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customer lifecycle management clm is the process of managing a customer's relationship with a company from the customer's initial contact with the company to the point at which the customer becomes a loyal repeat customer the goal of clm is to maximize the value of each customer to the company by ensuring that each customer has a positive experience with the company and its products or services to do this companies must focus on attracting new customers converting them into paying customers and then retaining them as loyal long-term customers clm generally encompasses four main stages marketing sales service and retention each stage presents its own challenges and opportunities for companies to engage with their customers the marketing stage is all about generating interest in a company's products or services to do this companies must identify their target markets and then craft marketing campaigns that will resonate with those customers the sales stage is focused on converting interested prospects into paying customers this requires a company to have a well-defined sales process that includes lead generation lead nurturing and closing the sale the service stage is all about ensuring that customers are satisfied with their purchase and providing them with the support they need to get the most out of the product or service this includes things like providing customer service technical support and warranty or repair services finally the retention stage is focused on keeping customers loyal to a company and its products or services this can be done through loyalty programs customer satisfaction surveys and other retention strategies by managing the customer life cycle effectively companies can increase customer lifetime value grow their business and build long-term relationships with their customers