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.