Importance of customer lifetime value is usually overshadowed by the excessive attention paid to the acquisition of new customers. Existing customers are the ones who drive the revenues of brands at a regular basis. While existing customers would more often than not engage with a brand more than one time if they are satisfied, the CMO cannot take their persistence for granted. CMOs need an action plan to see that the existing customers do not leave and increase their customer lifetime value. Customer lifetime value is what ensures a sustainable business platform and radiates an aura of positivity around the brand.
Rather than looking at customer lifetime value as a mere measure to evaluate the future worth of a customer, it should be seen as a cause for concern to maximize customer value. With this holistic approach that reaps rich benefits for both customers and brand, important business parameters like customer satisfaction, experience and loyalty will follow. Each customer has a separate set of values and expectations. It is simply not realistic to offer the same level of service and approach to every customer. Customer lifetime value could be derived when customers are catered to by a unique proposition from the brand. Marketing automation platforms that are customer-centric can help brands forge that elusive relationship with the customers.
The marketing platform should carry the necessary tech to build customer segments. Customer segments are based on the behavior of customers. By segmenting them based on their behavior, products and services can be curated to offer to relevant customers. Their behavior is recovered from their past engagements and history with the brand. But as time progresses, customer behavior might change. They may not belong to the same customer segment as perceived before by the marketing platform.
This is where a real-time automation platform like Xerago’s Customer Value Maximization platform comes in. Xerago’s CVM platform updates the customer segment since it constantly retrieves user information and customer behavior in real-time. This rules out the lag that exists in passive marketing channels. Hence, the Xerago CVM cloud service is not only a marketing automation tool, it is also a viable customer analytics tool that amplifies customer value and revenue metrics of brands. Customer lifetime value will certainly be enhanced if proper customer segments are developed, since they increase the accuracy of the marketers in choosing right customers to sell various services. The CVM platform also avoids the burnout of presenting undesirable offers to random customers.
Knowing your customers
Xerago’s customer analytics and marketing automation platform is easy to set up and requires minimal or no training from the marketers to use it; such is the simplicity of the CVM cloud, which uses a sophisticated predictive algorighm to record actionable customer data. Using this, marketers need not necessarily build a personal rapport with the customers to know their preferences. Instead, all the required customer insights can be pulled from the platform to make sure that any customer can be reached out with the right intent.
Understanding your customer will help your brand facilitate tailor-made services to them and make their consumer life easier. This goes beyond the prospect of products and services that your brand offers the customers, and makes them feel valued. Analyzing your existing customers and getting to know their intimate choices is one of the foremost benefits offered by the CVM platform of Xerago. Rapport-building with customers invariably brings about customer loyalty and inspires a high customer lifetime value. It also prevents the attrition of your valued customers.
Engaging omnichannel platform
Personalization is the key to inspire customer lifetime value. A seamless omnichannel platform not only creates customer loyalty, but also increases the customer lifetime in the process. The customers value undue attention and ease-of-access for outreach to and from the brand. It instills a sense of goodwill to the customers; they would more likely prefer to stay with the brand when a great customer experience platform like Xerago’s is provided. It is an added bonus if the customer engagement is gamified through bandge values and bonus rewards.
This is particularly true to financial firms like banks and insurance companies, where customer lifetime value is very important. When customers get the same fluid experience irrespective of the purchase timeline, they would not think twice two upgrade themselves as a loyal customer. Xerago’s omnichannel support extends to customer-preferred channels, where tasks like customer support can be automated and optimized with pinpoint accuracy.
Customer Value Maximization with Xerago
The USP of the Xerago CVM is that it serves customer-level insights to determine the value of every client. With cutting-edge customer data in hand, the CMO can encourage actionable marketing to derive customer lifetime value by providing customer experience and customer satisfaction for deriving customer value, with Xerago. Schedule a Demo with Xerago’s Customer Value Maximization platform now!