Join Drew Boyd for an in-depth discussion in this video Calculating customer lifetime value, part of Marketing Foundations.
…Imagine a hypothetical scenario where you're forced to…make a choice between acquiring two customers, which one would you choose?…Well, it depends on how much they buy from you,…if she spends more money on your products than he does, you'd select her.…But wait a minute.…What if she costs you more in terms of selling and customer service?…She may spend more, but you actually earn less on her than on him.…So then you would switch because the net profit is higher.…
But hold on again.…There's one more factor you have to consider.…You make less profit on her, but what if you expect to retain her for…a longer period of time than you retain him?…You make more profit on one sale from him, but if you can continue selling to…this lady for the next ten years, then you'll do much better.…The way you make this type of decision in reality is with a tool called…Customer Lifetime Value, or CLV for short.…
CLV is the formula that helps the marketing manager arrive at…the dollar value associated with the long term relationship with any given customer.…
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success
Skill Level Beginner
Understanding Marketing's Role
Analyzing Your Business
Developing Your Strategy
Developing the Tactical Phase
Aligning the Organization
Launching and Measuring Your Plan
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