CUSTOMER LIFETIME VALUE
Customer value development or Customer Lifetime Management is essential in every company nowadays. Acquiring new customers costs more than retaining existing customers. But how loyal are your customers and when and why do they regularly buy from your competitor? In order to gain better insight into the so-called Customer Lifetime Value, it is essential to monitor the “customer journey”. In this way it can be predicted 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 will you 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 analyzed and segmented. When transaction and behavioral data has been collected over a longer period, smart AI and deep learning technology make it possible to use smart 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.