How is CRM connected to customer life cycle management?

Customer relationship management (CRM) and customer life cycle management (CLM) are two of the most important services in B2B marketing. CRM is an approach to managing a customer's relationship with a company. It provides a framework to evaluate and understand your customer needs and preferences. The goal of implementing a CRM tool is to provide businesses with accurate, timely information about their customers so that they can deliver superior customer experiences at every stage of their life cycle.

CLM or customer relationship management is the process that is being taken care of by a CRM tool. Throughout the process, you know what your customers need from you, when and how you interact with them, and how satisfied they are with your service. When implemented correctly, it can help companies identify opportunities to engage existing customers and create new ones as well as optimize their marketing reach and effectiveness.

CRM and CLM both make a critical aspect for  businesses looking to improve their relationship with customers and streamline their user lifecycle management processes. Not only this gives businesses a comprehensive view of customer interactions and contracts, which can lead to improved customer satisfaction, increased efficiency, and reduced risk. Additionally, integrating CRM and CLM can help businesses make more informed decisions, which can ultimately drive growth and success.

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