What is customer life cycle in SAP CRM-ANA - CRM Analytics?

SAP Term: customer life cycle

• Component: CRM-ANA

• Component Name: CRM Analytics

• Description: A period spanning the acquisition of a customer, the deepening of the customer relationship, the retention of the customer, and the winning back of customers that have been lost. The customer relationship is optimized throughout the different phases of entire customer life cycle by using functions to Establish customer contacts in the engage phase Maintain customer contacts and promote sales in the transact phase Provide the product in the fulfill phase, and Provide customer service across all channels in the service phase.

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• Key Concepts: 
  Customer life cycle is a term used in Customer Relationship Management (CRM) to describe the stages a customer goes through when considering, purchasing, using, and maintaining loyalty to a product or service. It is an important concept for businesses to understand in order to maximize customer satisfaction and loyalty. 
  
  How to use it: 
  The customer life cycle can be used to identify opportunities for improvement in the customer experience. By understanding the different stages of the customer life cycle, businesses can create strategies to improve customer satisfaction and loyalty. For example, businesses can use CRM analytics to track customer behavior and identify areas where customers may be struggling or where they may need additional support. 
  
  Tips & Tricks: 
  It is important to remember that the customer life cycle is not a linear process. Customers may move back and forth between stages as they interact with a product or service. Additionally, customers may move through the stages at different speeds depending on their individual needs and preferences. 
  
  Related Information: 
  The SAP CRM Analytics component provides businesses with powerful tools for tracking and analyzing customer behavior throughout the customer life cycle. This includes features such as predictive analytics, segmentation analysis, and customer journey mapping. With these tools, businesses can gain valuable insights into their customers’ needs and preferences, allowing them to create more effective strategies for improving customer satisfaction and loyalty.