Ultimately, our goal as marketers is to attract and retain profitable customers. Consider the concept of Customer Lifetime Value in chapter 5.
- Why are businesses so concerned with Customer Lifetime Value (CLV)? How would a company change if it totally embraced the customer equity concept and maximized CLV?
- Based on your marketing plan choice, explain how you would go about developing a formula that captures the concept. Talk through the process; what factors must you consider in developing CLV?
- What are some specific tactics or methods to create CLV that you may consider in your marketing plan?
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