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Customer Lifecycle Management
Managing the entire relationship with a customer from acquisition through retention, ensuring long-term engagement and value.
Implications
The process of managing the entire relationship with a customer from initial acquisition through retention and beyond, often involving strategies to maximize customer lifetime value and enhance loyalty.
Example
Example: A subscription service implements customer lifecycle management by offering targeted retention offers, personalized content, and regular engagement to keep subscribers active and reduce churn.
Related Terms
Different from CRM, which focuses on managing customer data and interactions, lifecycle management is broader, encompassing all stages of the customer relationship.
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