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Part 1: Understanding Lifetime Value of Customers
This is a simple business concept that is not necessarily that widely known. Intuitively we understand that customers that are loyal and keep coming back are the heart of business. However when was the...
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Part 2: Calculating Lifetime Value of Customers – a simple example
At the most basic level calculating the lifetime value of customers can be done using some assumptions and a simple spreadsheet like the one below: In the above example I have used a yoga studio as an...
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How to get the CFO on marketing’s side
I recently ran a session in Chicago on Strategic Return on Marketing Investment (ROMI) and one of the questions that came up during the session was related to defending the marketing budget with the...
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The only metric that matters to customer focused businesses – Lifetime Value
I was recently asked by a client, “if you could only have one measure to manage your business, what would it be?”. I quickly thought about the range of metrics available to executives today: profit per...
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Are you focused on your customer’s profit producing behaviors?
Do you know which of your customers are profit producers? It’s a great way to think about that core group of customers that really drive your business forward. These are typically what we think of as...
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Measuring your company’s Market-Driven Culture: There’s an app for that!
The MRI Circumplex - shows a company's customer culture With all the talk these days about customer experience and increasing customer focus etc… it always amazes me that there is no internal measure...
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3 ways to secure senior management buy-in and use it to establish a...
Image from John Kotter's Great Book on the Subject of Buy-in One of the greatest challenges for customer experience executives is gaining buy-in for investments in improving the customer experience....
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Prioritizing Customer Experience Investments
Making deliberate efforts to improve the customer experience can require significant investments. So how do you decide on which customer experience investments to make? It begins by understanding the...
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A new way to innovate and get funded
One of the biggest challenges in businesses is determining whether your new product or service actually fills a need. It maybe a cool product, you may like it yourself but if no one will pay money for...
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How to measure awareness advertising
If customers don’t know you exist your chances of attracting them are the same as trying to teach an elephant to tap dance. This is the first rule in marketing – make sure your potential customers are...
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