Lifecycle management is about managing the entire lifecycle of a product or service from its design, introduction, growth, maturity and decay. While customer engagement focuses more on the interaction and engagement of customers at different points in their customer journey. Both are essential for increasing customer value and reducing churn.

Lifetime value (LTV) is an estimate of the total net profit attributable to a customer over the entire period that customer is associated with a company. Calculating lifetime value can vary depending on the industry and business model, but it generally takes into account average purchase value, average purchase frequency and average customer lifetime value.

Churn refers to the number of customers who stop using a product or service over a period of time. A high churn rate can negatively affect overall customer value and customer lifetime value.

Customer engagement, or customer engagement, can be measured in several ways. Some of the indicators most commonly used to measure customer engagement include: length of time a customer is on a website, email opening and click rates, purchase frequency and social media interaction.

Customer engagement or customer involvement refers to the extent to which a customer interacts with and is involved with a brand or company. High levels of customer engagement can lead to better customer loyalty, higher retention and ultimately higher customer value.