entry.
- Validation, standardization, enrichment, and consolidation of addresses within the CRM.
At this stage of the customer life cycle, sufficient data about the customer. And the products purchased have already been collected and verified. The precise tracking of delivery details becomes an integral part to ensure that each customer receives what they expect and can pick it up at the desired location. After-sales service In this phase of the life cycle, the customer is already using your product or service. Depending on what happens now, each consumer can become an ambassador of the brand or a detractor of the same. To expand the Brand advocates network, or at least not to lose existing and potential customers. We must ensure that business users operating in the areas of support and customer service can quickly. And easily access the information they need to help customers and fulfill the brand promise.
Renovation / Additional sale / Cross sale. In this final stage of the customer life cycle, there is a great interest in knowing if existing customers will buy more products or services. To retain customers and increase their value to the company. It is necessary to understand them and have access to the data collected during the four previous stages of the life cycle. There is a lot at stake.
It is not enough to have visibility over the entire customer life cycle. But it is also necessary to help business users in direct contact with the client to be more effective in their interactions, providing them with the information they need when they need it. Does your company already have an MDM solution based on the cloud to provide a unique view of the customer? Is it integrated with the CRM?