The first question most people ask me is what is CLM? CLM stands for Customer Lifecycle Management. A CLM approach transcends traditional marketing, which tends to focus on the execution of cyclical campaigns and lead acquisition. With CLM, the focus is on the individual in true 1:1 fashion across the entire life of the consumer with the business or brand.
CLM takes advantage of data in our CRM system and enables us to communicate in real-time (or near real-time) to our customers, qualified leads (prospects), and non-qualified leads (suspects). Every customer communication strives to advance people through the lifecycle, deepening their engagement with and loyalty to your firm. With deepening engagement and loyalty, you not only grow your existing customer relationships and retain better, but you convert prospects better. And that means more revenue. CLM requires a planned approach to managing your customer through all phases of their relationship with you.
Typically a CLM approach can cover these phases of the Customer Lifecycle.
CLM should also ensure that you are targeting the right customers with the right message at the right time. Do we need to send everyone the “Spring into Savings” promo? No there are folks that are likely to buy anyway and there are some that are not Spring-time buyers, or there may be folks that are retention risks for whom we need to focus a more retention-based message or surprise and delight instead of our scheduled promotion. If we are doing it right, we are being more efficient, which makes an investment in the approach a moneymaker over the long-term, providing real return on our budget dollars.
Eventually on this blog I will go into each one of the above phases with ideas and examples for how you can successfully take a CLM approach. I also plan to cover typical CLM-based objectives and strategies you can employ. I also plan to write about the customer-centric approach that a successful CLM program offers. I will also cover topics relevant to CRM since a good CLM approach requires the attention to process and technology that a good CRM program requires- and goodness knows there are too many people struggling with CRM in the real world. Finally, thanks to 20 years of developing and executing on direct (direct mail, telemarketing, transpromotional messaging, DRTV, etc.) and digital (SEO/PPC, display, email, SMS, social media, mobile, etc.) marketing strategy across a number of verticals (financial services, insurance, credit unions, durables, apparel, CPG, and hospitality/entertainment), I will cover topics in these areas too.
So thanks for coming on this journey with me. And let me know if there are any topics that are of particular interest to you. After all I am privileged to have you visit my blog. The least I can do is make it relevant for you.