The Five Customer Life Cycle Stages
Marius Boyd has led TV Guy Orlando, LLC (doing business as MBD Services) as president and founder since 2007. Through this Florida-based company, he provides customer acquisition support services for small businesses. Marius Boyd demonstrates strong goal-setting skills in this capacity, along with a clear sense of dedication, focus, and customer relationship building.
Successful customer relationship building follows the standard customer life cycle stages. There are five stages (reach, acquisition, conversion, retention, and loyalty), which are briefly explained here.
1. Reach: The first stage of the customer life cycle refers to the customer first becoming aware of a product or service offered by a company. There are many sources of this awareness, such as advertisements and social media. During the reach period, companies work on establishing a link between the brand and the customer’s current or future need for the service or product.
2. Acquisition: The second stage of the customer life cycle refers to the formation of a deeper association between the brand and a customer’s need. At this point, customers learn about the company’s offerings in more detail by visiting the website, testing products in store, or talking to sales representatives.
3. Conversion: The third stage of the customer life cycle refers to a customer’s move from an unpaying prospect to a paying customer. They officially purchase from the company, thus entering into a relationship with the business.
4. Retention: The fourth stage of the customer life cycle refers to companies establishing beneficial connections with customers in the hopes of gaining more sales. It involves sending relevant messaging to customers, satisfying their needs, improving products/services based on their feedback, and demonstrating value to the customer.
5. Loyalty: The fifth stage of the customer life cycle refers to a customer’s transition into an important asset for a brand. By this point, they have often made several purchases, along with writing reviews, sharing the business on social media, and making recommendations to friends and family.
