There was an article recently that cited a study from Econsultancy and Sitecore that highlighted what companies and advertising agencies are doing across multiple industries to increase customer lifetime value. I have written many times about the importance of lifetime value (LTV), and how it is the core of whether your company or product is successful. The article points out that 75 percent of global company marketers agree that LTV is crucially important. I think it is important to understand what companies in other industries are doing to optimize lifetime value so rather than just following your peers, you can build an advantage over them.
A single customer view
The most common response when asked, “What is the most effective tool to optimize LTV ?” was a single customer view. The recognition that key insights are being missed also supports recent findings showing that marketers are struggling to develop a holistic view of their customers. For example, you may have data from inside your product how consumers act, survey data from your users, focus test results and feedback from customer service. What you may not be doing is integrating all of this data to understand the customer experience and their frustrations. Many companies just look at the in-product metrics but by looking at the data holistically you are more likely to find the levers to optimize best your product. Continue reading “Lifetime Value Part 20: What others are doing to optimize lifetime value”