Customer Lifetime Value: An Insight

Customer Lifetime Value (CLV) is the buzzword in today’s world. CLV has the ability to measure by sector, product type and purchase occasion. CLV is also linked with brand loyalty and ease of brand switching. It is dependent on many factors, from customer personality types to the ability for a brand to differentiate the experience it offers. According to a study by Sitecore, it was found that in the retail sector people expect customer loyalty to be low. The automobile sector faces challenges when it comes to growing CLV, as customer demand is typically driven by a range of factors; technological advancements, public opinion, cost, life stage and fashion. The media and technology and telecoms industries also face a similar challenge. In a nutshell, it was found that 64% of brands believe improving customer experience is the route to focus on CLV and move customers towards the ideal bracket of remaining loyal. To know more, follow Shawn Cabral (VP Corporate Marketing at Sitecore)’s article link: http://digitalmarketingmagazine.co.uk/customer-experience/how-do-sectors-compare-when-it-comes-to-customer-lifetime-value/1228