Customer Life Cycle

Reaching out for information: In this phase, the business reaches out to the customer with the information.

1. Acquisition: It includes attracting the target customers towards the products and services.

2. Conversation: It is the phase when the customer finally connects to the business to buy their product or service.

3. Retention: In this phase, the business has to offer the customers with additional benefits to make them stay.

4. Inspiration: Maintaining an effective relationship is necessary to inspire customers.

Types of Customers

1. Discount customers: These customers only transact where they find the best discount offers.

2. Impulsive customers: They are not specific buyers but when they find something good and productive, they end up buying it.

3. Loyal customers: These are the completely satisfied customers of any business who contribute to its profits.

Customer vs. Consumer A customer is only the buyer of the product or any service while the consumer is the user of that particular product or service that the business offers.

Customer Orientation There are three types of customer orientation which are as follows:

1. Technology-oriented: These customers give preference to the best technology and care less about the cost or performance. Such people are technology conscious and always look for something which is designed as per the latest technology.

2. Value-oriented: These are the customers who seek products that are efficient and high-performing. Such customers believe in investing only if the product or service will prove to be effective in the long run.

3. Cost-oriented: Such customers search for products with least cost even if they have to compromise with the quality and performance.