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Customer Lifecycle Management (CLM)
Updated on:
July 19, 2023

Customer Lifecycle Management (CLM)

Customer Lifecycle Management (CLM) is the process of strategically managing interactions with customers across all stages of the customer journey to build stronger relationships and drive business growth.

  • CLM focuses on the entire customer journey, from initial contact to post-sale support and beyond.
  • The goal of CLM is to improve the customer experience, increase customer loyalty, and drive revenue growth.
  • CLM involves collecting customer data, analysing it to gain insights, and using those insights to inform decisions about how to engage customers.

About FullCircl

FullCircl is a Customer Lifecycle Intelligence (CLI) platform that helps B2B companies in financially regulated industries do better business, faster. Its solutions allow front and middle office teams to win the right customers, accelerate onboarding and keep them for life.

FullCircl has merged with ID&V platform provider W2 Global Data to provide regulated entities with the next generation of regulatory compliance.

Much like Customer Lifecycle Intelligence (CLI), Customer Lifecycle Management (CLM) is a holistic approach to managing interactions with customers throughout their journey with a business. The customer journey typically consists of several stages, including awareness, consideration, purchase, onboarding, retention, and advocacy. Effective CLM requires a deep understanding of each stage of the customer journey and the ability to manage interactions with customers in a way that aligns with their needs and preferences.

CLM involves collecting customer data and using it to gain insights into customer behavior, preferences, and needs. This data can be used to develop targeted marketing campaigns, personalised product offerings, and tailored support services. By leveraging these insights, financial services organisations can create a more positive customer experience, which can help to increase customer loyalty and retention.

Effective CLM also requires a focus on customer engagement and communication. This includes providing clear, concise information about products and services, offering personalised recommendations and support, and maintaining open lines of communication throughout the customer journey. By proactively engaging with customers and addressing their needs and concerns, financial services organisations can build stronger, more profitable relationships with their customers over time.

While there is some overlap between the concepts of Customer Lifecycle Management (CLM) and Customer Lifecycle Intelligence (CLI), there are some key differences. CLM is primarily focused on the operational aspects of managing a customer's journey, such as onboarding, account management, and retention strategies. It involves collecting and analysing data at each stage of the customer journey to ensure that the customer experience is positive and that the customer's needs are being met.

On the other hand, Customer Lifecycle Intelligence (CLI) takes this a step further by using artificial intelligence and rules-based automation to proactively support the customer journey. CLI involves gathering and relevant and actionable insights about a customer so that a company knows how best to engage with them throughout their relationship; using those insights to drive personalised interactions and next best actions. Essentially, CLI is a more data-driven and proactive approach to managing the customer relationship.

Overall, while both CLM and CLI are important concepts in managing the customer lifecycle, CLI takes a more sophisticated and proactive approach by leveraging data and artificial intelligence to provide a more personalised and engaging customer experience while reducing risk exposure and driving revenue growth.

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