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Customer lifecycle

Marketing analysts Matt Cutler and Jim Sterne developed a matrix to break down the customer lifecycle into five distinct phases namely — Reach, Acquisition, Conversion, Retention, and Loyalty. In other words, this refers to the steps a company takes to teach prospective customers about a product or service and to turn them into customers that pay for the product or service. After a customer becomes loyal, the aim is to make them refer to their friends and acquaintances.