Brands must focus on increasing customer lifetime value for growth

New Ideas in MarketingEssential news for marketers, summarised by YouGov
August 30, 2019, 1:06 PM UTC

97% of consumers consider customer service as a significant factor when it comes to brand loyalty.  

This piece argues that marketers need to focus on growing and sustaining their customer lifetime value. Concentrating on this metric will enable brands to maximise the effectiveness of campaigns, out-market competitors and eventually increase business profits. 

Building customer lifetime value begins in the initial sales process. Companies should tell their customers why their products and services are valuable, instead of just pushing them. By segmenting customers into different groups, brands can further identify product opportunities and create more effective marketing campaigns.

The author contends that brands should produce and distribute valuable content through multiple channels to generate engagement. Delivering continuous quality customer service can help organisations earn customer loyalty and strengthen customer relationships.

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