The CLV guessing game: Marketoon of the Week
In this week’s Marketoon, we see how the right data can win your brand a prize.
Fishburne’s take: “Acquiring new customers gets most of the glitter and attention in marketing, but retention tactics can be more lucrative. And more granular segmentation can help ensure you’re not wasting resources chasing the wrong customers. As Wharton Marketing Professor Peter Fader observed: ‘Decisions about customer acquisition, retention, and development shouldn’t be driven by cost considerations — they should be based on future value…’”
Why we care: Centralizing customer data in a CRM or CDP is the first step toward removing the guesswork from customer lifetime value. Determining the value of your customers doesn’t have to be a bottle toss or a giant dart board.