The Customer Lifetime Value Report, published by Econsultancy in partnership with RedEye, is based on a survey of marketers across a range of business sectors, as well as agencies and vendors supplying technology and services.
Customer lifetime value (CLTV) is the total worth of an individual customer over the lifespan of the relationship with the company. This report examines the extent to which organisations are employing CLTV, as well as the tactics and strategies they are undertaking to increase customer lifetime value.
These are the key findings of the report:
- Marketers understand the benefits of measuring and increasing CLTV, but many are still getting to grips with the basics
- Companies need to move beyond conversion rate optimisation in quest to drive CLTV
- Technology is important for better CLTV, but companies must break down silos and collaborate across teams
- The greatest barriers to improving CLTV are lack of a single customer view and inability to measure customer lifetime value