The annual profit of a customer in CLV

 Customer lifetime value has three main components:The acquisition cost of customerThe annual profit of customerAnd the lifetime of the customer to the firmThe annual profit of a customerThe main component of the customer lifetime value formula is an understanding of what profitability is generated from each individual customer on average.In simple terms, what is known […]

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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) 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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Video example of the promotional era

 The difference between the marketing concept and the promotional eraIn 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 in these textbooks,

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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 of customer service.

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