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SURVEY – How Are You Using Customer Lifetime Value?

Share your thoughts for a chance to win a £25 Amazon gift card.   Dating back over 30 years, customer lifetime value is a popular metric… View Article

RETAIL SOLUTIONS UK NEWS

SURVEY – How Are You Using Customer Lifetime Value?

Share your thoughts for a chance to win a £25 Amazon gift card.

 

Dating back over 30 years, customer lifetime value is a popular metric among marketers, customer service teams and C-suite execs alike. Not only is it a good indicator of how sustainable your customer relationships are over the long term, it’s also useful in a variety of applications from acquisition to personalization.

But calculation methods and models vary, in both ease and effectiveness. Should you take into account customer acquisition costs? How do you account for purchase frequency in an industry where every customer seems to shop differently? Often, there aren’t clear cut answers.

As a result, many businesses struggle to measure CLV accurately – or do anything useful with it, other than tracking its development over time. And that’s especially true in industries like retail and hospitality, where a customer’s spend and purchasing patterns are harder to predict.

Software vendor HTK wants to make it easier for brands to calculate and apply CLV, with the ultimate goal of improving the customer experience. Part of that process involves understanding where businesses are currently at when it comes to customer lifetime value – and what’s holding them back.

Whether you use CLV or not, HTK would love to hear your thoughts on the subject. Would you be willing to fill out a short survey about how your organization is (or isn’t) using customer lifetime value? It should take about 5 minutes. And as a thank-you, you’ll be entered into a prize draw with a chance to win a £25 Amazon gift card.

Take the survey here – your feedback is much appreciated.

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