The Customer Lifetime Value: Building Loyalty and Driving Revenue in the Digital Age report, published by Econsultancy in partnership with Sitecore, outlines a number of trends that are hindering the ability of companies to measure and increase CLV, as well as seeking to understand specific issues and opportunities relating to a range of business sectors and across the worlds of both B2B and B2C.
Customer lifetime value (CLV) is the total worth of a customer to a business over the entirety of the relationship. Executives universally agree that growing CLV is essential to the health of their organisation and key success metric, as something related to but distinct from customer loyalty which is not as tangibly linked to revenue growth.
The research is based on a survey of marketers and interviews with senior executives across a range of business sectors.
About the report
The 58-page report contains everything you need to know about customer lifetime value, including sections on tactics and strategies that can be used to improve CLV, as well as challenges, opportunities, sector benchmarking across three key dimensions (perceived customer loyalty, propensity to switch and ease of switching) and B2C/B2B comparisons. The methodology involved three main phases:
- Phase 1: Desk research to identify relevant issues, examples and models.
- Phase 2: A series of in-depth interviews with senior executives from a range of businesses, including British Airways, Aviva, Merlin Entertainment. First Direct, Nectar, the Guardian, Santander and Holmes Place.
- Phase 3: An online survey of almost 900 marketers and agency professionals.