Challenges in Today’s Business Marketing to Create “Lifetime Customer Value”

Challenges In Todays Business Marketing 

To Create Lifetime Customer Value

“Customer value” is the satisfaction a consumer feels after making a purchase for goods or services relative to what she must give up to receive them (source: small business chronicles).

In today’s era of immediacy, consumers are more demanding than ever. To keep up with customer expectations, brands are increasingly investing in Voice of the Customer (VoC) programs that employ a closed-loop process.

One of the biggest challenges today in marketing one's business regardless of type, size or product/ services is the "Lifetime Customer Value" of Shareholders Context anchored at meeting Customers' needs and expectations." Focusing on and increasing retention of existing customers and the risk-based approach of generating leads for potential customers. Content design, structure, access control, standards and availability of documented information to ensure traceability and planning of improvements for customer focus. 

The Role of Data, Measurement, And Research in Customer Advocacy, authored by Michael Brenner (Marketing Insider Group, October 2019), is critical in valuing a customer's lifetime. Here are 5 steps you can take in defining this customer value:

Step 1: Understand what drives value for your customers.

Step 2: Understand your value proposition.

Step 3: Identify the customers and segments where are you can create more value relative to competitors.

Step 4: Create a win-win price.

Step 5: Focus investments on your most valuable customers.

With these concepts in mind, think about ways you can optimize customer value to grow your business. By optimizing this value, brands have the opportunity to improve business performance. The key to successfully enhancing customer value is through a Voice of the Customer (VoC) program. It describes your customer's feedback about their experiences with and expectations for your products or services. The VoC programs have gained traction over the years and are fast-growing segments of a core business strategy for organizations, which develops a customer advocacy approach that includes many facets, including data, measurement, and research on Customer Focus, maturity of customer service and the effective use of social media platforms in marketing your business. Building a successful Voice of Customer program should be anchored on key elements of a customer-centered business organization. 

In my more than two decades of experience of aligning organizations' struggling to thrive in their industries and helping start-ups to keep pace as newbies in their business segments, customer focus is the primary goal. So before any organization jumps in and begin building a step-by-step plan for achieving customer experience maturity, you’ll want to set the stage. Too often people rush into building a program without aligning all the necessary factors to move forward with creating a customer-centric organization.

Ask most Marketing Executives nowadays, and they will tell you that gone are the days when the customer marketing landscape was represented by a one-way dialogue for engaging prospects. Today, "market leaders are shifting their listening and response mechanisms faster as VoC programs represent a huge opportunity for driving loyalty and increased sales. Poor customer experiences result in Billions of losses by U.S. enterprises each year because of defections and abandoned purchases, and people are twice as likely to talk about a negative experience than they are a positive one" (Source: https://www.qualtrics.com/experience-management/customer/what-is-voice-of-customer/) 

Your customers are the lifeblood of your business. They are the source of current profits and the foundation of future growth. These steps in valuing customer lifetime and the effective use of data and information platforms will help you find more ways to grow your business by better serving your best customers.