Customer lifecycle follows a cycle of customer awareness, knowledge, purchase or acquisition, experience, increase/decrease in usage, churn and potentially win back. Successful companies extend or start new customer lifecycles through product and service innovation. Aside from product and service innovation, effective segmentation and targeting of customers based on their lifecycle, has the potential to increase a customer’s lifetime value and drive more engagement. Lifecycle management programs reward valuable customers and encourage engagement for at risk or down trending customers.
Our Lifecycle Management services help our clients to:
- Identify key trends from a customer lifecycle perspective to identify areas of opportunity and key initiatives for developing lifecycle programs
- Predictive models to identify lifecycle phase changes such as:
- Look-alike customers
- Customers with propensity to up-trend /down-trend/churn
- Customers with propensity to default
- New acquisition customers with propensity to become elite members
- Development of lifecycle programs to target identified segments. Test campaigns with test and control to validate predictive model accuracy and refine offers for targeting
- Offer Optimization to prioritize and select lifecycle based offers to identify the optimal set of offers for a set of customers as well as optimal set of customers for an offer
- Base Management programs to reduce the incidence of churn among high and medium value segments. As part of this we calculate churn propensity at a customer level along with specific triggers that increase or reduce the churn propensity. For transaction based businesses, the churn metric is often a number not tracked within the organization and we can use We assist our clients with developing, monitoring and improving base management programs to reduce churn incidence
- Customer up-sell and cross-sell management programs that identify, target, assess and improve the chances to up-sell and cross-sell to customers with the highest potential.
Please contact us to learn more about our customer value management services