Data Used To Create Customer Lifetime Value

Technology has changed the way we view the world. It has most certainly changed the way we do business and profit from it. One part of the world says it has become accessible and easier and the other says it has become extremely difficult and competitive to catch your customer. Both of these are extremely true. Technology has made it both easy and difficult to reach customers. They expand our horizons and we can reach thousands at once. But these thousands are also being fought for by other hundreds of businesses. Their attention is minimal and underwhelming. 

But what’s the tipping scale in the customer’s attention towards your business? It’s the increased customer lifetime value you create with them. Customer lifetime value is the expected amount of money a customer spends on your business.

It is the definition of their loyalty towards you. Higher customer retention efforts lead to healthy growth in the overall customer lifetime value over the years. This is where technology has stepped up and broken barriers for us. Customer retention has never become so easy with the integration of technology.

Perhaps the biggest use of technology is the implementation of data analysis. Many businesses make sure they have adequate data on data backup and recovery about their customers. How does this data change the way we do customer retention and create customer lifetime value?

A game-changer in how we improve customer retention and CLV is improving the customer’s experience with your brand. Do they feel satisfied to purchase from you? Are they happy with your product? What do they demand from you and how can you improve. Data opens up a whole world of unimaginable ways to improve the customer experience that ultimately defines how much a customer would spend on your brand. 

Improve Customer Service 

With data, you are able to get insights into how they currently perceive you. You are also able to provide knowledge from what they are currently saying about you on the internet. This could be both negative and positive press for your business and depending on how they perceive you, you can be responsive and consistent in terms of customer service. Many businesses have similar products as their competitors but they differentiate their business using excellent, responsive customer service built on data that is on data backup and recovery. They are personal, empathetic, and earnest when it comes to their customers. 

Customized Marketing 

Marketing is an ongoing process. You constantly use marketing to retain your customers and make them loyal customers of the brand. Data helps provide insights into customer’s preferences, demands, and what attracts them, their interests, as well as the preferred form of communication, is also understood using data. You can customize your marketing campaign for those customer segments that are profitable and can be used to increased CLV 

Personalized Messages 

How strong is your message and how well do your customers respond to it? Data also provides how much they engage with you and the type of attitude they have towards the messages you curate. There is a powerful thing in the messages you send out to your customers. Whether it is in the personalized email, or the call to action on social media, how you phrase it and provide it should be based on customer’s behavioral data.