For automatically updating contact statuses when an account type changes:
D . Record triggered flow. This type of automation can monitor changes in account types and accordingly update related records, such as contacts.
Steps to implement:
Navigate to Setup → Flows.
Create a new Flow and choose the record-triggered flow type.
Configure the flow to trigger when the Account record is updated to 'Past-Customer'.
Add an Update Records element to modify all related contacts, setting their status to 'Re-Market'.
Activate the flow.
This automation ensures that contact statuses are updated in real-time when their related account's type changes, maintaining data consistency and relevancy.
For more on record-triggered flows, check out Salesforce's Record-Triggered Flows documentation.