Improve ROI with Customer Lifetime Value Segmentation
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Is a college student worth more to a bank than a mid-level manager? Absolutely!
Customer Lifetime Value (CLV) is the present value of the future cash flows attributed to the customer relationship. In other words, what is your customer worth over their lifetime? Some customer groups are a lot more valuable than others, and sometimes the results are surprising. Using customer lifetime value as a marketing metric places greater emphasis on customer service and long-term customer satisfaction, rather than on maximizing short-term sales. Each CLV segment is likely to respond differently to various components of the marketing mix (product features, messaging/promotions, pricing strategies, and distribution preferences).