As an ecommerce business owner, you've likely heard a lot about managing customer relationships. Consumer appeal is probably a large aspect of your success in retail, so it's important to dedicate ample time and resources to ensure you're equipped with the right knowledge and technological arsenal to meet fluid demand.
It's often said that successful businesses have the most loyal customers. But for your business to create brand allegiance among your clientele, you must first understand your customers and the journey they took to get to your website.
In terms of customer relationship management, the customer lifecycle describes the various stages a consumer goes through before, during and after they complete a transaction. Simply put, it's the Point A to Point B journey a customer takes until they make the final purchase.
The phases a customer passes through during the course of an ongoing relationship with a brand vary on a case-by-case basis, but here are five basic stages of a customer lifecycle:
The beauty of the customer lifecycle lies in the fact that it's nonlinear, meaning it follows a cyclical pattern at the end. Customer retention is the end goal in developing strong brand loyalty, but your business needs to continually offer relevant and timely messaging to prior customers, otherwise your top-of-mind awareness will quickly fade.
The customer lifecycle can help your business maximise the revenue potential for each client who makes a purchase on your website. Once a customer has become a brand advocate, the potential for upselling increases as a result. New product features, releases or exclusive offers are also a great way to progress consumers through the lifecycle. As long as your messaging is consistent, relevant and is in tune with their needs, you can turn one-time buyers into loyal customers quickly.