2.
Businesses can not succeed
without customers
They need repeated
customers
Important for marketing the
business
Customer Service
3.
Customer Revenue
Customer Retention
Customer Loyalty
These 3 things are needed
to collect data
That data is used in
specific formulas
Customer Lifetime Value
4.
Essential aspect to form CLV
Main data that companies need
Highly intensive data
Gathers amount a product is bought, the amount
spent
This is computed in marketing/business formulas
Multiplied by the company’s
gross margin rate
Customer Revenue
5.
Customer Retention
The ability for a company to
retain a customer
Hard to decipher because
customers often sit idle
Businesses rely on customer
loyalty cards
6.
Happens when needs are fulfilled
Customer’s pattern to buy a particular brand
Habit and attitude
Based on household size and purchase history
frequency, amount
spent, need to buy
other products
Customer Loyalty
7.
Businesses need customers.
They want to keep those customers while they also
obtain more customers
This is how they succeed
Customers needs must be met
Customers need to be satisfied
Marketing must focus their efforts
on Customer Lifetime Value
Recap
