These four components could be collectively referred to as a “Customer Lifecycle Management System,” encompassing the processes and technologies involved in managing the entire customer journey from lead generation to retention.
Lead generation is the process of attracting and converting strangers and prospects into someone who has indicated interest in your company’s product or service. It involves creating strategies to capture potential customers’ interest and contact information, often through marketing campaigns, events, or advertisements. The goal of lead generation is to nurture these leads through the sales funnel until they are ready to make a purchase.
Lead conversion is the process of turning leads into paying customers. It involves nurturing relationships with leads, providing them with relevant information and offers, and guiding them through the decision-making process. Lead conversion requires understanding the needs and pain points of leads and offering solutions that address these needs, ultimately convincing them to make a purchase.
Customer ascension refers to the process of moving customers to higher levels of engagement or value within your business. It involves encouraging customers to upgrade their purchases, buy additional products or services, or become repeat customers. Customer ascension is about building long-term relationships with customers, increasing their lifetime value, and turning them into brand advocates.
Customer retention is the process of keeping existing customers engaged and satisfied with your products or services. It involves building strong relationships with customers, providing excellent customer service, and continuously delivering value. Customer retention is important for maintaining a loyal customer base, reducing churn, and increasing revenue from repeat purchases.
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