Customer value development or Customer Lifetime Value management is essential for every company. After all, acquiring new customers costs more than retaining existing customers. But how loyal are your customers? When and why do they regularly buy from your competitor? The most effective way to gain better insight into the Customer Lifetime Value is to monitor the customer journey. This allows you to predict which customers should be approached how and at what time and when they buy. But what if your customer data is locked up in all kinds of data silos? How do you get more sales from individual customers if you don't know them well enough?
To create a 360-degree customer view, it is necessary to accommodate all customer data in one system. This allows you to optimally analyze and segment the data. Once purchase and behavioral data has been collected over a longer period, it is possible to use smart AI and deep learningtechnology in a smart CDP system build a so-called RFM matrix (Recency, Frequency, Monetary). This matrix helps you identify your most valuable customers. This insight allows you to better focus on potential customers and save unnecessary costs.