The Art of Customer Engagement Using Customer Lifetime Value
Communication Service Provider marketers recently convened for a webinar about “The Art of Engagement Using the Science of Numbers.”
Communications marketers can better leverage their wealth of in-house customer data by enhancing their Customer Lifetime Value (CLV) modeling for use in customer engagement marketing activities. Equifax can help clients take advantage of their customer data, enhanced with economic data, to create more comprehensive Customer Lifetime Value calculations and help augment their marketing program strategies.
Here are some of the key takeaways:
Enhance Customer Lifetime Value models and future value analysis – Communications marketers frequently access CLV data based on internal transaction history. This can provide information for current customers but is not easily translated to prospects. However, adding third-party estimated household economic data can help make it easier to identify both high-potential customers and prospects. In addition, by better understanding possible future customer value, marketers can better develop marketing programs that tailor messages and spend appropriately and optimize marketing budgets.
More informed decision-making – Enterprise decision-making can also benefit from enhanced Customer Lifetime Value modeling. By having a more granular view of customers, and applying it to prospects, communications service providers can utilize this information in a range of decisions. While enhanced CLV brings immediate benefit when used in customer acquisition and retention programs it is also applicable in other areas – from customer service operations, to new product innovation, and retail and channel planning.
Engage appropriately with your customers – When properly applied, engagement marketing can help you focus better on high-potential customers and prospects, and provide appropriate levels of communication with your audience. Not every customer wants to hear from you constantly, nor may require a high-touch strategy. Enhanced Customer Lifetime Value models can provide a key input to marketing program development.
Pull together stakeholders – By engaging in a more holistic discussion of data and model utilization, stakeholders across the enterprise can see additional ways to leverage the data. Having a shared view of data and its use can break down the silos between multiple departments.
In summary, best practices in Customer Lifetime Value modeling can help inform and deliver more effective customer engagement programs while helping to optimize marketing programs and budgets.
Hear all the details – this webinar is available on-demand.
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