Better Customers, Stronger Business
The success of a business is directly influenced by the ‘value’ of its customers. A business with a large customer base who spend little, can be less profitable than a business with a small customer base who spend a lot. ’More’ is not always ’better’.
The source of a customer can have a direct influence on their lifetime value to a business. Customers engaged via social media or email campaigns might prove to be on average higher spending, and more loyal, than those gained via pay-for-click search engine campaigns; if that was the case, the business would be well advised to focus its attention more on email and social media marketing.
Identifying a Customer’s Lifetime Value (CLV) is the act of attaching a predicted value to a customer based on their marketing source. However, calculating CLV requires analysis of historic records. This can be resource and labour intensive, especially for large businesses who often struggle to meet 'business-as-usual' challenges.
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VLDB Solutions are expert data consultants, with years of experience analysing and interrogating corporate data. Our team can help you identify the source of your business' most valuable customers, empowering you to tailor your services and identity to an audience that will ensure success.
Contact us today today to find out more about our Customer Lifetime Value service.