SaaSology - Words you want to know

What is Customer Lifecycle?

The customer lifecycle describes the path a customer takes from discovering a product or service to eventually ceasing its use. This journey typically includes the following stages:

1) Awareness: The customer becomes aware of the product or service through marketing or advertising efforts.

2) Interest: The customer shows interest in learning more about the product or service.

3) Evaluation: The customer assesses the product or service to see if it meets their needs.

4) Purchase: The customer decides to buy the product or service.

5) Onboarding: The customer is introduced to the product or service and receives any necessary training and support.

6) Usage: The customer uses the product or service.

7) Retention: The customer continues using the product or service and may make additional purchases.

8) Churn: The customer stops using the product or service.

9) Advocacy: The customer becomes a promoter of the product or service and may refer others to it.

By comprehending the customer lifecycle, companies can create effective strategies for marketing, selling, onboarding, and supporting their products or services at each stage, leading to increased customer acquisition, retention, and overall value.