Customer Journey vs. Customer Lifecycle
Updated: Aug 17
Many companies think - if we deliver a good product, if we deliver it on time, we're good. The reality is you may be leaving money on the table. To maximize total share of wallet you should consider the journey and the lifecycle. Let me break it down - A customer journey is the transaction a customer has with you from start to finish. How do they find you - your lead generation marketing efforts. How do they interact with your sales and quoting team. How do they order from you and how do you fulfill that order. How do they receive an invoice from you. This should be a well oiled machine that makes it "easy" for customers to order from you. Think Amazon. A customer lifecycle are those actions you take that are added value and happen through the life of the account. Many times it's left to sales people to build the "life cycle" (those golf outings, dinners, ongoing sales meetings, etc.), but the reality is it's up to the whole organization to intentionally grow that account and they aren't all relationship fluff. They should be intentional value add with revenue potential. Every investment you make in their lifecycle should be an opportunity for you to increase share of wallet. This includes added value - training, aftermarket, understanding your clients business to intentionally build opportunities, loyalty programs, etc. This should be where "value & partnership" comes in. If you mind both journeys you'll see enormous returns.
Go build your bridge!
- Jackie Herrera
ChasmBridge CMO & BridgeBuilder