CLTV helps you know how you are resonating with your audience, how happy your customers are, and how you can improve. Most importantly, you can drive important business decisions about product development, sales, marketing, and customer support with CLTV.
Categorize your customers into different segments based on their behavior and deliver specific marketing campaigns.
Get insights from customer data to drive personalized engagement.
Send personalized messages to customers with the right message at the right time to increase awareness and conversion.
Craft loyalty programs to personalize customer experience while stimulating repeat purchases.
Quality customer service is a vital investment to increase customer retention and CLTV.
Diversify your presence on as many channels as possible to increase the reach for your brand.
Re-engage your customers based on their previous buying patterns and win back your abandoned shopping carts.
Be receptive to customer feedback and ensure their problems are addressed to increase customer satisfaction.
Look for ideas to promote new services or products to your existing base of customers based on their buying patterns.
CLTV helps determine the financial value of your customers. Using customer insights from CLTV, businesses can make smart decisions that will help:
The recency, frequency, and monetary (RFM) model uses the values of a customer’s purchasing behavior to estimate the lifetime value of a customer. It is a proven method and easy to implement. RFM helps to identify:
● Your most loyal customers.
● Customers who are at the verge of churning.
● The potential of customers to be more profitable.
● Customers who don’t need attention.
● Customers you need to retain.
● Customers who are most likely to respond to your campaigns.
BYTD, or “buy till you die,” is a probability model that gives insights into the non-contractual purchasing behavior of customers. It can help you:
● Identify your long-lasting customers.
● Predict how often a visitor will return.
● Anticipate individuals who are likely to become inactive.
Suyati has readily available machine learning models for calculating the customer lifetime value, which can be customized to suit individual business requirements. Since they are ready to deploy, your efforts for development and deployment will be minimal.