The customer lifecycle is a term in customer relationship management (CRM) that’s used to describe the series of steps that a customer goes through with a new product or service—from initial discovery to ongoing loyalty.
The customer lifecycle can be broken down into five constituent steps: reach, acquisition, conversion, retention, and loyalty:
When a customer first becomes aware of a product or service and develops an association between it and current or future needs.
When a prospect learns more about the product or service and begins considering whether it’s the right solution for their needs.
When a prospect becomes a customer by purchasing a product or service.
Focuses on helping the customer derive value from the product or service by using or implementing it.
The final stage where happy customers continue using the product or service in the long term, potentially making additional purchases.