Customer Lifetime Value
Is your organization prepared to aquire enough new customers to make up for your customer churn? Are your customers repeat purchasers? What is their average basket size? These business challenges directly effect your customer lifetime value.
Dunn Solutions’ leverages your data with predictive analytics to determine customer lifetime value and maximize ROI.
Customer Lifetime Value (CLV) Consulting Services
It is three times easier to cross sell to existing customers than to new customers. While new customers are important for your growth, growing your existing customers is just as critical! Your organization will get a greater ROI by selling to your existing customers.
Our Customer Churn Reduction Analysis uses the power of machine learning to create a custom churn propensity model that works with your data specifically. By providing your sales, product, customer and web traffic data, our proprietary machine learning algorithm will exploit patterns found in the data to identify the customers in the early stage of their attrition phase. Further, the churn model calculates the lifetime value of each existing customer. This allows you to put the highest priority on the most valuable customers at risk.
An average improvement of 5% in consumer retention rates translates to an average increase of 20% in profitability.
KaarTech Expertise, customized for you
Customer Lifetime Value in the Customer Journey
Understanding how and where potential customers come from, how they engage with your brand and when they decide to stop engaging with you is a MUST for growing sales. Predictive analytics uses your data to understand and drive every touch point of the customer journey.
What is CLV and Why is it Important?
Customer Lifetime Value (CLV) is the amount of money a specific customer is projected to spend on your companie’s products or services in their lifetime.
It’s not enough to have the product or service customers are looking for. Your organization needs a strategy to increase profit for the company while enhancing your customer’s experience.
- How much of my budget should be allocated to retaining customers vs. aquiring them?
- What channels and what spend should be allocated to customer lifetime value?
- What is our most profitable customer channel and segment?
- Is our product mix and new product development pipeline supporting our CLV strategy?
- Are our products priced correctly?
Having the data and insights to answer these and other questions will support your business goals and direct your Customer Livetime Value strategy.
Drivers of CLV
There are many drivers that factor into determining a customer’s lifetime value. To determine Customer Lifetime Value and maximize ROI, our business intelligence team commonly executes these predictive analytics:
- Marketing Mix Analytics
- Customer Segmentation
- Customer Churn
- Market Basket Analysis
- Promotional Pricing
Click on each to learn more about how our specific predictive analytics tactics can grow your customers and sales.
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