While marketing was earlier a lot dependent on gut feelings and an instinct about the market, today, automation tools allow for greater precision in ad spend. However, excess pondering on the Return on Investment leads to these marketing channels on really understanding the customer’s needs and preferences. A report was prepared based on a survey of five hundred companies by management consulting firm Bain to see what differentiated the top twenty-five percent of these companies in their marketing efforts. They are three-and-a-half times more likely to involve employees that are aware of the customer’s end-to-end journey. Their marketing strategy is nearly twice as likely to be aligned to customer rather than channel needs. A similar level of enhanced importance is accorded to customer lifetime value. Marketing leaders with a difference hone their skills in three different ways. Firstly, target segmentation is based on overall customer value. Business intelligence tools must be used to glean deeper insights about customer experiences and priorities. Data must be used to develop hypothesis on customer choices. The marketers must get to know who the customers are and their individual worth to the firm. So once the high-value customers have been segregated, techniques need be employed to connect with them.

Source:http://www.bain.com/publications/articles/customer-lifetime-value.aspx

Uploaded Date:04 July 2018