Customer Acquisition: Focus is targeting & reaching out to prospects, explaining them about the products and services and on-boarding the customers.
Customer Development/Build/Growth: In this phase organizations leverage the existing relationship for growing the engagement with newly acquired customers or existing customers. So, the focus is both on increasing level of engagement on the existing product or relationship (i.e. spend/balance build on credit card) and identifying customers’ needs & soliciting for a right product (i.e. cross sell a credit card to mortgage customers).
Customer Retention: The most valuable customers are the most sought after customers by the competitors. The organizations have to develop strategies to manage and retain the most valuable customers. Acquiring a new customer is 3-5 times more costly, but still organizations are finding difficult to retain their customers….Read more