The annual profit of a customer in CLV

  Customer lifetime value has three main components: The acquisition cost of customer The annual profit of customer And the lifetime of the customer to the firm The annual profit of a customer The main component of the customer lifetime value formula is an understanding of what profitability is generated from each individual customer on … Read more…

When to use customer journey maps?

  Customer journey mapping is a visual technique designed to outline how: The brand reaches a consumer’s consideration (evoked) set How the consumer progresses through the buying decision process and selects a suitable brand, and The consumer progresses through consumption and/or use of the product or service. When to use customer journey maps? Because of … Read more…

Video example of the promotional era

  The difference between the marketing concept and the promotional era In a number of marketing textbooks, one of the topics that they address in chapter 1 is the discussion of different marketing philosophies or concepts – which some marketing textbooks also referred to as marketing eras. Typically there are five different concepts usually discussed … Read more…

Services Marketing versus Customer Service

  What’s the Difference between Services Marketing and Customer Service? When you study Services Marketing at university, essentially you are learning about firms that primarily sell a service as their core product. The whole essence of a services marketing textbook revolves around “pure” service firms. However, when we hear the word “service” we often think … Read more…