For many organisations, the sales pipeline process is not over once a customer has completed a sale
There may be opportunities to interest them in other products and services other than the one they have first purchased – indeed, there is always the chance to upsell or cross-sell items at initial point of purchase too. It might also be that there are opportunities to promote repeat purchase in future.
Customers might be happy to provide reviews, recommendations and referrals to encourage word of mouth marketing – the general rule of thumb is that people will provide positive feedback if asked, and negative reviews if they are not. If you ask 100 people for a review, it is not likely that you will receive 100 favourable responses. You might get five poor ones. The good news is not just that you will now have 95 positive reviews, but also that you can potentially learn from these five negative ones too –you also have the chance to sort genuine issues out that you were previously unaware of.
Through these means we identify various ways to increase customer lifetime value.CRM (customer relationship management) systems manage the sales pipeline process in order to maximise conversion, minimise churn and optimise lifetime value. Marketing automation software automates many of the processes by which ongoing communications are delivered to the CRM database, supporting the efforts of an organisation’s sales team.