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The age of the customer is forcing firms to reconsider what really fuels their business — their customers. Customers now are more mobile, consume more reviews, and buy more online than ever before. Companies must respond by becoming customer-obsessed.1 Marketers must identify their best customers instantly and react “in process” with contextual interactions to grow customer profitability. To do this, firms must measure, analyze, and optimize key indicators of customer growth in order to find triggers that increase the value of customer interactions and revenues. They must also determine how best to use these indicators at the time of interaction.
Enter customer lifetime value (CLV), a predictive yet static indicator of customer profitability, used to aid firms in their strategies for customer acquisition, targeting, and retention. With data growing exponentially and firms having access to this data in real time, CLV has an opportunity to reinvent itself as a dynamic, living metric that comprises static quantitative data updated with qualitative customer information and infused with more accurate real-time marketing, social, and transactional data. This new “real CLV” (rCLV) will help firms redefine the CLV metric as one that is both more accurate and more agile, thereby allowing marketers to increase the precision of their targeting efforts and empowering customer experience professionals to connect with customers through more relevant interactions.
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