Posts tagged with Clv

What is customer experience management (CEM) and why should you be focusing on it?

It is my job to explain in the simplest terms certain digital marketing phrases that may seem confusing, misappropriated or darn well unwieldy.

Today we’ll be taking a look at the terms customer experience (CX) and customer experience management (CEM), phrases that in our increasingly consumer-focused and connection-based economy have risen to the top of every business’s agenda.

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What is customer lifetime value (CLV) and why do you need to measure it?

In this article I'll ride into the dusty, obfuscated world of marketing phrases, acronyms and buzzwords and try to make sense of it all in the clearest language possible.

Which means I should probably stop using words like ‘obfuscated’.

Following on from yesterday’s guide to single customer view, let’s take a look at customer lifetime value (CLV).

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40+ useful statistics from Econsultancy's Q2 reports

Econsultancy's expert team of analysts have continued their sterling work this year, and to highlight some of their excellent research I've rounded up a load of interesting stats from our Q2 reports.

Yes, I am aware that Q2 ended more than a month ago, but the saying "better late than never" is my guiding principle with this post.

It includes data on customer lifetime value, mobile optimisation, paid search, big data, mobile commerce and the UK's top digital agencies.

This by no means includes all of the reports published by Econsultancy this year, so head here to explore our full range.

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15 ways for companies to increase customer lifetime value

A recent Econsultancy report found that 64% of companies rate customer experience as the best tactic for improving customer lifetime value (CLV), followed by better use of data and personalisation. 

The Customer Lifetime Value: Building Loyalty and Driving Revenue in the Digital Age report shows how companies are measuring CLV, and the tools and tactics used.

Here are 15 ways that companies can provide a better customer experience and therefore increase the lifetime value of their customers.  

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How are companies trying to increase customer lifetime value?

Customer lifetime value matters, so how are companies attempting to improve retention rates? 

Our recent Customer Lifetime Value: Building Loyalty and Driving Revenue in the Digital Age report (produced with the help of Sitecore) has one answer: improving customer experience.

The report finds that 64% rate customer experience as the best tactic for improving CLV, followed by better use of data and personalisation. 

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Just 42% of companies are able to measure customer lifetime value

For companies looking to improve retention rates, customer lifetime value (CLV) is a crucial concept, but one which companies find hard to measure. 

Econsultancy's new Building Loyalty and Driving Revenue in the Digital Age report looks at this issue in more detail. 

Having surveyed almost 900 agency and company respondents, we found that, though the vast majority agreed that CLV was an important concept, just 42% said they were able to measure it. 

Here's a sneak preview of some of the findings of the report produced in partnership with Sitecore.

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Five things every retailer should know about its customers

We live in an age of Big Data and more and more companies in a wide range of industries are making it a point to collect as much data as they can about markets, transactions, their website's users and customers.

When it comes to customer data, retailers are a blessed bunch because they have greater opportunities than many to collect this type of data.

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Metrics: are you even looking at accurate numbers?

Thanks to the 'trackability' of digital media and the rise of Big Data, more and more companies are hoping that decisions they once made on gut instinct or educated guesstimates can and will be made on hard data.

Which, in theory, is a good thing: data-driven decisions should enable businesses to understand the dynamics in their market and use that knowledge to better serve their customers.

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