Measuring marketing ROI has always been difficult and often a heated boardroom discussion between the CFO and CMO. With the availability of more data and power of predictive analytics, it is now possible to robustly measure what impact marketing is having on customer value.
Customer Lifetime Value (CLV) is a monetary measure that not only considers customer profit, but also future loyalty and upsell opportunities. When done properly this is a single monetary measure that can be used to get the entire organisation to be customer centric with a genuine focus on creating customer value.
Subscription businesses have used CLV for many years to ensure top quality customer service in competitive markets, but as modern businesses capture more customer interactions their ability to measure a robust and individual CLV in now possible. Tracking individual CLV provides the ultimate measure of the true impact of marketing.
Modern research and data science has created new ways to calculate CLV for different types of business, going way beyond the simple calculations used for traditional subscription businesses. Up to now, building such models has been prohibitively expensive but with the introduction of cloud computing and new software as a service (SaaS) solutions like BrightTarget, CLV is now readily available to all companies.
BrightTarget can take simple extracts of your data and calculate robust individual CLVs. These are used to deliver predictive, value based, insights to Finance and Marketing to deliver more cost effective and personalised marketing, ultimately driving higher overall CLV and improving marketing ROI – everyone wins.
BrightTarget is easy to use and easy to implement – typically up and running within a week! There is no easier or more cost effective way to get your organisation benefitting from advanced predictive analytics and big data. Start using all your data more intelligently to deliver improved customer service and value.
Don’t let marketing’s inability to gather, manage and analyse their data keep you in the dark any longer.
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CLV is only one part of the BrightTarget Marketing Intelligence Platform – Click here to find out more about Marketing Intelligence.