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3 episodes with customer lifetime value clv
2 episodes with customer lifetime value clv
2 episodes with customer lifetime value clv
2 episodes with customer lifetime value clv
2 episodes with customer lifetime value clv
Proudly sponsored by PyMC Labs, the Bayesian Consultancy. Book a call, or get in touch!Intro to Bayes Course (first 2 lessons free)Advanced Regression Course (first 2 lessons free)Our theme music is « Good Bayesian », by Baba Brinkman (feat MC Lars and Mega Ran). Check out his awesome work!Visit our Patreon page to unlock exclusive Bayesian swag ;)Takeaways:Marketing analytics is crucial for understanding customer behavior.PyMC Marketing offers tools for customer lifetime value analysis.Media mix modeling helps allocate marketing spend effectively.Customer Lifetime Value (CLV) models are essential for understanding long-term customer behavior.Productionizing models is essential for real-world applications.Productionizing models involves challenges like model artifact storage and version control.MLflow integration enhances model tracking and management.The open-source community fosters collaboration and innovation.Understanding time series is vital in marketing analytics.Continuous learning is key in the evolving field of data science.Chapters:00:00 Introduction to Will Dean and His Work10:48 Diving into PyMC Marketing17:10 Understanding Media Mix Modeling25:54 Challenges in Productionizing Models35:27 Exploring Customer Lifetime Value Models44:10 Learning and Development in Data ScienceThank you to my Patrons for making this episode possible!Yusuke Saito, Avi Bryant, Ero Carrera, Giuliano Cruz, Tim Gasser, James Wade, Tradd Salvo, William Benton, James Ahloy, Robin Taylor,, Chad Scherrer, Zwelithini Tunyiswa, Bertrand Wilden, James Thompson, Stephen Oates, Gian Luca Di Tanna, Jack Wells, Matthew Maldonado, Ian Costley, Ally Salim, Larry Gill, Ian Moran, Paul Oreto, Colin Caprani, Colin Carroll, Nathaniel Burbank, Michael Osthege, Rémi Louf, Clive Edelsten, Henri Wallen, Hugo Botha, Vinh Nguyen, Marcin Elantkowski, Adam C. Smith, Will Kurt, Andrew Moskowitz, Hector Munoz, Marco Gorelli, Simon Kessell, Bradley Rode, Patrick Kelley, Rick Anderson, Casper de Bruin, Philippe Labonde, Michael Hankin, Cameron Smith, Tomáš Frýda, Ryan Wesslen, Andreas Netti, Riley King, Yoshiyuki Hamajima, Sven De Maeyer, Michael DeCrescenzo, Fergal M, Mason Yahr, Naoya Kanai, Steven Rowland, Aubrey Clayton, Jeannine Sue, Omri Har Shemesh, Scott Anthony Robson, Robert Yolken, Or Duek, Pavel Dusek, Paul Cox, Andreas Kröpelin, Raphaël R, Nicolas Rode, Gabriel Stechschulte, Arkady, Kurt TeKolste, Gergely Juhasz,...
Kampf um die Kunden: Stationär versus E-Commerce? Wachstum geht anders!In der neuesten Folge von "Customer Love"
Timestamps: 10:22 - Defining and testing the Ideal Customer Profile 13:11 - Does ICP vary from B2B to B2C? 20:40 - Metrics that prove you've hit PMF 30:29 - When is it time to start scaling? About Laurent Decrue & Boris Manhart: Laurent Decrue is the co-founder of the moving company MOVU and the software company Holycode, and the former CEO at Bexio. Currently he is active as CFO and co-CEO at Holycode. He holds an MBA from the University of Basel and previously worked at DeinDeal. Boris Manhart is a serial entrepreneur and the founder of Growth Unltd, a company that helps scale your business. He was previously involved with CodeCheck and Numbrs, and studied for a couple of years at the Universität Zürich. During their chat with Silvan, they discussed how to achieve the all-coveted product-market fit. Naturally, this journey starts with defining and testing your ICP, i.e. your Ideal Customer Profile: You'll create an ICP in your head based on assumptions, at the beginning. That's normal. You might even be more or less right. But you can't rely on your intuition alone; First of all, niche down. Go for a smaller market than the one you had in mind; Then conduct interviews to find out if it's the right market. This is how you can actually test all your customer development assumptions. Once you've more or less figured out your ICP based on real customer data, you can start thinking about metrics. Which ones can tell you if you're really selling your product/service to the right market? Boris and Laurent don't like the common overreliance on figures like Customer Lifetime Value (CLV) or the 1M ARR benchmark. They both prefer to use the Sean Ellis test, which consists of asking people how disappointed they'd be if they could never use your product again. But don't get too hung up on the “40% were very disappointed” metric one sometimes sees floating around: each company is its own unique case. It's often considered that once PMF is reached (or, at least, once you reach it for the first of many times), that's when you should start scaling your company. But you might want to think carefully about how to go about it: during his chat with us, Laurent shared his story of how Holycode made the mistake of hiring 2 new sales people in Switzerland and Germany to move from founder-led sales to employee-led sales, when in fact they should have hired a growth marketing team to help generate more leads — because without generating more leads, what use is having the sales people to convert them? Check out the conversation for more valuable learnings on how to (continuously) reach PMF. The cover portrait was edited by www.smartportrait.io Don't forget to give us a follow on Twitter, Instagram, Facebook and Linkedin, so you can always stay up to date with our latest initiatives. That way, there's no excuse for missing out on live shows, weekly giveaways or founders' dinners.
Marketing, Verkauf und Kundenorientierung – Impulse vom Prof
In der heutigen Episode tauche ich in die Welt der Kennzahlen (KPIs) in Marketing und Vertrieb ein und hinterfrage ihren tatsächlichen Wert in der Messung von Kundenorientierung und -zufriedenheit. Obwohl viele Unternehmen sich auf diese Zahlen stützen, um Erfolg zu messen, wird kritisch hinterfragt, ob KPIs wirklich die Ursachen für positive oder negative Kundenerfahrungen aufdecken. Ich beleuchte, warum eine beeindruckende Anzahl von Leads oder hohe Umsatzzahlen nicht immer aussagekräftig sind und wie oft der Fokus auf Quantität die Qualität vernachlässigt. Zudem diskutiere ich, warum der traditionelle Funnel in Zeiten der Digitalisierung an Effektivität verliert und warum B2B-Käufer mittlerweile viel später den Kontakt zum Vertrieb suchen. Erfahren Sie, warum der Customer Lifetime Value (CLV) und der Net Promoter Score (NPS) oft theoretische Konstrukte bleiben und warum das Sammeln von echtem Kundenfeedback entscheidend ist. Lassen Sie uns gemeinsam die Bedeutung von hochwertigen Kundenerfahrungen erkunden und wie diese die wahre Grundlage für nachhaltigen Erfolg bilden können.
Mit über 800 Mitarbeitern, über 15 Mio Listings und einer Marktkapitalisierung von über 240 Mio EUR gehört HomeToGo zu den größten Marketplace-Startups Deutschlands. Neben dem Betrieb verschiedener B2C-Buchungsplattformen bietet HomeToGo mit HomeToGo Pro unterschiedliche B2B-Softwarelösungen für Eigentümer und Verwalter von Ferienimmobilien.Wir sprechen über die Entwicklungsphasen von der Metasuche über den Marktplatz zum Software-Unternehmen sowie Patrick Andrae's Transformation vom Gründer zum CEO. Zudem gibt Patrick Einblick in sein Verständnis von Situational Leadership und die Kommunikations- und Planungsprozesse zu verschiedenen Stages des Unternehmensaufbaus. Was du lernst:Wie Patrick Andrae über Company Building eines Marketplace Startups nachdenkt.Strategien zur effektiven Führung und Strukturierung einer wachsenden Organisation.Data-driven vs. Data-informed: Die Bedeutung von datengestützter Entscheidungsfindung und iterativer Produktentwicklung.Situational Leadership: Wie man den richtigen Rahmen für Mitarbeiter und Themen setzt.Einblicke in HomeToGos Kommunikations- und Planungsprozesse.ALLES ZU UNICORN BAKERY:https://zez.am/unicornbakery Mehr zu Patrick:LinkedIn: https://www.linkedin.com/in/patrickandrae/ HomeToGo: https://www.hometogo.de/ Join our Founder Tactics Newsletter:2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach:https://newsletter.unicornbakery.deMarker:(00:00:00) Vom Jurist zum Gründer(00:11:17) Marketplace-Skalierung und Product-Strategy(00:27:35) Marketplace Challenges(00:29:12) Customer Acquisition Costs (CAC) & Customer Lifetime Value (CLV)(00:35:37) Alignment verschiedener Departments(00:40:19) Data-Driven vs. Data-Informed(00:43:37) Strategieentwicklung und Planung (00:52:31) Transformation vom Gründer zum CEO(01:01:14) HomeToGo's Meetingstruktur(01:06:45) Warum Chaos nicht problematisch ist Hosted on Acast. See acast.com/privacy for more information.
Paul J. Zak is a Professor and Director of the Center for Neuroeconomics Studies at Claremont Graduate University. Paul is the Founder of Immersion Neuroscience a company that enables measurement of immersion in experiences in real-time. He has authored books including Immersion and The Trust Factor. Paul emphasizes customer lifetime value and the effect of creating extraordinary experiences for customers and employees. He discusses the neuroscience linking trust, psychological safety, and employee engagement to improved business outcomes. Paul highlights emotional fitness and how leaders creating empathetic, trust-based cultures enable employees to flourish, boosting their satisfaction and well-being. TAKEAWAYS [02:43] Paul studies mathematics, biology, and neuroscience to understand human behavior. [03:21] ‘Why are we nice to each other?' has been a core area of study in Paul's lab. [04:00] Humans are naturally group-oriented and thrive when working collaboratively. [05:35] Creating extraordinary employee experiences is key to engagement and performance. [06:52] Paul focuses on Customer Lifetime Value (CLV) supported by strong employee engagement. [07:40] Improved customer service helps customers and can boost employee satisfaction too. [10:12] Businesses must focus on retaining talent by fostering employee growth and satisfaction. [11:15] Paul advocates for a coaching model of leadership that encourages autonomy. [12:06] Trust with psychological safety allows employees to be comfortable and burn less neurologic energy. [13:46] Leaders must create environments for people to flourish, not expecting consistency. [14:39] The "Whole Person Review" is forward-looking focusing on professional, personal, and spiritual growth. [16:56] With empathy and trust closely related, leaders best recognize employees as humans with emotions and personal lives. [18:12] Paul enjoys daily huddles fostering team connection and alignment at work. [19:04] Leaders benefit from in-person interactions to build and sustain relationships. [22:04] What experiences do people value? Offer the office as a social emotional hub. [24:24] Six peak immersion moments per day lasting three minutes build emotional fitness. [24:56] Adding a social layer to any experience increases neurologic immersion and satisfaction. [25:32] Video conference interactions achieve 50- 80% of the value of in-person interactions. [28:35] Leaders need to understand brain responses to nurture psychological safety. [29:20] Teams of 15-20 perform better because individuals can maintain strong connections. [30:09] Creating an environment where people can flourish and be fully engaged at work and outside work. [32:18] Eight factors generate peak immersion moments so employees can adjust assignments with their supervisor. [33:09] A Google employee finds she loves coaching and moves to Facebook to mentor developers. [34:38] Crafting jobs that challenge people—to do what is hard to master but achievable. [35:40] Conversations about investing in professional development—a key trust factor. [37:50] Train extensively then delegate generously to give people control over their work lives. [38:41] Autonomy and job satisfaction improved when hospital nurses had more decision-making power in patient care. [41:12] Leaders should model behaviors they want to see. [43:52] Stress is not bad—manageable challenges can stimulate engagement and bonding. [44:42] Paul's skydiving experiences and his oxytocin and stress levels inverted over time. [46:05] Challenges at work enable employees to perform at their best and achieve satisfaction. [47:02] Create environments where employees can flourish, be safe, have immersion moments, and connect with each other. [49:14] IMMEDIATE ACTION TIP: For a longer happier life, invest time in things that excite and engage you to build up emotional fitness and resilience. Emotional fitness motivates people to exercise more, eat and sleep better which improves health and extends life span. RESOURCES Paul J. Zak Ph.D. on LinkedIn Paul's company Immersion's website Paul's books “Immersion”, “The Trust Factor”, “The Moral Molecule” QUOTES (edited) “If employees do not love what they're doing, they're just not going to perform as well. So how do I create this environment where employees can really flourish and share that with customers?” “You have this kind of inverted pyramid where leadership is at service of the individual--employees who are creating value. Then you see this great connection with the company's purpose.” “If we can create an environment where employees have this real sense of mission, they're connected to the purpose of the organization, they're working in an environment where they really can flourish professionally, then when they come home, they actually are more satisfied with their lives outside of work.” “If I understand an employee as a leader—you're not human capital, you're a human being—you have emotions, you have a personal life. Hopefully, you love what you do here, you feel like you're fairly compensated and you're excited about how we improve our customers' lives. If I recognize all of that, then I'm going to be much more of a guide or a coach and less of a top-down micromanager.” “I have to have this empathy of intolerance for the kind of weirdness of human beings!” “Am I creating this environment of psychological safety where people are sufficiently comfortable, so they have the brain bandwidth to be fully in on the tasks they're doing?” “From a psychological perspective, when people have control over their work lives, they have greater job satisfaction. They don't get burned out as often. And when an employee is trained, then they need some discretion on how they execute their job.”
Du kennst Marketing-Frameworks wie das das AIDA-Modell? Das ist ein guter Anfang, aber Marketing hat sich inzwischen weiterentwickelt. Denn es ist nicht mehr genug, einfach nur Aufmerksamkeit zu gewinnen und am Ende das Produkt oder die Dienstleistung zu verkaufen. Du musst an den Customer Lifetime Value (CLV) denken und wissen, wie Du Deine Kunden zum erneuten Kauf bekommst. Mario Jung (OMT GmbH) spricht im Interview mit Christian Tembrink (CT Consulting) über die Möglichkeiten, die sich mit KI und neuen Marketing-Frameworks öffnen.
In dieser Folge geht es um ein Thema, das viele Product Owner kennen, aber nicht immer richtig verstehen: Business KPIs. Welche Kennzahlen sind für die Arbeit eines Product Owners tatsächlich relevant und wie beeinflussen sie die Produktentwicklung sowie den Erfolg eines Unternehmens? Gemeinsam sprechen Dominique und Tim über die verschiedenen Metriken, die Product Owner kennen sollten, um fundierte Entscheidungen treffen zu können – von der Conversion Rate bis hin zum Customer Lifetime Value (CLV). Die Frage, die immer wieder aufkommt: Welche KPIs sind für mich als Product Owner wirklich relevant? Business KPIs sind nicht einfach nur eine Kennzahl, sondern ein besonderer Indikator, der hilft, Entscheidungen zu treffen. KPIs sind also mehr als nur Zahlen – sie geben Aufschluss darüber, wie das Produkt genutzt wird und wo Handlungsbedarf besteht. Ein Beispiel ist die Conversion Rate (CR). Sie misst, wie viele Nutzerinnen und Nutzer von einem bestimmten Punkt (z. B. Besuch der Webseite) zu einem gewünschten Endzustand (z. B. Kauf) wechseln. Diese Kennzahl ist nicht nur im Marketing relevant, sondern gibt auch wichtige Einblicke in die Nutzung eines Produkts. Ähnlich verhält es sich mit der Churn Rate, die anzeigt, wie viele Nutzer das Produkt wieder verlassen – ein kritischer Indikator für die langfristige Bindung. Besonders spannend ist die Diskussion um den Umsatz (Revenue) und den Unterschied zwischen Umsatz und Gewinn. Viele Unternehmen konzentrieren sich stark auf steigende Umsatzzahlen, doch wie Tim klarstellt, sind hohe Umsätze natürlich nichts wert, wenn die Kosten explodieren. Hier wird deutlich, wie wichtig es ist, auch auf andere Kennzahlen wie die Customer Acquisition Costs (CAC) zu achten, die die Kosten für die Gewinnung neuer Kunden darstellen. Werden diese Kosten zu hoch, kann das Wachstum langfristig nicht nachhaltig sein. Die Customer Retention Rate (CRR) ist ein weiterer KPI, die für Product Owner von großer Bedeutung ist. Sie zeigt, wie gut es einem Unternehmen gelingt, bestehende Kunden zu halten. Gerade in der digitalen Produktwelt, wo es oft günstiger ist, bestehende Kunden zu binden, anstatt neue zu akquirieren, kann diese Kennzahl entscheidend sein. Besonders spannend ist die Diskussion über den Customer Lifetime Value (CLV). Diese Kennzahl gibt an, wie viel ein Kunde im Laufe seiner gesamten Beziehung mit einem Unternehmen wert ist. Für Product Owner, die Subscription-Modelle oder wiederkehrende Käufe managen, ist dies eine zentrale Größe. Sie hilft dabei, langfristig zu planen und zu verstehen, wie viel ein Unternehmen in die Akquise eines Kunden investieren kann, ohne am Ende Verluste zu machen. Besonders deutlich wird im Gespräch der beiden, wie wichtig es ist, den Zusammenhang zwischen diesen Business KPIs und der täglichen Arbeit als Product Owner zu verstehen. Es reicht nicht aus, nur zu wissen, was ein CLV oder eine Conversion Rate ist – man muss auch in der Lage sein, diese Kennzahlen in konkrete Handlungen umzusetzen, sei es durch die Optimierung von Prozessen oder durch die Anpassung von Produkten. Business KPIs sind für Product Owner also mehr als bloße Zahlen. Sie sind der Kompass, der dabei hilft, den Kurs eines Produkts zu bestimmen und fundierte Entscheidungen zu treffen. Dabei ist es wichtig, die KPIs nicht isoliert zu betrachten, sondern immer im Zusammenhang mit der übergeordneten Strategie des Unternehmens. Product Owner sollten den Mut haben, Fragen zu stellen, wenn sie auf eine unbekannte Begriffe oder Kennzahlen stoßen, und sich die Zeit nehmen, diese zu verstehen. Denn wie Tim und Dominique in der Episode betonen: Oftmals wissen auch die anderen Stakeholder nicht genau, worum es bei einer bestimmten KPI geht – ein klarer Kommunikationsprozess hilft allen Beteiligten, auf dem gleichen Stand zu sein. Hilfreiche ältere Folge des Podcasts passend zum Thema: - Den Wert des Produktes maximieren Wir hoffen, dass du einige neue Impulse zum Thema Business KPI mitnehmen konntest.
In this episode, Neil and Sam continue their exploration by delving into another set of five (plus one) crucial mistakes that law firm owners often encounter and must avoid for a successful year ahead. Building on our previous discussion, Neil and Sam provide fresh insights and actionable strategies to help you navigate these additional pitfalls. Whether you're a seasoned entrepreneur or just starting out, join us for another enriching discussion filled with practical insights that can transform both your law practice and personal journey. Tune in and discover how to steer clear of these new challenges to achieve your best year yet!Key Takeaways from Neil and Sam:Being Clever, Not Clear. Avoid the trap of focusing solely on creativity in marketing; instead, leverage Donald Miller's Storybrand framework to craft a compelling one-liner. Begin by identifying your client's primary problem, propose your distinctive solution, and articulate the benefits your client will enjoy once their issue is resolved. This approach emphasizes clear, straightforward messaging that directly addresses your client's needs and challenges, ensuring potential clients easily understand how your services can benefit them.Not Knowing Your Numbers. A deep understanding of critical financial metrics such as Cost Per Acquisition (CPA) and Customer Lifetime Value (CLV) are essential for scaling your law firm. Regular monitoring and analysis of these numbers empower data-driven decisions that drive growth and efficiency, ensuring you can optimize marketing efforts and maximize return on investment across all client acquisition channels.Focusing on The “What” More Than The “Who.” Shift your focus from simply listing your services to understanding and empathizing with your ideal client's specific pain points and desires. Tailor your messaging to directly address these client needs helps build a stronger connection and enhances client engagement.Ignoring Technology and Automation. Overcoming limiting beliefs about technology and embracing automation tools can significantly boost your law firm's operational efficiency and profitability. Integrating technology enables streamlined processes and better client service delivery.Over-Networking. While networking is valuable, excessive networking without a clear purpose or strategy can lead to burnout and superficial relationships. Focus on quality over quantity, prioritizing meaningful connections that align with your business objectives.Self-Doubt in Content Creation. Don't let perfectionism hinder your content creation efforts. Embrace the mindset that "done is better than perfect." Consistently publishing content—even if you feel it's not flawless—builds visibility, credibility, and engagement with your audience. "Making mistakes is a learning methodology, and you have to embrace that. It doesn't mean you should go out and purposely make them, but if you don't make mistakes, you're not trying." — Neil Tyra"I challenge people that if they post one meaningful social media update per day, sharing something of personal value that resonates with them, it's likely more effective than attending networking events." — Sam MollaeiJoin Lawyer Club FREE, where lawyers and law firm owners come to reclaim control of their firms and their lives! Plus, get the full list of Best AI Tools For Lawyers inside!Get in touch with Sam:
A CMO Confidential Interview with Dr. Daniel McCarthy, Assistant Professor of Marketing at Emory's Goizueta Business School. Dan discusses how marketing has recently taken its knocks, why he created a CLTV class, how companies can start developing their own models, and how customer math can be used to increase marketing accountability. Key topics include: why it is challenging to agree on key modeling variables like acquisition cost; how CLTV can bridge the translation gap between marketers and finance; and why business schools are slow to evolve. Tune in to hear Warby Parker and Wayfair case studies. #customerlifetimevalue #marketing #marketingdata 00:00 Welcome to CMO Confidential: Inside the World of Chief Marketing Officers00:40 Introducing Dr. Dan McCarthy: The Genius Behind Customer Lifetime Value01:38 The Marketing Landscape: Challenges and Changes in the Digital Age03:46 Deep Dive into Customer Lifetime Value (CLV) with Dr. McCarthy06:20 The Practicalities of CLV: From Theory to Application12:20 The Journey of Creating a CLV Course: Inspiration and Impact14:10 The Slow Evolution of Business School Curriculums in the Digital Era18:45 CLV in Practice: Warby Parker Case Study24:56 The Importance of Language and Disclosure in Marketing27:44 Advice for Marketers: Embracing Financial Acumen30:22 Compensation and Accountability in Marketing Departments36:58 Dan McCarthy's Personal Anecdotes and Final ThoughtsLinkedin: CMOConfidentialSpotify: https://open.spotify.com/show/1MzXYx0wRB3thgZitlfJoS?si=406b1b98eca6470fApple Podcast: https://podcasts.apple.com/us/podcast/cmo-confidential/id1668226567See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Are you trying to harness the power of analytics in growing your business? Then, you would love today's episode. Our guest, Josh Chandler, President of Checkpoint Health, demystifies how using a data-driven strategy in a lean model - consistently running small-scale experiments to discover the best business solutions - can help you scale and outcompete in any market.Josh will dive into the core of successful business growth, discussing the impact of customer service and retention on profitability. He'll share his top book recommendations for marketers and product developers, such as "Lean Startup," while illustrating the power of even the smallest product improvements.Tune in as Josh dives into the power of data analytics and how it can improve sales performance, profitability, and your competitive advantage.In today's episode of the Harvest Growth Podcast, we'll cover:Why Founders should know their Customer Lifetime Value (CLV) and customer acquisition costs.Identifying the differences between customers at different stages of your sales funnel.Why you should run experiments to find growth opportunities and improve your business performance.How small product improvements can result in a competitive market advantage.And so much more!Visit www.trycheckpoint.com now to learn more about how their products help senior citizens detect minor health issues before they become major concerns. To be a guest on our next podcast, contact us today! Do you have a brand that you'd like to launch or grow? Do you want help from a partner that has successfully launched hundreds of brands totaling over $2 billion in revenues? Visit HarvestGrowth.com and set up a free consultation with us today!
Beginner Mom Boss- Strategies to Start a Profitable Amazon Store or Etsy Shop
Customer Lifetime Value (CLV) is a crucial metric for marketers as it serves as a compass guiding their paid media investments. It represents the total revenue a customer is expected to generate over their entire relationship with a business. This metric considers the initial purchase and the potential for repeat purchases and referrals. Marketers rely on CLV to make informed decisions about where to allocate their paid media budget. By understanding the long-term value of a customer, they can optimize their advertising efforts to target and retain high CLV customers. This means acquiring new customers and nurturing existing ones, as having customers often proves more cost-effective than acquiring new ones.
As a financial advisor, it can be easy to forget that sales and marketing are part of what we do. We understand that we have to attract new clients in order to grow our book of business. However, we may not always realize that we're selling our firm and our services when we engage in an initial “getting to know you” phone call. The truth is, as RIA owners (and business owners in general), we don't always see ourselves as salespeople. Likewise, we don't always have a strong grasp of how marketing and sales work together to drive revenue growth. In this episode, I'm taking a deep dive into synergizing marketing and sales within your RIA so you can achieve the eight-figure exit. I'll discuss how data points like Customer Lifetime Value (CLV), break-even assessments, and churn rate can be used to create synergy in your sales and marketing departments, enabling you to grow your firm organically. This week on The Financially Simple Podcast: (00:55) Common sense definition of marketing (02:44) The brass tacks of sales and marketing (04:27) Some key metrics (08:34) Factors that impact your churn rate (12:38) What is your break-even point? (14:14) Marketing doesn't work in a straight line (17:27) Create a feedback loop Our Favorite Quotes: “If you can tie your sales team, your marketing team, and everybody involved, if you can tie those together, then every data point shows you can drastically improve the growth rate of your company.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”). This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Are you unknowingly losing money in your business? Discover the hidden impact of Customer Lifetime Value (CLV) on your profitability. This is night 15 of October's special series… 31 nights of scary metrics that could be costing you money.
What We Cover In This Episode: Introducing Lenzvu and our exciting partnership with them [0:50] Megan busts a common myth around today's topic [3:10] Defining customer lifetime value, or “CLV” [4:53] The big reasons why calculating the lifetime value of a customer is critical in your business [6:19] The ways in which you can continue leveraging fitDEGREE reports to understand the client value [11:35] Our quick wins of the week and a look at working with this concept of CLV inside of fitDEGREE [16:27] What to know about the personalized member check-in system [17:53] Our weekly challenge for you to set up your admin account for success [18:19] Quotes: “We always want to be continuously evolving and understanding the lifetime value and coming back to that as a touch point, and not just assuming that since that bought in at a price that's where they live.” [Megan, 4:14] “Every time you expand these people for more months, you don't have to work as hard to make as much money because you are retaining people. You're not working your ass off to get new people into the studio” [Nick, 8:04] “I think one of the most valuable things that I could be doing as a business owner, you could be doing as a business owner, is talking to your clients. It is never a waste of time talking to your clients.” [Nick, 15:57] “In order to have an accurate lifetime value per client report, you need to have these numbers filled in. So go back, review your memberships, review your intro offers and ensure that you have the value per use filled out.” [19:09] LINKS: Learn About LenzVU's fitDEGREE Integration Plan Episode 197: Industry Tea with The Sales Arm - IN STUDIO SALES PROCESS (PART 1) Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here! fitDEGREE's Business Portal https://calendly.com/fitdegree/support support@fitDEGREE.com https://www.instagram.com/fitdegree/ https://www.instagram.com/fitspot_guru/ https://www.fitdegree.com/blog https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q
In today's fiercely competitive business landscape, customer acquisition is a top priority for companies across the globe. However, while gaining new customers is essential, it's equally vital to focus on retaining and nurturing your existing customer base. This is where the concept of Customer Lifetime Value (CLV) comes into play, as it highlights the long-term impact of a customer's relationship with a business. In this article, we will delve into why the Customer Lifetime Value is so crucial for businesses. 1. Predictive Power: One of the primary reasons why CLV is essential is its ability to predict future revenue. By analyzing historical customer data and spending patterns, companies can estimate the potential value of a customer over their lifetime. This predictive power enables businesses to allocate resources more effectively, make informed marketing decisions, and tailor their strategies to cater to high-value customers, ultimately increasing profitability. 2. Cost Efficiency: Acquiring new customers can be expensive, involving marketing efforts, advertising, and promotions. On the other hand, nurturing existing customers often costs less. When businesses focus on maximizing CLV, they reduce the need for constant customer acquisition efforts, leading to improved cost-efficiency and a healthier bottom line. 3. Customer Loyalty: High CLV often goes hand in hand with strong customer loyalty. When customers have positive and consistent experiences with a brand, they are more likely to remain loyal, make repeat purchases, and refer others to the business. Building customer loyalty not only secures revenue but also strengthens a brand's reputation and market presence. 4. Competitive Advantage: In industries where products or services are similar, customer relationships can be a significant differentiator. Companies that excel in understanding and maximizing CLV are better equipped to outshine competitors. By consistently delivering value and creating strong customer relationships, they can maintain a competitive edge in the market. 5. Long-Term Growth: CLV is a strategic metric that aligns with long-term business growth. Rather than chasing short-term gains, a focus on customer lifetime value encourages businesses to plan for sustained success. By nurturing and expanding their existing customer base, companies can achieve steady growth and stability. 6. Data-Driven Decision Making: CLV encourages businesses to gather and analyze customer data comprehensively. This data-driven approach allows companies to fine-tune their marketing strategies, personalize customer experiences, and identify areas for improvement. In an age where data is king, this analytical advantage can be a game-changer. In conclusion, Customer Lifetime Value is not just a metric but a strategic mindset that can transform how businesses operate. By recognizing the importance of nurturing existing customers and understanding their long-term value, companies can increase profitability, reduce costs, and maintain a competitive edge. It's not merely about attracting new customers; it's about building enduring relationships that fuel sustainable business success in the dynamic world of commerce.
OVERVIEW: Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about the Product Life Cycle and what it means for your business. In this episode, we'll learn how Cash Generation ties in with Cash Usage as Jason elaborates on the Growth Share Matrix and its four quadrants. Tune into this episode to learn more about leveraging your business income! EPISODE HIGHLIGHTS: Jason uses the BCG matrix, a diagram that helps to put things into perspective what big companies go through when they have multiple products and divisions and they're trying to work towards the following product or service line. The BCG Matrix is also referred to as the Growth Share Matrix. This applies to you if you have a business, big or small, whatever industry. If you want to keep growing, you must leverage your Cash Cow's revenue to start a new product or service line. The problem with cash cows is that the product can die down. The delivery can get stale, and new competition can come in.” You can't just sit on one Cash Cow and expect it to last forever. What most businesses do is they'll invest the money earned from that Cash Cow. Throughout the episode, Jason discusses different services they're working on as an example of how to leverage the BCG Matrix. While this isn't a hard rule, Jason suggests not putting all your time and investment into “Dogs” because that's not where the business growth opportunities are. Solving your existing customers' problems is much better for ROI and increases your Customer Lifetime Value (CLV). TWEETABLE QUOTES: "The Cash Cow is what your business leverages to produce the income necessary to develop, add, create, or build additional products or services." – Jason A. Duprat "Start with just one or two products or services. If you get really good at those, at some point, you're going to develop a Cash Cow." – Jason A. Duprat CONNECT WITH JASON DUPRAT: LinkedIn | Facebook | Instagram | Youtube | Facebook Group RESOURCES: Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/ Have a healthcare business question? Text me at 386-284-4955, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well. Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea RELATED EPISODES: #226: TACTICAL TUESDAY: CREATE FINANCIAL FREEDOM THROUGH PSEUDO PASSIVE INCOME #204: TACTICAL TUESDAY: 4 WAYS TO BUILD YOUR BOTTOM LINE THROUGH CASH-BASED SERVICES #122: TACTICAL TUESDAY: ACQUIRING YOUR COMPETITION #HealthcareEntrepreneurAcademy #healthcare #HealthcareBoss #entrepreneur #entrepreneurship #podcast #businessgrowth #teamgrowth #digitalbusiness
"Create lifetime experiences NOT one-time experiences". 100% focus on customer acquisition will drive you out of business. All too often we forget about the huge opportunity right in front of our eyes .. our existing customers. Instead, we focus our attention on acquiring new customers which is 5x more expensive than selling to existing customers
Daniel Cotlar learned early on that he enjoyed the creative, risky, high-energy startup world, and after learning much over his years working at them, now invests and mentors startups. He is passionate about helping others and learning from them. In this episode, he discusses his steps to a successful startup business and mentoring relationships, and some of the stumbling blocks he's found along the way.Episode Highlights:Daniel Cotlar learned early in his life that he preferred working in smaller, more risk-taking, creative environments. This ultimately led him to work with Jay Steinfeld at Blinds.com. Jay has been a pivotal influence and mentor for Daniel and taught him about his core values, structure, and more. Daniel believes a mentor must want what's best for their mentee. There should be some flexible structure, and they should focus more on asking questions than simply dumping solutions. Through his work as an investor and board member, Daniel does a lot of mentoring these days. He believes it's essential for new businesses to just go for it: get the product out of the idea stage and into the customer's hands as quickly as possible, with as little cost as possible. Then you can observe, learn, and improve. It is also imperative for a new business to have product-market fit. If you can prove this, you will find investors. The experience of attending a yeshiva, a traditional Jewish college, and learning to study the Talmud taught Daniel how to distill complicated logic, find patterns, debate, and reason. These elements have served him very well over his marketing career.Daniel believes Customer Lifetime Value (CLV) is a valuable statistic, but it's true power lies not in itself as a solitary number. Instead, it lies in finding trends and differentiating between customer sets, campaigns, and time periods. For new businesses, you will have to start with a gap-filled estimate. But over time, you will fill those gaps and refine that number. Remember, though, that achieving and expanding CLV will get more difficult over the life of a company. Episode Links:Daniel Cotlar - LinkedInTwitterLead from the Core - Jay Steinfeld Follow The Digital Marketing Mentor: Website and Blog: thedmmentor.com Instagram: @thedmmentor Linkedin: @thedmmentor YouTube: @thedmmentor Interested in Digital Marketing Services, Careers, or Courses? Check out more from the TDMM Family: Optidge.com - Full Service Digital Marketing Agency specializing in SEO, PPC, Paid Social, and Lead Generation efforts for established B2C and B2B businesses and organizations. ODEOacademy.com - Digital Marketing online education and course platform. ODEO gives you solid digital marketing knowledge to launch/boost your career or understand your business's digital marketing strategy.
Warum darf dein Ziel nicht einfach nur sein, dein ROAS zu verbessern? Berend hat die Antwort für dich parat und verrät dir, warum du darauf achten solltest, dass deine Customer Acquisition Cost (CAC) im Rahmen zu deinem Customer Lifetime Value (CLV) sinn machen muss. Was kannst du machen, wenn dein CAC zu hoch ist und was hast du vielleicht noch für Potenziale im Backend? All das und noch vieles mehr erfährst du heute. Viel Spaß dabei! __________ Mache den ersten Schritt uns buche dir ein kostenloses Analysegespräch: https://www.berend-heins.de/termin Mehr von Berend: ► Homepage: https://www.berend-heins.de ► E-Commerce Tools: https://www.berend-heins.de/ecom-tools1 ► LinkedIn: https://www.linkedin.com/in/berend-heins-onlineshop-ecommerce-ecom-shop/ ► Instagram: https://www.instagram.com/berend.heins ► YouTube: https://www.youtube.com/@berendheins ► Newsletter: https://www.berend-heins.de/newsletter Beim Aufbau unseres eigenen 7-stelligen Onlineshops haben wir viele Fehler gemacht und jeden einzelnen davon teuer selbst bezahlt. Heute haben wir die Erfahrungswerte und Daten von 150+ Onlineshops. Mit unserer umsetzungsorientierten E-Commerce Beratung helfen wir Startups, etablierten Unternehmen und Marketing-Teams dabei, eine erfolgreiche Marke aufzubauen, neue Umsatzrekorde zu erreichen und profitabel zu wachsen. Das zeichnet uns aus: ✅ Echte Praxiserfahrung ✅ Individuelle Beratung statt Massenabfertigung ✅ Ganzheitliche Expertise + brillante Agenturpartner Unsere Kunden:
The modern approach I am here to talk about is one where companies and firms focus on the multiple needs of a single customer rather than catering to a single market of various customers. It is no longer enough for companies to cater to the needs of many different customers. If businesses want to build loyalty and lasting value, they must figure out the diverse needs of a single customer to increase and enhance Customer Lifetime Value.
OVERVIEW: Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about the Product Life Cycle and what it means for your business. In this episode, we'll learn how Cash Generation ties in with Cash Usage as Jason elaborates on the Growth Share Matrix and its four quadrants. Tune into this episode to learn more about leveraging your business income! 3 KEY POINTS: Cash Cows are the golden goose that funds your businesses. What you earn from Cash Cows is invested into “Question Marks.” Question Marks either become “Stars” or “Dogs.” EPISODE HIGHLIGHTS: Jason uses the BCG matrix, a diagram that helps to put things into perspective what big companies go through when they have multiple products and divisions, and they're trying to work towards the following product or service line. This applies to you if you have a business, big or small, whatever industry. The BCG Matrix is also referred to as the Growth Share Matrix. Stay tuned on YouTube for the Video version of the episode showcasing the diagram. The matrix is a Four-Quadrant Graph, having X and Y axes. The X-axis represents Cash Generation. The Y-axis represents Cash Usage. In the bottom-left corner, with Low Cash Usage & High Cash Generation, is what's called a "Cash Cow." If you want to keep growing, you have to leverage the revenue from your Cash Cow to start a new product or service line. The problem with cash cows is that the product can die down. The delivery can get stale, and new competition can come in." You can't just sit on one Cash Cow and expect it to last forever. What most businesses do is they'll invest the money earned from that Cash Cow. In the top-right corner, with Low Cash Generation & High Cash Usage, is the "Question Mark." You invest in this product or service to build it up. Everything starts as a question mark at some point. From a Question mark, it can quickly move over to a Star (top-left, High Cash Generation & High Cash Usage) or a dog (bottom-right, Low Cash Generation & Low Cash Usage). If you're very experienced, most of your question marks will turn into Stars, which is high in Cash Generation but also needs a good amount of Cash to operate continuously. Throughout the episode, Jason discusses different services they're working on as an example of how to leverage the BCG Matrix. While this isn't a hard rule, Jason suggests not putting all your time and investment into "Dogs" because that's not where the business growth opportunities are. Solving your existing customers' problems is much better for ROI and increases your Customer Lifetime Value (CLV). TWEETABLE QUOTES: "The Cash Cow is what your business leverages to produce the income necessary to develop, add, create, or build additional products or services." – Jason A. Duprat "Start with just one or two products or services. If you get really good at those, at some point, you're going to develop a Cash Cow." – Jason A. Duprat CONNECT WITH JASON DUPRAT LinkedIn | Facebook | Instagram | Youtube Email: support@jasonduprat.com Join our Facebook group: https://jasonduprat.com/group RESOURCES Want to become a Ketamine Therapy provider? Enroll NOW in The Ketamine Academy course: https://ketamineacademy.com/presentation Sign up for one of our free business start-up Masterclasses by heading over to https://jasonduprat.com/freemasterclass Have a healthcare business question? Want to request a podcast topic? Text me at 407-972-0084, and I'll add you to my contacts. Occasionally, I'll share important announcements and answer your questions as well. I'm excited to connect with you! Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea Don't want to miss an episode? Subscribe and follow: https://followthepodcast.com/hea RELATED EPISODES: #226: TACTICAL TUESDAY: CREATE FINANCIAL FREEDOM THROUGH PSEUDO PASSIVE INCOME #204: TACTICAL TUESDAY: 4 WAYS TO BUILD YOUR BOTTOM LINE THROUGH CASH-BASED SERVICES #122: TACTICAL TUESDAY: ACQUIRING YOUR COMPETITION #HealthcareEntrepreneurAcademy #healthcare #HealthcareBoss #entrepreneur #entrepreneurship #podcast #businessgrowth #teamgrowth #digitalbusiness
It's no secret, professionals from various departments must work together to correctly calculate Customer Lifetime Value (CLV), Customer acquisition cost (CAC) or Lead-to-customer ratios. This episode we explore how collaboration and communication is always essential to ensure these calculations and others take into account all relevant factors. This episode features the FP&A insights and commentary of CFO Thomas Fennimore of Luminar Technologies, CFO Jared Poff of Designer Brands, and CFO John McCauley of Calendly. “The way I think about it is that FP&A really needs to design the questions we're trying to answer. The data analytics team needs to be able to write the queries to answer those questions. And our data and engineering team has to put the data in a structure that we can query and get value out of it.” —John McCauley, CFO, Calendly. About our Guest Host: Soufyan Hamid FP&A troubleshooter Soufyan Hamid helps finance teams primarily in two ways: First, he works as an FP&A project leader or team member on mid to long term assignments Second, he helps finance professionals take their presentation skills to the next level Visit Soufyan's website or connect with Soufyan via his LinkedIn page
There has been a lot of buzz lately around CDP, CLV, and for some reason adding more acronyms to our industry that already has more than NASA! Back in August I had the pleasure of sitting down with Steve Apicella, Chief Executive Officer of Strategic DX - Your Dealer Experience, and we covered many topics, including Customer Lifetime Value (CLV). Considering the current landscape, it seemed a good time to return to this episode!How many of our businesses provide seamless customer experiences throughout the entire buying process? How many of us are truly connected to our customers throughout their entire digital lifecycle? Is one and done what we're after, or are we interested in repeat and referral traffic? As Steve put it, "Connect the Disconnected" applies to not just our industry, but to CLV, CDP, and however else you want to label it!Think about your current business culture and process. Are you do the followingConnecting the DisconnectedFocusing on Customer JourneyEmbracing the CustomerInspire A Lifetime CustomerChampioning Customer LoyaltyAlways thinking “Great…what now?”Connect with Steve Apicella: https://qrco.de/bdG9QxLet BZ Consultants Inspect What Should Be Expected
Customer Lifetime Value. Einmal Kunde - immer Kunde. Wie rechnet sich Kundenbindung für dein Unternehmen und wieso ist Langfrist wichtig? Bewirb dich jetzt auf ein kostenloses Erstberatungsgespräch: https://www.zeitautomat.com/termin Geh unbedingt auch auf den zu dieser Folge gehörenden Blogbeitrag mit hilfreichen Linkempfehlungen und zu den Buchtipps auf unserem Erfolgsblog zeitautomat.com unter dem Link: https://zeitautomat.com/850 Diese Podcastfolge gibt es auch als VIDEO: https://youtu.be/G5zq8TlvKsA Hier der Link zu unserem Interview beim Erfolgs-Podcast Toms Talktime: https://zeitautomat.com/tomstalktime_download Hol dir ein GESCHENK von uns unter diesem Link: https://zeitautomat.com/geschenk Zum neuen Unternehmer-BUCH von Dr. Susanne Vornweg kommst du mit diesem Link: https://zeitautomat.com/derunfairevorteil Hier der Link zu unserer kostenlosen Videofallstudie und Möglichkeit der Terminabsprache zum Erstgespräch mit uns: https://zeitautomat.com/termin Wir ermitteln dort gemeinsam mit dir, ob wir für dich einen großen Unterschied in deinem Wachstum hin zu mehr Freiheit und Selbstbestimmung machen können. Wir freuen uns, dich kennen zu lernen! Des Weiteren: Zur Anmeldung zum kostenlosen Zeitautomat LIFESTYLE-CHECK und Aufnahme in den Newsletter einfach diesen Link benutzen: https://zeitautomat.com/lifestylecheck ALLE wichtigen weiteren Links zu uns findest du HIER: https://zeitautomat.com/wir PS: Deine Rezensionen auf iTunes sind uns sehr wichtig! Bitte nimm dir die Zeit und gib uns ein Feedback! Wir freuen uns über jede Rückmeldung und natürlich auch ganz besonders über eine 5-Sterne Bewertung, damit wir mehr Menschen inspirieren können! Du bist gerade am Smartphone oder Tablet? Dann kannst du uns am schnellsten eben eine Bewertung und eine Rezension hinterlassen, indem du auf diesen Link klickst: http://getpodcast.reviews/id/1248928121 Hier erfährst du, wenn du noch nicht weißt, wie das genau geht: http://bit.ly/2ungs3U Sharing is Caring! Wir freuen uns auch sehr, wenn du unsere Beiträge teilst! Für inspirierende Gedanken abonniere doch auch unsere Facebookseite des #Freiheitspodcasts hier: https://www.facebook.com/freiheitspodcast/ Oder folge uns auf INSTAGRAM hier: https://www.instagram.com/freiheitspodcast/ Erfolg ohne Freiheit ist Misserfolg. Freiheit kann man erschaffen. Jeder. Im Freiheitspodcast Mach.Dich.Frei. von Dr. Susanne Vornweg und Dr. Hartmut Voss-Vornweg lernst du in einzelnen Storys und inspirierenden Interviews die Strategien von erfolgreichen Unternehmern und Prominenten. Du lernst in Experten-Interviews, welchen Stellenwert die Freiheit für erfolgreiche Unternehmer zunehmend gewinnt, um dauerhaft frei und erfolgreich zu bleiben. Wie sie die richtige Einstellung zum Erfolg gefunden haben, wie sie echte Freiheit generieren und weshalb ihnen das so wichtig ist. Das Hamsterrad ist kein Erfolgskriterium. Das richtige Mindset ist wichtig, um in Freiheit viel Geld zu verdienen, glückliche Beziehungen zu führen, mit sich selbst im Einklang zu sein und dadurch Beruf und Familie bestens miteinander in Freiheit vereinbaren zu können. Einschalten. Zuhören. Sich motivieren und inspirieren. Lernen. Tun. Erfolg haben. Wirklich frei und unabhängig sein. Viele Storys sind inspiriert von Persönlichkeiten wie Sir Richard Branson, T. Harv Eker, Tony Robbins, John Lee Dumas, Tim Ferriss, Bodo Schäfer, Dirk Kreuter, Alex Fischer, Gerd Kommer, Thomas Knedel, Gerald Hörhan, Christoph Juhn. Spannend für Selbständige, Freiberufler, angestellte Führungskräfte, Jungunternehmer und Unternehmensgründer, alle Menschen, denen die persönliche Freiheit wichtig ist, die nicht weiterhin Zeit gegen Geld tauschen und nicht für die Träume anderer arbeiten wollen. Mach.Dich.Frei. – Wir helfen dir dabei! ☺
Since iOS 14 hit in April of 2021, the DTC world has been desperately searching for the answer to one crucial question: How do I get clear attribution? It's a valid question — understanding which ads are actually working is the basis not only for in-platform decision-making, but for assessing the value of paid social advertising as a whole. The favored response of the DTC community? Third-party attribution tools. These new APIs promise a clear window into what's really happening in your account. But all of these tools have one fatal flaw: None of them pass their measurement data back to Facebook. And Facebook can't make optimization decisions with data it doesn't have. That means third-party attribution platforms leave you with lots of information . that you can't take action on. Or, more specifically, that Facebook isn't capable of putting its incredible machine-learning capabilities towards. For months, we've been struggling with the same fundamental questions about attribution . and we're happy to report that we've found a tool that may just be the future of media buying and ecommerce in general. And we even have a case study to prove it. Meet Retina.ai: Predicting CLV Directly Within Facebook Retina.ai is an AI platform that algorithmically predicts Customer Lifetime Value (CLV) from day one. Meaning — it produces something magical that allows you to see a customer's future behavior right now. Wait . what is Customer Lifetime Value, exactly? CLV is defined as: 12-month LTV – (CAC + COGS + shipping costs) In other words, it's the bottom-line value that a customer brings over the course of a year. Optimizing for CLV:CAC is more valuable than optimizing for ROAS or simple LTV, because it takes both cost and timeframe into consideration. In practice, of course, Retina's not actual magic. But it's pretty close. Retina's sophisticated algorithm intakes historical data and correlates first-purchase behaviors with long-term outcomes. Then, it applies those learnings to your current customer acquisition, identifying first-time purchasers that are most likely to increase in value over a 12-month window. The kicker? Retina integrates directly with Facebook Ads manager. Seriously — we can literally see CLV as a metric when we're buying ads: This allows Facebook to optimize for LTV:CAC based on predictive data fed back to the platform at the individual user level in real time. Sounds amazing right? But what about the case study? The Challenge: Rising CAC, Softening Consumer Trends Born Primitive, a fitness apparel brand, faced a seemingly unbreakable revenue plateau. This was only compounded by the data integrity issues brought about by iOS 14. There was only one way to get through this barrier: Optimize Born Primitive's LTV:CAC. Born Primitive's customer base includes lots of die-hard brand loyalists, and we needed to understand how to find more of them. Using Retina's Quality of Customer Report, we confirmed there was a huge difference between the brand's highest and lowest value customers: 50% of Born Primitive's customers have a 10-year CLV of $136 or less . but the average 10-year CLV is $366. That means the top 25% of customers are worth at least 150% more to Born Primitive than the bottom 50%. But before we could run the test, there were a few hurdles . The first challenge lay in setting up a baseline LTV model. We had to create an accurate model by ingesting data from Shopify's order and customer table. Challenge two relied on feeding CLV data to the Meta platform. The team set up integrations on Facebook CAPI and configured campaign modeling. The last challenge required us to show proof of increased conversion and LTV metrics. We constructed a scientific test to measure the incrementality of the LTV-based optimization. The Solution: CLV Split Test We set up a split test to understand the effectiveness of CLV-based optimization. Hypothesis: Optimizing for CLV in near real-time results in higher CLV customers (and better camp...
If you find yourself asking questions like: Are our marketing campaigns getting better? Are we acquiring the right customers? Which products bring in the best customers? Then meet your new best friend, cohort analysis, the secret to understanding which marketing activities are winners and losers, which products to promote, and which customers are your most valuable. Here's what we'll be covering: 1. What is cohort analysis? 2. Why is cohort analysis so important? 3. How to perform cohort analysis 4. How to use cohort analysis What is cohort analysis? A ‘cohort' is a way of grouping users by their behavior and common characteristics. Cohort analysis is a method of analyzing groups of users over time to find out which subsets are the most valuable and why. A customer cohort analysis is presented as a visualization of a data set, which uses different colors and metrics to show the breakdown of each cohort by the metrics in question. We can put that into practice and say at college, each new class can be thought of as a cohort. The class of 2021 has many differences from the class of 2022 – start and finish dates, the economies they graduate into, the jobs they're offered and the income they earn over their careers. A cohort analysis report can be used to identify how students in 2021 differ from those in 2022 over a specific time period, and what the difference in outcomes is as a result. Although cohort analysis is well-known in the SaaS industry. It's fast becoming an important metric for ecommerce businesses too. An online store could create the following cohorts: All customers who bought a particular product All customers from a specific country All customers who were acquired through a specific marketing channel It's important to note that customers can be part of several cohorts at the same time – a Canadian customer who buys a sweater in January is part of a country cohort, product cohort, and date cohort. The two types of cohorts There are two types of customer cohorts: behavioral and acquisition. Behavioral cohorts can be grouped together by the specific actions of users over a defined time-span. An example would be a cohort who subscribed to an email newsletter or followed an account on social media. Behavioral analytics help you to understand how users engage with your business, which campaigns create your best customers, how to increase your customer retention rate, and reduce churn rate. Acquisition cohorts are focused on when and how a visitor first became a customer. This cohort type creates a specific group of users from factors like: Acquisition date Campaign type Discounts used Marketing channel Products purchased Acquisition cohorts are useful for establishing at which part of the customer lifecycle your users drop off. Why is cohort analysis so important? Cohort analysis reports are one of the most useful, but under-used business analytics methods in the ecommerce world. They help you understand how changes to your marketing campaigns impact your KPIs. Ecommerce brands that don't use measurement techniques like cohort analysis tend to judge their marketing campaigns using short-term metrics. For example, campaigns that don't hit their Return On Ad Spend (ROAS) goals are considered failures and turned off. However, this approach fails to account for the Customer Lifetime Value (CLV) of each customer acquired. On the surface, spending $50 to acquire a customer who makes a purchase of $25 looks unprofitable. But if that customer has a CLV of $200 because of future purchases, that's a profitable Customer Acquisition Cost (CAC.) Cohort analysis is so valuable because it helps us to understand the impact of marketing campaigns after the first purchase. Using the example above, the same marketer could take two completely opposite actions: Based on ROAS, they pause the campaign, Based on what cohort analysis tells them about CLV, they increase their media spend. Cohort analysis allows ecommerce brands to move from...
Der Customer Lifetime Value (CLV) ist eine bekannte Kennzahl im Bereich Online Marketing. Wir schauen hinter die Kulissen und zeigen wie wir ein CLV-Projekt umsetzen und was das eigentlich mit Data Science zu tun hat. Was genau misst der CLV, wie wird er berechnet und was ist zu beachten? White Paper zum Thema Customer Lifetime Value (CLV): Download: Der Kundenlebenswert als zentrale Kennzahl für die unternehmensseitige Aussteuerung der Kundenbeziehung
Lige nu oplever mange webshops et kæmpe dyk i omsætningen. Flere går endda konkurs. Det er nu vigtigere end nogensinde før at du får øget din Customer Lifetime Value (CLV), og dét kan du med et Post Purchase flow. Lyt med og hør hvordan du gør! Hvem er jeg og hvad kan denne Podcast tilbyde dig? Mit navn er Bjarke Petersen og jeg har siden 2015 arbejdet med ecommerce og e-mail marketing. Til daglig er jeg Freelance e-mail marketing konsulent i min egen virksomhed Ecomo. Podcasten her henvender sig UDELUKKENDE til dig der arbejder med ecommerce og har interesse for e-mail marketing. Du er enten i gang eller ønsker at komme det. Jeg deler ud af min viden, så du kan få endnu større succes med den salgskanal.
This week join Kevin & Craig as they take a look at Customer Lifetime Value (CLV), and discuss why this is an important metric for just about every brand in the marketplace today. Hosts details: Kevin Britz Lunchtime Series Host Business Owner, Leadership Facilitator, Training Specialist and Coach Leadership by Design Website: www.Leadershipbydesign.co Facebook: https://www.facebook.com/leadershipbydesignsa LinkedIn: https://www.linkedin.com/in/kevinbritz-leadership/ Instagram: https://www.instagram.com/kevin_britz/ LMI Licensee - www.lmi-smi.co.za Spotify:https://open.spotify.com/show/34amsn8UPkBhY0dRZYFf1u iTunes: https://podcasts.apple.com/us/podcast/the-lunchtime-series/id1578712504 Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy82NWE2ZmJmYy9wb2RjYXN0L3Jzcw== LMI Licensee - www.lmi-smi.co.za LMI Licensee - www.lmi-smi.co.za Craig Page-Lee Facebook: https://www.facebook.com/craigp.l LinkedIn: linkedin.com/in/craig-page-lee Email: cpagelee@gmail.com _____________________________ #kevinbritz, #CraigPageLee #LunchtimeSeries, #LTM, #Leadershipbydesign, #LTS #LTL
#94 Juliana from CXL: We Need to Rethink Customer Lifetime Value Juliana is the Product Growth Manager for CXL, a Digital Marketing Training center with up-to-date marketing courses taught by the best practitioners in the world. At CXL, Juliana handles all-things lifecycle marketing. Onboarding, post-purchase communication, user guidance, the works! Known as ‘The CLV Lady', Juliana fell in love with Customer Lifetime Value (CLV) during her time as Head of Growth and Product Marketing at Omniconvert, a software as a service (SaaS) for e-commerce conversion and retention. So what wisdom does Juliana have to share from over 10 years in SaaS and e-commerce? Tune in to hear Daniel and Juliana discuss: ✔️ Are There 4 Levers of E-Commerce? ✔️ The 4 ‘P's of Marketing ✔️ Being Real About Customer Loyalty ✔️ The RFM Model The 4 Levers of E-Commerce Daniel posits that there are 4 levers of e-commerce: Customer acquisition cost Conversion rate Average order value (AOV) Customer lifetime value (CLV) What are Juliana's thoughts? Juliana says that it's really important to be aware of all your metrics. Your focus, however, varies according to what stage you're at with your e-commerce business. If you're just starting out, you're going to be more focused on customer acquisition and conversion rate than CLV because you don't have any CLV in the first year of your business. When it comes to AOV, Juliana says that you need to wait until you have enough transactional data to be able to use that average. On the other hand, some companies have a ton of data but don't know how to use it. It's all very well collecting data, but, as Juliana argues, you need someone (or a team) who knows how to analyze it. The 4 Pillars of E-Commerce are crucial to a successful e-commerce business. Each one does not necessarily hold equal weight at any one time. You need to measure and prioritize for whatever stage you're at in your business. The 4 ‘P's of Marketing Marketing changes all the time. Through it all, Juliana says, there are 4 ‘P's of Marketing: Product Price Placement Promotion Everything is dictated by these. Often e-commerce is not about re-inventing the rule. You have to start with knowing the basics inside out. Being Real About Customer Loyalty In all her experience in retention marketing, Juliana says that you cannot actually grow your retention rate by more than 10% per year. If you have a 25% retention rate average, in a good year you might get 31%, in a bad year you may not get more than 20%. According to Juliana, this has nothing to do with the tools you're using, or how smart you are, it's about romanticizing how loyal customers are. People are eager to try new brands. Daniel recalls meeting the then CMO of Death Wish Coffee and being surprised to hear them say that their retention rate was “too high”. They were at the stage where they wanted to get back to acquiring new customers. Believe it or not, you can have retention rates that are too high. There is no exact formula for all of e-commerce. As Juliana points out, it's about focusing on doing what's best for your business. The RFM Model Like all models and formulas, the RFM model doesn't work for every business. If your e-commerce brand has at least 5 years of transactional data behind it, however, the RFM model is a great methodology to determine customer value RFM stands for recency, frequency, and monetary value. If you have millions of customers, these three categories provide good segmentations for buyer behavior. Juliana warns against being relying solely on RFM to create your VIP tier system. Segmenting your customers into VIPs when they may not yet be loyal customers can be counter-productive. Smaller e-commerce businesses need to go further than RFM to really understand their data. Klaviyo, Juliana and Daniel agree, provide great engagement metrics and segmentation. Email flows that provide open rates, click-through rates, and conversion offer rich data on customer behavior beyond the purchase. For anything lifestyle marketing and CLV, go follow Juliana on LinkedIn! Thank you for listening! We come out with new episodes every Thursday, so stay tuned! Follow Daniel Budai: Daniel's LinkedIn Daniel's Facebook
One of the most effective drivers of people to your brand is ambassadors. That is if it is done correctly.In this episode, Chris Brewer, Co-Founder of OMG Commerce, hosts the executive round table, where they talk about their experience of having ambassadors and influencers for their brands. Join Tera of Jackson Rowe, Nick of The Legends Brand, Chris Meade of Crossnet, and Sean Holladay of Space Station as they generously share different approaches to get, keep, and grow your business with brand ambassadors.KEY TAKEAWAYS FROM THIS EPISODECommunities are where you will get repeat purchases. This is how you will grow your Customer Lifetime Value (CLV) and become profitable.Listen to customers about what they need and find micro-influencers who can represent these segments.The easiest way to start getting ambassadors is through your customers.Be accessible to your customers where they can ask you questions and talk to you.Build a relationship with your micro-influencers through Facebook groups and other messaging channels and make sure they feel that they are part of the community.Do not jump to offering contracts to ambassadors, stuff changes, find the ones you love, build rapport, and then offer longer-term contracts.Reach out to other brands that have complementary audiences to you that you are not in competition with.Make sure that anyone you partner with as an ambassador really aligns with your values.Taking care of the people and the culture representing your brand goes a lot further than what you think.After learning the key information in this round table discussion, go out and execute or find someone with the skills needed that can help you execute.TODAY'S GUESTTera, Jackson Rowehttps://www.jacksonrowe.caNick Lamothe, CMO, The Legends Brandhttps://www.linkedin.com/in/nick-lamothe-b687a6a/https://www.legends.comChris Meade, CMO, Co-Founder, Crossnethttps://www.linkedin.com/in/cjmeade/https://www.crossnetgame.comSean Holladay, Space Stationhttps://www.linkedin.com/in/seanholladay/https://spacestationintegrations.comWe love our podcast community and listeners so much that we have decided to offer a free eCommerce Growth Plan for your brand! To learn more and how we can help, click here:https://mindfulmarketing.co/growthplan-applyIf you've been paying attention and your brand is ready to GROW, apply now to be the one new brand we take on this month!https://mindfulmarketing.co/apply
Con recursos más limitados y una mayor competencia en el mercado, las áreas de marketing tienen el reto de diseñar estrategias que permitan una efectiva captación de clientes. Es aquí donde aparece la duda: ¿cómo saber en qué tipos de clientes invertir? La respuesta es mediante una medición con sencillos modelos analíticos de Customer Lifetime Value (CLV) que son fáciles de implementar.
CLV, or Customer Lifetime Value, is a metric many businesses don't understand how to use properly. But it's an essential KPI! Join me and my guest, Will Laurenson, an international thought leader on CLV, customer experience, retention, and conversion optimization. We discuss these key metrics, and how to optimize them for revenue growth. Wll has his own podcast, found on his website, CustomersWhoClick. Take a listen, especially if you're eCommerce or SaaS.
In episode 52 of the Customers Who Click podcast I spoke with the CLV Lady herself, Juliana Jackson about customer value optimisation. Have you ever wondered how the biggest brands are built? By focusing on long-term strategy as opposed to looking for quick wins and gains. That's exactly what customer value optimisation is - delivering an excellent and unforgettable shopping experience to create customers for life. Unfortunately, many massively underrate the value of CVO and don't pay enough attention to customer lifetime value, which just doesn't make sense. Who's going to be more profitable to you long-term - a customer who buys from you repeatedly or someone who only buys from you when you have a sale on? You need to understand who your most valuable customers are and treat them extra nice, but you also need to know who those uncertain customers are who may have made that first small purchase, but need a bit of nurturing to really drive value from. Juliana is the Chief Evangelist at Omniconvert, providing guidance and education that transforms ecommerce brands through the implementation of Customer Lifetime Value (CLV) principles. You can connect with her on LinkedIn or Twitter.
The most successful businesses invest in growing a group of repeat customers over time. If you’re not familiar with CLV or Customer Lifetime Value, then this podcast will change the game for you. Listen closely as Juliana provides an excellent explanation of CLV and why it should be a top priority when making business decisions going forward. Enjoy!KEY TAKEAWAYS FROM THIS EPISODECLV metrics can be confusing, but understanding them will empower you to make the right choices.Not all of your customers are created. Focus on the ones that bring you consistent value.Monitor what really matters.Deliver value to every touchpoint of your customer’s journey.Find out which channels you are more profitable on and communicate with your customers the right way in all those channels.TODAY’S GUESTJuliana Jackson is the Chief Evangelist at Omniconvert, providing guidance and education that transforms Ecommerce brands through the implementation of Customer Lifetime Value (CLV) principles.Learn more about Juliana and her company here:Website: https://www.omniconvert.comTwitter: https://twitter.com/theclvladyLinkedIn: https://www.linkedin.com/in/theclvlady/YouTube: https://www.youtube.com/channel/UCC8y0lv64kErfQuLR0XWriQClubhouse: @theclvladyIf you want to learn more about the eCommerce Growth Plan for your brand, click here:https://mindfulmarketing.co/products/full-growth-planIf you've been paying attention and your brand is ready to GROW, apply now to be the one new brand we take on this month!https://mindfulmarketing.co/applyWant to join a network of founders and executives who know your unique challenges in scaling your E-com brand from 7 to 8 figures? Apply to join our Ecom Executives Mastermind here: https://Mindfulmarketing.co/mastermind
The DM Happy Hour Podcast | For Digital Marketers By Digital Marketers
Introducing our new format and bringing industry experts to share their unique experiences in their career, industry trends, marketing talk, mindset hacks... basically, it's like sitting down and having a beer with your digital marketing pals and talking shop. In this episode, we have CVO (Customer Value Optimization) and Ecommerce Industry Evangelist, Juliana Jackson. Juliana Jackson is the Chief Evangelist at Omniconvert, providing guidance and education that transforms ecommerce brands through the implementation of Customer Lifetime Value (CLV) principles, tools, and frameworks for data-driven growth. She shares her unique experiences in developing and owning this marketing niche, her rise from struggling single mom to marketing queen plus more. Check her out on Linkedin: https://www.linkedin.com/in/theclvlady/ Let's continue the conversation... join the free mastermind group on facebook: https://www.facebook.com/groups/2624126711240179
ROAS has been seen as a main KPI for e-commerce brands for as long as any of us can remember. In today’s episode, Sean and Jordan take a hard look at how much weight should actually be giving to this metric. Returning customer rate, LTV, and profitability all say much more about the health of your business than ROAS does. This conversation adds a ton of nuance to the topic of what good looks like for e-commerce owners in 2021 and beyond. Enjoy!KEY TAKEAWAYS FROM THE EPISODEROAS is not the ultimate indication of long-term success. ROAS can only give you the success measure of your marketing efforts. Shift to focus on Customer Lifetime Value: Evaluate your Cost Per Acquisition (CPA) over Customer Lifetime Value (CLV).Cash is king! Profits and cash flow are the lifeblood of a physical products business.Focus on the long game with these KPIs: Year-over-year Revenue Growth, Overall Subscribers, CPA and CLV.If you want to learn more about the eCommerce Growth Plan for your brand click here:https://mindfulmarketing.co/products/full-growth-planIf you've been paying attention and your brand is ready to GROW, apply now to be the one new brand we take on this month!https://mindfulmarketing.co/applyWant to join a network of founders and executives who know your unique challenges in scaling your E-com brand from 7 to 8 figures? Apply to join our Ecom Executives Mastermind here: https://Mindfulmarketing.co/mastermind
As AI & machine learning software continues to get smarter, the field of personalized recommendations is only going to continue to grow. But just how far will it go? If you think of a nine-inning baseball game, we’re likely somewhere in the third inning, meaning there is still a lot of game left to play. So what advancements are coming, and how do we navigate the world of data? In this episode of Leading With Data, Michael Schrage, Research Fellow at the MIT Sloan School of Management, talks all about the future of recommendation, as well as his new book, Recommendation Engines. In addition to his role at MIT, Michael is also a visiting fellow at the Imperial College Business School of Innovation & Leadership, as well as an author of multiple books, including his most recent publication, Recommendation Engines. In this episode, we discuss: -The motivation behind Michael’s latest book, Recommendation Engines -The future of data aggregation and why we’re just getting started with advanced recommendation analytics -The Customer Lifetime Value (CLV), and why that is more important than any sale you can make in the short term -What causes most businesses to fail when it comes to digital transformation If you want to hear more, subscribe to Leading with Data on Apple Podcasts, Spotify, or here.
As AI & machine learning software continues to get smarter, the field of personalized recommendations is only going to continue to grow. But just how far will it go? If you think of a nine-inning baseball game, we’re likely somewhere in the third inning, meaning there is still a lot of game left to play. So what advancements are coming, and how do we navigate the world of data? In this episode of Leading With Data, Michael Schrage, Research Fellow at the MIT Sloan School of Management, talks all about the future of recommendation, as well as his new book, Recommendation Engines. In addition to his role at MIT, Michael is also a visiting fellow at the Imperial College Business School of Innovation & Leadership, as well as an author of multiple books, including his most recent publication, Recommendation Engines. In this episode, we discuss: -The motivation behind Michael’s latest book, Recommendation Engines -The future of data aggregation and why we’re just getting started with advanced recommendation analytics -The Customer Lifetime Value (CLV), and why that is more important than any sale you can make in the short term -What causes most businesses to fail when it comes to digital transformation If you want to hear more, subscribe to Leading with Data on Apple Podcasts, Spotify, or here.
Today’s episode will focus on CRO and features Henry Hernandez, CEO of Digital SG. Digital SG offers a digital marketing 3E process to help your company optimize the three vital areas – marketing, sales, and operations. Henry has provided services to Fortune 500 clients. He has helped them generate millions of dollars using CRO to trigger higher conversions landing page. In this interview, Henry discusses how to determine the cost per lead (CAC). He also mentioned about combining CAC with Customer Lifetime Value (CLV). You will also learn how CRO will increase revenue and lead to higher conversion.
This CX Mini Masterclass covers the concept of Customer Lifetime Value (CLV), how to calculate this, and why it’s an important metric for the CX profession. Show host and customer experience expert, Julia Ahlfeldt, will help you understand how to leverage CLV to demonstrate the ROI of customer experience and foster buy-in for customer-centric strategy. Enjoy the best of the archive The podcast is currently on hiatus and will be back with new content later this year. In the meantime, I've curated a highlight reel of my favorite past shows to share with listeners. Want to keep learning about CX? If you’d like to checkout more of these CX Mini Masterclasses or listen to my longer format CX expert interviews, check out the full listing of episodes for this CX podcast. Decoding the Customer is a series of customer experience podcasts created and produced by Julia Ahlfeldt, CCXP. Julia is a customer experience strategist, speaker and business advisor. She is a Certified Customer Experience Professional and one of the top experts in customer experience management. To find out more about how Julia can help your business achieve its CX goals, check out her customer experience advisory consulting services (including CX strategy, leadership alignment and CX business case assessments) or get in touch via email.
EP นี้น่าสนใจมากค่า เราได้ไปคุยกับคุณ ภัทร เถื่อนศิริ ประธานเจ้าหน้าที่บริหาร บริษัท เซลสุกิ หนึ่งในเจ้าตลาดวงการ SME ไทย ที่จะมาอธิบายถึง Customer Lifetime Value (CLV) ว่าสำคัญยังไงบ้างกับธุรกิจไม่ว่าจะเล็กหรือใหญ่ ยังไงลองติดตามฟังกันนะคะ
EP นี้น่าสนใจมากค่า เราได้ไปคุยกับคุณ ภัทร เถื่อนศิริ ประธานเจ้าหน้าที่บริหาร บริษัท เซลสุกิ หนึ่งในเจ้าตลาดวงการ SME ไทย ที่จะมาอธิบายถึง Customer Lifetime Value (CLV) ว่าสำคัญยังไงบ้างกับธุรกิจไม่ว่าจะเล็กหรือใหญ่ ยังไงลองติดตามฟังกันนะคะ
Why you have to check out today’s podcast: Learn how to calculate expected Customer Lifetime Value (CLV) value in order to create profitability quicker in your subscription business Learn how to use customer data to optimize your subscription pricing Rules and regulations that you should understand about subscription deals Kathy Sexton is a CEO and Publisher at Subscription Insider. She is an executive leader with specialties in market strategy, brand development and digital information products. In this episode, Kathy talks about how to build, market and sell profitable subscription-based products and services, the different subscription payment operations that drive higher profitability and also shares different customer success solutions that is available in the subscription industry. "Make your products easy to cancel, make it a great experience and people will come back." - Kathy Sexton Get COV’s Pricing Metrics: The Most Important Pricing Decision in a Subscription Business Course at https://www.championsofvalue.com Topics Covered: 01:31 - How she got started in subscription and what is her mission in the subscription industry 03:32 - What companies does subscription economy cover 06:22 - The differences and similarities of subscription companies 08:08 - Of take-rate, acquisition rate, and retention rate 14:02 - Are insurance companies under a subscription economy 14:48 - Cohorts versus direct marketing 18:20 - Big Pricing issues in the subscription industry 19:50 - What is a negative option 24:15 - Rules and regulations that you should understand about subscription deals Key Takeaways: “Talk to your customers deeply and really understand them. Understand the nuances that don't come through a survey.” - Kathy Sexton "Honestly with any business, you want to have that direct relationship with your customer. So if they have any issue, they come to you first and not to some third-party provider, the worst thing you want is just to have a cancellation. No reason why you've lost that business and no way to recover it." - Kathy Sexton "Good business is making it easy, very understandable, and then people are going to want to do business with you." - Kathy Sexton People / Resources Mentioned: The New York Times The Wall Street Journal Washington Post Lesley Fair Connect with Kathy Sexton: subscriptioninsider.com LinkedIn E: kathykgsexton@subscriptioninsider.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter
Membership Site Lab: Actionable Tips & Advice on How To Build & Grow your Membership Site!
The Customer Lifetime Value (CLV) is a critical metric as it'll give you insight into how much a customer will spend over the course of their relationship with your business! It'll help you figure out how much you can afford to spend on customer acquisition and customer retention. The calculations are tricky when you have a membership site, and you sell both subscriptions and one-off products. The formula to derive these numbers for one-off products, subscriptions, payment plans, free/paid trials, etc, are all different. Take a listen to this episode to learn why it's critical for you to monitor your CLV closely, how it can help you find your most profitable products and user base, and the formula that you can use to calculate it for different types of products.
This week Ahmer Inam, joins Allison Hartsoe in the Accelerator. Ahmer has held senior executive positions in data and analytics for over 20 years in companies such as Wachovia, Wells Fargo, Nike, and most recently Cambia Health Solutions. Operationalizing Customer Lifetime Value leads to customer satisfaction, engagement, loyalty, and clarity about consumer retention. Please help us spread the word about building your business’ customer equity through effective customer analytics. Rate and review the podcast on Apple Podcast, Stitcher, Google Play, Alexa’s TuneIn, iHeartRadio or Spotify. And do tell us what you think by writing Allison at info@ambitiondata.com or ambitiondata.com. Thanks for listening! Tell a friend! Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode we discuss market segmentation, business model innovation, and scaling. How and why Customer Lifetime Value (CLV) focus is the best way to build sustainable businesses. We also discuss, after a startup has achieved Product Market Fit (PMF), how you scale a business and what do you do differently in the post PMF phase. Useful links:1. Customer Facing Devices 2. Why do we buy things?3. Decision making for startups
Knowing your numbers in business will help your profits grow. Here's how to calculate your Customer Lifetime Value (CLV) in 5 easy steps.
Episode's Topic: Customer Lifetime Value Episode's Description: Customer Lifetime Value is the most important metric companies ignore. Find out what makes it so important, and how to use it effectively. Topic's Introduction: The importance of Customer Lifetime Value (also called CLV, CLTV, LCV, or LTV marketing) has been understated for a long time. CLV is the most important metric that companies ignore. Marketers have been writing about how important knowing CLV is for years, and it’s still being ignored or underutilized. Table of Contents: - What is Customer Lifetime Value? - Why is Customer Lifetime Value Important? - Why Don’t More Companies Use Customer Lifetime Value Effectively? - How to Use Customer Lifetime Value? Original Article: https://exponea.com/blog/the-importance-of-customer-lifetime-value-clv-in-marketing-in-2018/
How to Increase Ecommerce Average Order Volume and Customer Lifetime Value | Optimum7.com/Surge Learn how to increase Ecommerce Average Order Volume (AOV) and Customer Lifetime Value (CLV) with these marketing principles, strategies, and functionalities.
How To Use Upsells - https://www.automationlinks.com/website-upsells-by-brad-smith/ In this video Brad Smith tells you how you can use upsells on your website to increase revenue by 3x. Although sales techniques tend to invoke negative feelings in us, when done right, they can actually improve our shopping experience. Online retailers rely heavily on upselling and cross-selling techniques for several reasons. 1. Build deeper relationships with customers. 2. Easier to upsell to existing customers than to acquire new ones. 3. Upselling leads to increased Customer Lifetime Value (CLV). 4. Don’t go overboard with price points. 5. Reward customers for the added purchase. Grow Your Website And Business With Our Automation Software: https://www.automationlinks.com [Install a website tool to increase your web conversions] --- Support this podcast: https://anchor.fm/automationlinks/support
What is the fundamental unit of value to a business? It turns out it's the customer. Artem Mariychin, CEO of Zodiac Metrics, joins Allison Hartsoe to explain why companies should care about calculating Customer Lifetime Value (CLV), how to establish an accurate CLV formula, and the positive business impact organizations can drive. Artem outlines how through having the right information and a data-driven approach to the customer, companies are able to increase their ROI and make better business decisions. Learn more about your ad choices. See acast.com/privacy for privacy and opt-out information.
Im Webinar „10 SEO Tipps für Nachhaltige Erfolge“ erfährst Du von einem erfahrenen Suchmaschinen-Experten: 1. wie sich die Anforderungen an SEO gewandelt haben, 2. mit welcher Herangehensweise große Suchmaschinenanbieter ihre Seite bewerben 3. welche Maßnahmen nun in Deine SEO Strategie einzahlen müssen Die ersten 10 Minuten wird Dir theoretisches Wissen rund um die Basis aller von Google bestätigten Änderungen am Suchalgorithmus vermittelt. Anschließend erfährst Du an Praxisbeispielen, wie Du Deine SEO-Strategie ausrichten musst, um nachhaltig erfolgreich zu sein und den Wettbewerb hinter Dir zu lassen. Themen: • SEO ist kein isolierter Kanal mehr • Content-Strategie optimieren • Wenige hochwertige Seiten statt viele nichtssagende • Interne Linkstruktur • Accelerated Mobile Pages (AMP) nutzen • Pagespeed (Ladegeschwindigkeit) beachten • User Intent messen • Customer Lifetime Value (CLV) erhöhen • Mobile First • Markenaufbau • Zusammenfassung
Dirk Kreuters Vertriebsoffensive: Verkauf | Marketing | Vertrieb | Führung | Motivation
Diese Woche spreche ich bei Kreuter.TV live aus Bangkok über Kunden und Dienstleistungen. Unter anderem wird besprochen, ob ich jeden Kunden annehmen muss und ob ein Kunde, der mir beim ersten Treffen nicht sympathisch ist, beim zweiten Treffen ganz anders ist. Aus dem Inhalt: Muss ich jeden Auftrag annehmen? Aufträge und Kunden ablehnen? Hat der Kunde immer Recht? Customer Lifetime Value (CLV) Was bedeutet Geistigebrandstiftung? Fake it until you make it Mit Mensch und Geld ist alles zu regeln Der Kunde lügt!? Anmerkung Wir möchten wachsen! Wir suchen Telefonverkäufer Online Marketing Manager Redakteur mit Schwerpunkt Online Marketing Cutter/ Filmeditoren/ Video Producer Du hast Lust oder kennst jemanden, für den das passt? Dann melde dich! info@dirkkreuter.de Auf deine E-Mail freuen wir uns sehr! Meine Bitte: Wenn dir diese Folge gefallen hat, hinterlasse mir bitte eine 5-Sterne-Bewertung, ein Feedback auf iTunes und abonniere diesen Podcast. Zeitinvestition: Maximal ein bis zwei Minuten. Dadurch hilfst du uns den Podcast immer weiter zu verbessern und dir die Inhalte zu liefern, die du dir wünschst. Herzlichen Dank an der Stelle! Hinterlasse eine Bewertung und eine Rezension! Fette Beute! Newsletter abonnieren Gratis-Hörbuch Dirk live erleben
Dr. Fader is the Professor of Marketing at Wharton School of the University of Pennsylvania. Professor Fader's expertise centers around the analysis of behavioral data to understand and forecast customer shopping/purchasing activities. He works with firms from a wide range of industries, such as consumer packaged goods, interactive media, financial services, and pharmaceuticals. Managerial applications focus on topics such as customer relationship management, lifetime value of the customer, and sales forecasting for new products. Much of his research highlights the consistent (but often surprising) behavioral patterns that exist across these industries and other seemingly different domains. Many of these cross-industry experiences have led to the development of the Wharton Customer Analytics Initiative (http://www.wharton.upenn.edu/wcai/), a new research center that serves as a “matchmaker” between leading-edge academic researchers and top companies that depend on granular, customer-level data for key strategic decisions. Professor Fader believes that marketing should not be viewed as a “soft” discipline, and he frequently works with different companies and industry associations to improve managerial perspectives in this regard. His work has been published in (and he serves on the editorial boards of) a number of leading journals in marketing, statistics, and the management sciences. He has won many awards for his teaching and research accomplishments. Dr. Fader is the author of Customer Centricity: Focus on the Right Customers for Strategic Advantages. Questions: Tell us a bit of your journey How do you feel about Customer Service on a global level? What is Customer Lifetime Value? Why is it important for a business to understand what that means? Whats the difference between Customer Friendly vs. Customer Centric? (as described in the book “Customer Centricity”) Traditional Segmentations vs. True Segmentation How can companies adjust with customers who want Instant Gratification specifically the Millennials? Leadership and getting them understand there is a great connection between Customer Experience and their bottom line? What is really Customer Relationship Management? How do you stay motivated? What is the online resource, tool, website or app that you absolutely cannot live without in your business? Are there any books that have had the greatest impact on you? What’s the one things that is going on in your life that you are really excited about, something that you are either working on to develop yourself or your people? Highlights Dr. Fader expresses how fulfilling his journey has been from being an IT Major at MIT. He further states this journey is one that he would have never imagined as he never thought he would ever wake up saying “I wanna be a Marketing Professor” and quite to the contrary - he says that he’s a Math Geek - he enjoys predicting things in particular granular things. He says it is rather fun to predict….which customer is going to buy, when, what and for how much and how often are they going to come back! Dr. Fader says that during his undergraduate programme at MIT, one of his professors just observing how he loved predicting stuff in sports and music…suggested “You ought to throw some of that predicting stuff in Marketing.” He says 30 plus years later, he has never been happier because it is such a natural domain for someone who loves math, predictions. He further says the field is just waking up to appreciate the needs for these kinds of technical skills and equally important strategic implications that arise from that. Dr. Fader states he is in two minds on Customer Service - he says that he believes that it is way better than it was decades ago and it has improved. He says companies genuinely care more, as a consumer it is more fun and interesting. On the other hand he believes that some companies are going a little bit too far. They are not going to get a good ROI on the investments of customer service as they are rolling out the red carpet too broadly, too eagerly without being very careful to understand what impact these customer service activities are having on the value of their customers. They are taking a “one size fits all”, “Customer is Always Right” approach. Dr. Fader states frankly that he believes that is irresponsible as the companies should really not be doing all different kinds of customer experience activities without understanding in a precise manner the impact that it is having on the value of the customer they are serving. Dr. Fader says that while everyone should know the ins and out of Customer Lifetime Value (CLV), however, he states there are a couple of problems with that as he believes it is like “Cheap Talk” it seems companies are checking a box instead of really, truly, building the business in a formal, strategic manner around CLV. He further stated the way companies are doing the calculations if they are doing it at all…..tends to be pretty poor. He further explains, for instance the companies will find proxies for CLV, they might look at historic profitability, Net Promoter Score (NPS), even credit scores, FICO score and just use that as a proxy for CLV! Dr. Fader says, “I’m not saying that those are bad metrics, but they are not CLV and if you are going to be building strategies around it then you had better be calculating it the right way.” Dr. Fader says, “Once you calculate it the right way, validate it, understand the underlying components of it…..then that will drive so many strategic decisions not only when it comes to Customer Service but even when it comes to deciding which products to launch, which regions to go into, which competitors to worry about etc.” Dr. Fader says it has far reaching strategic implications. Dr. Fader in explaining the difference between being Customer Friendly vs. Customer Centricity states that part of it he believes is his own fault as he should have come up with something more unique for his book title because he thinks Customer Centricity makes it sound more like…”Let’s just be nice to The Customer, The Faceless/Nameless Entity who happens to buy our products and services..…that’s the Customer Friendliness part.” Dr. Fader says he looks at all of these great stories of world class customer service such as Nordstrom giving a customer money back for tires that he did not buy there and wonders..… There are lots of companies that put Customer Service as Job #1 and reinforcing what he said earlier, Dr. Fader says that is often a mistake! Dr. Fader says that you have to understand which customers you are being friendly with and what impact that’s going to have on them and what other kinds of customers that is going to attract. A specific example, Dr. Fader says he looks a lot of companies that are hiring an army of people to monitor Twitter and everytime they see someone tweet about their company, if they are having some problem, they will get the SWAT team out there to fix whatever the problem is for the customer and it sounds so nice! Dr. Fader says in many, many cases - it is a complete waste of money! Dr. Fader says what companies need to do is when someone is tweeting about them for better or worse - companies need to understand the value of that customer and use that; kind of as a way of doing Triage…..making sure that the really valuable customers if they are having a problem - we are going to handle it first and the lower value customers…..(don’t ignore them or chase them away) but if they have to wait, even if they have to suffer a little bit….that’s okay! Dr. Fader says companies should be always on call for those high value customers. So it is essential for companies to sort out this generic, one size fits all, we will be nice to everyone kind of Customer Service vs. Service Activities that are closely tied to the value they are going to create. Dr. Fader states that customer segmentation is not the same as we learnt in our Marketing 101 classes as Dr. Fader says in most cases companies are segmenting their customers on the basis of observable variables such as demographics, where they live, media habits or other observable traits. Dr. Fader plainly states, “I’m not saying there is anything wrong with that….but it’s ineffective.” Dr. Fader says the best way to segment is on the basis of Customer Lifetime Value (CLV). “So let’s pull out our magic wand and figure out the forward looking value of each of our customers and then break them up into groups/percentiles, top 10 percent, 20 percent and all the way down to the bottom 10 percent and then let’s understand how these customers are different from each other. Then after doing that we can layer on the demographics and the media habits after we have done the segmentation as way to profile to the different value tiers as opposed to the original way of creating segments in the first place. Once we see these differences among our customers - this new data will guide a lot of the activities that we will be doing in Customer Service.” Dr. Fader in response to Millennials being the bulk of the work force and wanting instant gratification stated he would respond in two parts. He firstly stated that he does not like this whole Millennial thing as he does not like or agree with that kind of stereotyping as he believes that it is wrong and ineffective! Dr. Fader says to paint with the same brush on people who are born between a certain set of years is a terrible, terrible mistake and companies need to stop doing it which goes back into what Dr. Fader said earlier - companies should not be segmenting customers based on when they were born and instead segment them based on what they will be worth in the future. With reference to answering the group of persons between the ages of 19 and 35 years old, Dr. Fader says there will be tremendous heterogeneity within that group, there will be some who absolutely follow that stereotype, there will be some who resemble the “Baby Boomers” like Dr. Fader (as he jokingly refers) and other people within that same group who aren’t so lazy and spoilt. Dr. Fader says there are some customers out there who are going to be needier, who are never going to be happy, some customers that when you give them one thing they are going to want more and more! Dr. Fader says that’s where CLV comes in as the CLV will help companies understand the value of these customers and the cost of delivering on that value as well as acquiring and maintaining customers like that. Dr. Fader reiterates that’s one of the reasons why the second part of his book is titled “Focus on the Right Customer for Strategic Advantage.” Dr. Fader says focus on the right customers for Strategic Advantage - as a business you have to pick and choose as some customers will be more valuable than others and as a business you really need to invest to figure that out and if you don’t - you will be wasting a lot of money on some low value customers. Dr. Fader says there a lot of people out there that are kind of afraid of CLV as they think it’s kind of “scary” and “mathy” and they are not sure what they would do with it, it’s kind of this great unknown - so they just throw themselves into Customer Service and Customer Experience and Customer Journey and believe if they do all of that really good then it absolves them of really doing CLV. Dr. Fader says there is a beautiful interplay between the two because companies cannot do Customer Service, Customer Experience and Customer Journey unless they are comfortable with and cognizant of CLV. In response to our question on Leadership and getting the company owners and leaders to understand the great importance of Customer Experience to the bottom line - Dr. Fader responded that is why he wrote his book “Customer Centricity: Focus on the Right Customers for Strategic Advantage.” Dr. Fader says he has been developing these CLV models for years and years and years going around to companies preaching how this can really help their business and the company would respond saying, “We have all these geeks and nerds over in analytics….go and talk to them because we have a business to run here, I’m the CMO….I’m too busy for that kind of non-sense.” Dr. Fader said he found all of that rather frustrating. He further stated that a lot of companies are truly missing the mark. Dr. Fader said he wrote his book Customer Centricity as a call to action, as a wake-up call to get get C-Level people to really appreciate the strategic importance, the competitive imperative of really understanding Lifetime Value and all of the different ways that it can be leveraged. Dr. Fader says that he is a number cruncher but a number cruncher that’s on a mission to get the C-level people to wake up and smell the CLV! Dr. Fader says that it is pleasing to know that companies such as Starbucks have wised up and made a 180 saying that we get it now and we have to focus on the CLV, not all our customers are the same. Dr. Fader said CRM was out there too early when it was originally released in the MarketPlace and many businesses did not know what to do with it. He says now because of the stagnation of product centricity, globalization, the millennials and all these different reasons….Customer Centricity is more understood and much more necessary and now it’s finally time for the CRM Revolution. Dr. Fader speaks about a book that was very influential for him when writing his own book “Angel Customers and Demon Customers” by Larry Selden and Geoffrey Colvin. The book makes reference to a bank that had a customer that applied for Mortgage services and the experience was as if the bank and the mortgage section were two separate entities! There was no integration with the teams that dealt with regular day to day banking. The truly Customer Centric companies truly understand the 360 approach of viewing customers not just from one activity but all activities. Dr. Fader says banking has been one of the more impressive sectors that have woken up to really try new and innovative ways to understand their customers. Dr. Fader further states that he wants everyone in the company thinking of the customer and the customer value regardless of where they are in the business productions, sales or customer service. Dr. Fader states another popular thing in business now is “Customer Based Corporate Valuation”, because if you are a company where the vast majority of your revenue comes from customers and you can figure out the CLV from the present customers as well as the customers that you are likely to acquire in the future and you add all that stuff up - that’s the value of the firm! Dr. Fader says he has been doing that with companies - checking the CLV and matching it back with Wall Street’s value of the company and matching them up and the reason he is doing it because he wants the CFO to really look at it and see the direct co-relation between CLV and the bottom line! Dr. Fader said this is actually more accurate, more timely, more actionable, more valuable than the top down methods of valuation. Dr. Fader says he wants CLV to be this Gold Standard Metric that everyone in the organization can appreciate so there will be less battles in a company over these different kinds of metrics. Dr. Fader says he really loves what he does and he’s building all of these predictive models and he knows in a small way he’s changing the world and that brings him great joy! Dr. Fader says he loves the teaching, research and the companies that he deals with for research. He really believes that he has been very fortunate and he works across every sector imaginable! Dr. Fader says his number one app is Twitter - he further says it is very much where he gets all of his updates and connections. He really loves Twitter. Dr. Fader further states on a side note of apps and websites he loves - he created a website called coolnumbers.com a website dedicated to the world’s greatest collection of dollar bills with interesting serial numbers. He says if you have too much time on your hands you can head on over to that website and put in any 8 digit number and it will tell you how cool it is on a 0-100 scale! Dr. Fader says that it is utterly pointless and there is no redeeming social value and it’s completely stupid but a simply nice outlet for someone who likes to crunch numbers. He comically says this is where he let’s his true geek hang out! Dr. Fader says he has a whole bunch of books he would recommend as being influential as he is an avid reader! He mentions “Consumer Behavior Models for Non-Statisticians” by Jerome Greene and he states Greene was a media researcher not an academic that went into some statistical and technical data that has been helpful to him and continues to be helpful for his students. He further mentioned another book - “How Brands Grow” by Byron Sharp as a Professor at the University of Australia. Dr. Fader says he highly recommends this book to everyone because the principles presented here are radical but they are supported by the kinds of models that Dr. Fader builds along with other people around the world and it is completely non-technical as it has mostly stories and principles. Dr. Fader is very excited about Zodiac - his new start up! He shares Zodiac (zodiacmetrics.com) is an online platform that bolts right on to a company’s transaction log system, sucks out their transaction log data, calculates all the CLV in real time and then injects them right back into their CRM system. Dr. Fader says he does not want to tell companies what to do, what experiments to run, which customers to go after - Dr. Fader just wants to give them the right ingredients for them to be able to do that. Dr. Fader wants to create that magic wand, that engine that will give companies one less excuse to not do the CLV thing. Dr. Fader also mentioned he’s already thinking of a follow up to his first book - the CLV Playbook - once more companies get to really understand and practice the true functions of CLV - this book would be their guide. We would welcome a subscribe, rate and review for the show and also that the listeners can come hang out at Navigating the Customer Experience Community on Facebook. This is a private Facebook group for our listeners and past guests to come over share insights and industry trending topics and discussions on business and customer experience – click here! INTERVIEW LINKS: www.PeteFader.com www.ZodiacMetrics.com www.Twitter.com/FaderP “Angel Customers and Demon Customers” by Larry Selden and Geoffrey Colvin “Consumer Behaviour Models for Non-Statisticians” by Jerome D. Greene “How Brands Grow” by Byron Sharp
When it comes to Ecommerce Loyalty programs; one SaaS company seems to be leading the pack: Sweet Tooth (https://www.sweettoothrewards.com/). They deliver some of the highest quality content on customer retention and customer lifetime value. A name seems to pop up everytime I read their brilliant content: Alex McEachern; a customer retention expert and one of the top ecommerce loyalty marketing experts around. He is runs the Sweet Tooth blog and has immense knowledge in the domain of customer retention and customer loyalty. Alex talks us through the importance of having a clear understanding of your Average Order Value (AOV), Repeat Transactions and Customer Lifetime Value (CLV) by Segment.
Managers have long been interested in weeding out customers that they consider to be less profitable than others. The question is how do managers determine who belongs in that group? According to several Wharton marketing professors there is no easy answer despite new and increasingly sophisticated efforts to measure what is called “Customer Lifetime Value” (CLV) – the present value of the likely future income stream generated by an individual purchaser. CLV it turns out is hard to calculate and harder to use. See acast.com/privacy for privacy and opt-out information.
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