Customer value development or Customer Lifetime Management is essential in every business today. Acquiring new customers costs more than retaining existing ones. But how loyal are your customers and when and why do they buy regularly from your competitor? To gain better insight into the so-called Customer Lifetime Value, it is essential to monitor the "customer journey". In this way, it is possible to predict which customers should be approached how and when they buy. But what if your customer data is locked up in all kinds of data silos? How are you going to get more revenue from your customers if you don't know enough about them?
To create a 360-degree customer view, it is necessary to get all customer data in one system so that it can be analysed and segmented. When transaction and behavioural data has been collected over a longer period of time, smart AI and deep learning technology can be used to create a smart customer view. CDP system an RFM matrix can be built. This matrix helps you to identify your most valuable customers. This insight makes it easier to focus on your potential-rich customers and unnecessary costs can be saved.