Customer Lifecycle Management (CLM) is a key component of the business environment today. A good CLM strategy revolves around the customer and propels every associated element of the organization to work towards customer fulfillment. Optimum utilization of a customer lifecycle is essential for the stability and growth of an organization and a well-structured CLM process is a comprehensive solution.
The concept of CLM
Customer Lifecycle Management, in the simplest terms, means ‘managing, reviewing and enhancing every activity related to the customer, in relation with organizational processes’.
The words, ‘every activity related to the customer’ is of course key here and justifies the presence of CLM from the initial stages of identifying prospective customer segments and then progressing through various stages, eventually managing the acquired customers as well as retaining them. At the same time, ‘managing, reviewing and enhancing’ these activities ensures that CLM plays the role of a watchdog as well as the facilitator or catalyst. CLM therefore plays multiple roles across the organizational structure, developing even minor procedures, simultaneously boosting major policy changes too.
The ‘organizational processes’ covered by CLM have a wide yet in-depth range too. CLM plays an active role in lead management, campaign management, management of transactional and service agreements, management of sales process, enhancement of customer service processes and finally, improvements in brand allegiance resulting in retention of customers.
The evolution of CLM from a concept to a streamlined process
Though the concept of CLM has evolved into a dedicated element of the business structure today, it has been present in former business structures too. However, now it is recognized as an individual component, working in tandem with all the other process of an organization.
A customer’s lifecycle traverses a path beginning from lead generation and prospecting to account management and customer retention. Organizations are finally beginning to realize the importance of a multi-pronged approach where every cog of the business structure contributes and participates in enhancing the customer lifecycle. Integrating live business processes with the elements of customer relationship enhancement is essential, and so is the reshuffling of business goals in line with the customer’s demands – these lessons and more have played a part in the evolution of CLM strategies and processes.
The current business scenario does not stop at assimilating customer centric thoughts into the business structure; it enhances the structure by incorporating dedicated CLM strategies and tools. CLM is no longer a recommended strategy in the modern business world; it has evolved into an essential one too.
Why is it essential for the modern business to focus on CLM?
A CLM framework comprehensively identifies core shortfalls, addressing them with required actions, thus improving a business’ relationship with the customer. This in turn results in business stability and accomplishment of set goals, in terms of revenue as well as brand authority.
Building a customer focused enterprise is a task that requires all the tools and strategies a relevant CLM strategy offers. A business structure with customer related elements acting as the pivot is sure to deliver even in a competitive environment and today’s business setting demands nothing less than a strategic powerhouse in every process related to consumers. CLM uses modern tools that adapt to the changing size and organizational structure of a business, and changes course in relation to the changing business environment too.
The correlation between live assessments and real time process and policy changes is easier, thanks to the mobile tools put to work by CLM, thus helping a business evolve not over a matter of days or months, but in minutes.
A customer’s lifecycle includes several stages and thanks to CLM, these stages are now clearly identifiable, in turn helping a business lay down dedicated marketing and organizational plans for every stage. CLM best practices puts to work various vital gears in the business machinery, including automation of practices related to marketing, sales and even service.
At Conneqt Business Solutions, we understand the changing business environment and ensure that our partners have access to every associated advantage. Our Customer Lifecycle Management (CLM) experts track down every allied component, connecting your business to every payback related to optimally managing the lifecycle of a customer, through simplified solutions – in line with our motto “Let’s Simplify”with a smile!