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Different Stages Of The Customer Lifecycle

customer lifecycle management in banking

Technology is a part of every person’s life these days. Different types of technology in the form of software are being used to get the maximum output from this. So is in the case of the business, the competition has increased so much that every day new products and services are being launched in the market. So it has become very important to sustain in the market and the only source for that to attract customers and maintain them. The new technology of doing do is to get the customer relationship management software and customer lifecycle management software in the company. The use of the banking customer lifecycle in almost every field is a great way to know more about the customers. 

Although customer lifecycle management is a slow process that involves different ways of customer interaction on the parameters of purchase history, post-sales services, and support, etc. no doubt the customer relationship management is the modern approach of marketing but when it comes to post-sale customer engagement then customer lifecycle management is very important. 

There are different stages of the customer lifecycle. Let’s have a look at them.

  • Brand awareness: The first stage of this management is where the relationship of the customers starts building with the company. It is the first time the customer comes to know about the company and its product ranges. There are chances when the company’s work has started long back but people come to know about them later. It is a fact that every day a customer sees around 360 marketing messages and out of which only around 80 are notices. It is a traditional marketing rule that the customer has to see the marketing message at least seven times before he gets to know about the company. So the company has to use various tactics that will help in spreading brand awareness, it can be through influencers or other ways of advertising. Different companies use a different ways to spread brand awareness.
  • Engagement: The next step after brand awareness is customer engagement with the company. This step is optional and is done according to the requirement. Take an example, a customer wants to buy a car and he sees the display of a car in the theme park, this will show the engagement of the customer with the brand as the customer will start searching for the marketing content to know more about the product. Even the customer will start talking to others about the brand and see how people react to the brand. Even he can get information on the helpline centers provided to the customer.
  • Evaluation: To get in touch with the brand, every customer goes through a different process. It can take him months to do proper research whereas some people will give a quick gut check to the brand and purchase the product. The company should opt for the marketing way that will help them to stand out differently from the competitors. Nowadays digital platforms are the best to promote the brand. The company can provide customers with a support system that can help them to evaluate products and why they should start using them. It is very important to give the agents and store associates the knowledge that will help them in backing the service. Most of the customers get information about the brand from various sources, so every person should have good knowledge so that there are no conflicting answers that can lead to the loss of customer’s interests.
  • Purchase: The next step in the customer lifecycle is the final decision of the customers to make their final decision for the purchase of the product. It is very important for the brand to know the potential customers and provide them with the knowledge that they want so that they can make a final call in favor of the brand. There are chances that if the customers do not get satisfactory or quick results the purchase will not be made. This means that the service you provide in the market makes all the difference in making or losing clients. Many customers recommend that the virtual video of the product usage will be very helpful in making the final decision for the products. It can give a push to the sales of the brand that is why it is a very important system to be installed in the marketing of the brand.
  • Product support and experience: It very expensive to attract new customers rather than maintain the old ones. So it is rightly said that the actual customer lifecycle begins from this stage. It is the time when the customer starts to form some sort of opinion about the product and the brand. The brand needs to keep in mind to provide the best quality service and product to the customer. Every interaction with the customer is the opportunity to attract the customer towards them. So this interaction should be done with utmost interest so that a relationship can be made with the customer. The customer services provided, in the beginning, will become the first impression of the brand on the customer.
  • Bonding: The final stage in the customer lifecycle starts when the brand cements the relationship with the customer. The brand makes sure that it provides the best quality services and support to the people who are nurturing their connection clients. They should involve themselves in such a way that they can take every opportunity to create an emotional bond. If a brand all these things for the customer, truly the customer will bounce back to the brand again and again. This will continue the cycle of buying more and more products. The ultimate goal of this lifecycle is to gain the trust of the customers and offer more brand awareness among the people. One of the most efficient way for customers to bond with a brand is through telephonic support extended by customer service executives. BPOs and BPMs like Maxicus is your one-stop-shop to ensure customer satisfaction throughout the customer lifecycle.

So to get in touch with people, it is very important to follow all these stages of the customer lifecycle management in banking or product marketing. This is the best way to maintain a good relationship with customers and encourage others to join them.

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