The Hidden Power of Your Customers: Four Keys to Growing Your Business Through Existing Customers

EXPERIENCE THE LIFE CYCLE

Consider the customer life cycle in your industry and how you address the customer experience at each stage of the cycle. Note that I am not discussing the product life cycle here. Nor am I discussing the customer life cycle from a company’s point of view. Rather, I'm talking about the customer's perspective—experiencing the life cycle the way a customer would.

Companies tend to list four life-cycle stages: prospecting, acquisition, service, and retention, all of which are internally focused. In contrast, the five customer life-cycle stages from the customer's perspective are as follows:

1. Research: Everything customers learn about whether a product or service can meet their needs, from searching the Internet, reading company Web sites or collateral, reviewing ratings and reviews, asking friends and colleagues for recommendations, reading blogs, and seeking expert opinions.

2. Purchase: Everything customers go through to buy the product or service and take it home or to their place of business.

3. Usage: Everything customers do to start and continue using the product or service, including setup and installation, ongoing use of the product or service, and getting help when things go wrong or a question arises.

4. Repurchase: Everything customers do to buy the product or service again, including renewals, buying from the same company, or switching brands or suppliers.

5. Retirement or disposal: Everything customers go through to dispose of the product ...