Customer Relationship Manager(CRM) Question:
Explain Phases of Customer Development?
Answer:
Customer development is an important process in any product development with which a business uses customer feedback to define and develop its product. The four core phases of Customer Development (Four Steps to Epiphany) are as given:
► Customer Discovery
In this phase, a business evaluates how it can address the customer needs or problems. The business knows about the target customer. The business gathers customer feedback about their requirements.
► Customer Validation
This is a phase when the customers understand the idea of the product and validates the product by realizing that the product will be able to solve their problems. In this phase, a business knows about the problem and the solution.
► Customer Creation
The business then evaluates customer feedback, and plans a strategy for product launch and product positioning in the market based on the feedback.
► Company Building
It includes transforming ideas and concepts to execution and scaling the business venture.
► Customer Discovery
In this phase, a business evaluates how it can address the customer needs or problems. The business knows about the target customer. The business gathers customer feedback about their requirements.
► Customer Validation
This is a phase when the customers understand the idea of the product and validates the product by realizing that the product will be able to solve their problems. In this phase, a business knows about the problem and the solution.
► Customer Creation
The business then evaluates customer feedback, and plans a strategy for product launch and product positioning in the market based on the feedback.
► Company Building
It includes transforming ideas and concepts to execution and scaling the business venture.
| Previous Question | Next Question |
| What advantages might CRM have for specific verticals? | What are CRM Tools for Customer Acquisition? |