Complete Customer Lifecycle Management brochure launch
Customer Lifecycle Management - what is it exactly?
Date: 1st February 2011
It's fair to say that customer lifecycle management means different things to different people. At Neural Technologies we use it to describe a series of initiatives that can be undertaken to ensure that you a) minimise exposure to risk from your customers and b) maximise the value you gain from them.
Customer lifecycle management looks at acquiring the right kind of customer (to reduce your exposure to fraud) and ensuring that any credit terms extended to them are appropriate to their situation (e.g. if their credit limit is set too high they may experience problems making repayments; whereas if it remains too low, you may discourage them from further spending).
It's about deciding what can be done to maximise the value from your existing customers, retaining them for longer and selling to them repeatedly: making them loyal to you so they are not tempted to turn to your competitors. It's about making sure that the products and services you provide are paid for, and that bad debt and revenue leakage is reduced to a minimum. Customer lifecycle management is all about this, and more.
Read our Complete Customer Lifecycle Management brochure for more information.
- Name: Chloe Purcell
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