Hierarchy of effects model and share of minds and share of heartsThere are numerous hierarchy of effects models that are covered in marketing literature. Probably the most common one was developed in 1961 and is a six stage model usually included in a Philip Kotler marketing textbook. The following diagram is an expansion of the […]
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Free online CLV calculatorThe following free online CLV calculator is ideal for quick calculations of customer lifetime value. If you need a more detailed calculation of customer lifetime value, please download the free Excel template for calculating customer lifetime value.How use the free online CLV calculatorYou only need to enter three numbers – into the
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There are five CLV videos available here:Using the free Excel CLV template (available for download on this site)A step-by-step guide to the CLV formula and calculationUsing Excel to calculate CLV (without the above template)A guide to understanding discount ratesAn overview of financial metrics for marketing
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Understanding the financial metrics for customer lifetime valueThe full customer lifetime value calculator and the free Excel CLV template both provide a summary outcome for several related financial metrics. Please refer to the image below of the full CLV calculator. As you can see, at the bottom, there are multiple financial metrics listed, including:CLV (with
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CLV and Customer Relationship Management (CRM)The customer lifetime value equation essentially views a customer as an income stream. So instead of considering the customer’s purchases as single transactions, the marketing focus becomes creating ongoing series of profitable transactions. These ongoing transactions are created through customer relationship management practices and strategies – with the success of
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A segment profile is a descriptive summary of the size, needs, behaviors and preferences of consumers within a particular market segment, with the goal of evaluating segment attractiveness and developing suitable marketing strategies.
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Customer journey mapping is a visual technique designed to outline how:The brand reaches a consumer’s consideration (evoked) setHow the consumer progresses through the buying decision process and selects a suitable brand, andThe consumer progresses through consumption and/or use of the product or service.When to use customer journey maps?Because of the nature and the role of
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Overtime most customers will be “just” satisfiedMany organizations find it frustrating that their customer satisfaction (CSat) scores reach a plateau and it becomes very difficult to achieve real increases in CSat. However, this is caused “naturally” and, overtime, all firms will find that their customer base primarily fits into the “just satisfied” range on their
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