What is funnel analysis in SAP SRD-CRM - CRM-Customer Relationship Management?

SAP Term: funnel analysis

• Component: SRD-CRM

• Component Name: CRM-Customer Relationship Management

• Description: A representation of the flow of sales and service documents used to evaluate a sales strategy.

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• Key Concepts: 
  Funnel analysis is a tool used in SAP Customer Relationship Management (CRM) to measure the effectiveness of marketing campaigns. It is used to track customer behavior from the initial contact with a campaign to the final conversion. It helps marketers identify areas of improvement and optimize their campaigns for better results. 
  
  How to use it: 
  Funnel analysis can be used to track customer behavior from the initial contact with a campaign to the final conversion. It can be used to measure the effectiveness of marketing campaigns and identify areas of improvement. The funnel analysis tool in SAP CRM provides detailed insights into customer behavior, such as which channels are most effective, which campaigns are converting, and which customers are most likely to convert. 
  
  Tips & Tricks: 
  When using funnel analysis, it is important to set realistic goals and objectives for each campaign. This will help you measure the success of your campaigns and identify areas of improvement. Additionally, it is important to track customer behavior over time in order to gain a better understanding of how customers interact with your campaigns. 
  
  Related Information: 
  Funnel analysis is closely related to other marketing analytics tools such as A/B testing, cohort analysis, and customer segmentation. These tools can be used in conjunction with funnel analysis to gain a more comprehensive understanding of customer behavior and optimize marketing campaigns for better results.