ABSTRACT
This chapter explains the idea of the customer lifecycle, and its management. The core stages in the customer lifecycle are customer acquisition, customer retention and customer development. New customers are of two kinds. They are either new to the product category, or new to the company. New customers for consumer companies can be generated from much the same sources as business-to-business (B2B) prospects, but much greater effort is put into advertising, social media, sales promotion, buzz or word-of-mouth marketing and merchandising. B2B prospects are generated in a number of ways, including referrals, interpersonal networks, online including social media, promotional activities such as exhibitions, trade shows and conferences, advertising, publicity and public relations, canvassing, telemarketing and email. Operational customer relationship management (CRM) applications such as lead management, campaign management and event-based marketing are useful tools for customer acquisition. The chapter also explains key performance indicators for customer acquisition strategies.
