How to Maximize Customer Lifetime Value (CLV)
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- Dennis Hutchinson
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1 Maximizing customer lifetime value by optimising customer experience How can companies commit to the customer-centric model that wins over modern customers and increase long term profitability? Introduction: maximizing customer lifetime value is integral to business profitability Having looked at how to successfully engage prospects and drive customer recruitment in the first part of the series, part two explores the value of customer service, customer experience and a customer-centric business model to maintain growth and profitability, including the fundamental steps in achieving best practice. Customer expectations are changing, people expect nothing less than excellent customer service 24/7 and not just from customer service representatives, but via website chat applications, and social media. The growth of online communication channels has led to the fragmentation of customer service opportunities, with every company employee now a potential customer facing communicator via one medium or another. The risk of a bad customer experience has, therefore, inevitably increased. Historically, a bad customer experience would be shared via word of mouth to a chosen few, but customers can now post bad reviews online that, depending on the size of the customer base, can be seen by thousands, tens of thousands or, for big consumer brands, even millions. For example, Contents Introduction: maximizing customer lifetime value is integral to business profitability Understanding the importance of CLV What is the difference between customer service and customer experience? How do you retain customers? Drive customer lifetime value through a customer-centric culture Making smart use of available information in the age of Big Data Pave the way for upsell and cross-sell opportunities The customer communications journey Conclusion: CLV can focus your customer activity, ensuring a great customer experience Next steps a customer complaint letter posted on Facebook was seen and liked by over 38,000 individuals in a matter of days! The rise of the social networking customer has meant that businesses must alter their approach to communicating with their customers and go social 1
2 with their Customer Relationship Management (CRM) software. It is therefore vital that both customer service and customer experience be consistent, coordinated and up to speed with the needs of social customers, to ensure these consumers are happy and advocate your brand online. The modern customers are smarter, more knowledgeable about what they want and their friends are eager to hear all about their experiences with the brands they interact with. In this whitepaper, we will look at the difference between customer service and customer experience, as well as discuss the best steps to take to retain customers and instil loyalty. Most importantly, we examine the importance of customer lifetime value (CLV) and we look at how companies can commit to the customer-centric model that wins over modern customers. Understanding the importance of CLV By understanding the value attributed to the entire future relationship with the customer, your company will be able to make more accurate profit predictions and shift its attention to long-term customer relationships rather than simply quarterly profits. Having a definable metric, that speaks to the customer experience and drives the overall tone of your brand and conversations with any customer facing employee, is essential to building the lifetime value of the customer. Customer acquisition costs are increasing, as old marketing tactics are failing and as a result, the majority of new customers do not contribute to the profit of the business in the first two or three years of acquisition. In addition, the acquisition of new customers can cost five times more than satisfying, retaining and potentially cross-selling and upselling to current customers 1 absolute evidence of the value of committing to a customer-centric business model. Research published by global management consultant, Bain and Company, says simply retaining current customers boosts margins, estimating just a 5% increase in customer retention can have a 75% increase in a company s profitability 2. Furthermore, Gartner Group statistics show that 80% of a company s future revenue will come from 20% of its existing customers so identifying and working to retain the most valuable key accounts is crucial to future success. Understanding and analysing CLV also enables companies to know at which point customers become profitable, which is essential to marketing and retention programmes, sales targeting, financial forecasts and other strategic concerns. In addition, getting a handle on CLV will help identify the additional investment financial and from a resource point-of-view required to retain customers, inform marketing campaigns, support sales account management and, most importantly, optimise customer service. It is important to remember that not all customers are equally profitable, nor do they all have the same potential for profitability and therefore, it is important for companies to employ tools to help identify and track different types of customers. Using a Customer Relationship Management (CRM) solution can help companies organise customer information, metrics and other essential indicators, to ensure that key clients are being appropriately 1. B2B Customer Experience Priorities In An Economic Downturn: Key Customer Usability Initiatives In A Soft Economy, Forrester Research, 19 February The Economics of E-Loyalty, Bain and Company, 7 October
3 profiled and targeted and that desirable prospects are found and engaged. Yet, most important is the need to provide every customer-facing employee with instant access to all information held relating to a specific customer, to maximize both the customer service offered and the customer experience created across all interactions between clients and the business. What is the difference between customer service and customer experience? While customer service and customer experience may seem to be the same thing, they are not. Understanding the difference between the two and how to manage both is an important part of best practice CLV management. While customer service is the delivery of service to customers before, during and after a purchase, customer experience is the sum of all experiences a customer has over the course of the relationship, including discovery, interaction, purchase and advocacy. The growing importance of customer experience is underlined in a report by Walker Research, which surveyed more than 300 multinational businessto-business (B2B) organisations about what would drive B2B customer success in 2020 and predicted that by the end of the decade, customer experience would overtake price and product as the key brand differentiator 3. This is further supported by Deloitte s finding that 82% of customers view customer experience as a competitive differentiator 4. Knowledge is key to delivering a superior customer experience. When service reps contact customers, it is vital that they are aware of prior communications, preferences and interactions (whether good or bad) that the company has had with that person. If unorganised, seemingly excellent customer service can be turned into a sub-standard customer experience by continual and redundant communications by different salespeople or departments for example, contacting customers during periods they had previously requested not to be contacted, repeating sales pitches for the same product and lacking knowledge of prior approaches, complaints or issues the customer may have had. When a customer informs someone in a company about a problem, provides feedback or states a preference, they expect it to be recorded, remembered and acted upon in upcoming interactions. Failing to do so can result in a deeply unsatisfied and incredibly annoyed customer costing the company loyalty and advocacy. Companies providing a good customer experience avoid such situations by using a flexible and well-integrated CRM system, accessible to all departments in the company, to capture all customer interactions, feedback, records and other information. This ensures that the customer experience matches excellent customer service. Ensuring that great customer service equals a great customer experience requires easy and instant access to detailed customer data by all customerfacing teams, even if these teams are geographically separated or salespeople are on the road, using their mobile devices to check in. Even if your customer data is potentially sensitive and needs to be stored in your office premises, it is still possible to access it remotely via a secure web link. Knowledge is critical, so ensure all your customer-facing teams have access to one customer database that remains 3. Customers 2020 Report, Walker, Deloitte s 2013 Global Contact Centre Survey Report, March
4 up-to-date. How do you retain customers? general population and customers who will never be profitable to keep. As previously mentioned, effective communication is a huge part of building loyalty and repeat business and by developing a social approach to coincide with the more traditional methods, customers can be more fully and effectively engaged resulting, ultimately, in a better overall experience. Other factors to consider include effective management of key accounts and, of course, the delivery of outstanding customer service with positive and informed interactions with any part of the business. By coordinating all customerfacing teams to live and breathe a customer is king culture, you will not only ensure maximized CLV, but also generate evangelists, who will then promote your company online and introduce it to new prospects (as opposed to socially damaging your brand). Follow these steps for best practice in securing higher retention rates: Step 1: Complete a customer lifetime analysis on all existing customers A simple calculation model will identify your current key customers, your potential key customers, your Step 2: Segment your data and create a retention plan With the CLV analysis completed, segment your data according to customer worth. Applying the same retention and customer journey experience to every customer is likely to have a significant financial impact, as well as stretch resources. Therefore, it is critical to segment your data and create a separate retention strategy for each segment, according to the customer s projected value. For example, key accounts and potential key accounts may receive a free customer magazine and quarterly sales visits to ensure they are happy, while general population customers would receive an online version of the magazine and phone follow-up, which, while reducing the impact, also cut the cost. However, it is vital to remember that ALL customers should still receive excellent service when contacting them that is a given! 4
5 Step 3: Send the right communications A relationship can be tainted from the very beginning if you don t offer each customer relevant and anticipated communication. Use marketing automation software to trigger communications based on customer behaviour, this is considered one of the most impactful ways to grow a fruitful relationship with customers and is completely automatable. Then, once a prospect becomes a customer, plan your communications and assign your marketing budget according to the projected profitability of the customer (as mentioned in Steps 1 and 2). Step 4: Streamline processes If your service reps are manually undertaking tasks like call logging or saving s, then productivity is limited. Simply implement the right CRM software, which will automatically record and track such data and allow your reps to subscribe customers to specific campaigns with a few clicks. Being efficient will impress your customers and free up time for more qualitative interactions, that help build stronger relationships. Step 5: Get varied with media In the modern world, there is a consumer expectation that service delivery should operate across a range of methods especially online media. Amongst the most popular is social media, with every smart company having some sort of customer-specific presence on social media. Proactively handling customer service, via a social media management tool seamlessly integrated with your CRM, can help you resolve issues more quickly, ensuring you are able to get to the information you need to see faster, without the customer having to prod you directly and repeatedly. Step 6: Instil loyalty Successful customer retention begins from the first point of contact and continues throughout the entirety of the relationship. Continually exceeding customer expectations will help gain loyal advocates and in the digital world, a happy customer can spread the word to hundreds, if not thousands and in certain magical instances, millions of prospects. Personalised messages that are right on target, addressing needs and reflecting preferences, will help companies build strong bonds with current customers and help nurture new relationships. Creating a single customer view can also help ensure you have the full picture of every customer and that you are reflecting that knowledge in every interaction. Step 7: Show you care Taking customers thoughts and feedback on product ideas into consideration can go a long way to making them happier, as they feel part of the brand s journey. Setting up a Facebook or LinkedIn Group exclusively for customers is simple and easy to manage and, when integrated with the right software, can be a great source of upsell and crosssell opportunities, which are passed through to your CRM with minimal effort. Step 8: Empower service reps By centralising your entire service team s knowledge 5
6 into one accessible hub of past product issues and allowing reps to customise their own filterable history feeds, you can rapidly increase the speed at which customer issues are met and, hopefully, resolved at the initial stage. Plus, if their issue is more advanced or if you utilise reps who are regularly at customer premises, then having mobile access to this type of information is imperative. Using the right CRM, you can set up new cases, on the move, for reps within their area, to increase their productivity and escalate support issues to the right reps wherever they are. Drive customer lifetime value through a customer-centric culture Building company culture that is truly focused on customers and aimed at elevating the customer experience will enable your organisation not only to build stronger relationships with its clients, but to better understand who they are, what their needs are, what resources they have, the business challenges they face and how your products and service can help them all to the benefit of your company. You can then align your products and services appropriately, to ensure customers are given what they want and need, and all these elements are key to building CLV. This customer-centric approach has to start with your company s clients. You need to be able to develop a knowledge base that enables you to better understand how to provide a positive experience to each customer and as a consequence, strengthen CLV. To do this, you first need to gather data on customers, tracking their interactions with your company, building dialogues with them via social media and otherwise eliciting feedback. Seeking this information is vital to understanding customers needs and wants. Blogging, live internet chat, web polls, posting comments or even employing a simple online suggestion box are easy ways to reach out and interact with your customers. It then becomes a case of what each company does with the feedback, how it is logged and how responses are coordinated etc. Informed communications prompt further interactions, so the data gathered should be used to foster positive exchanges that help build good customer relationships and experiences. Companies must understand when and how to approach customers, giving them appropriate information at the right time not starting out, for instance, with a hard sell, but with more general and subtle content that potential buyers find useful in making decisions. In addition, another key for many companies is to use this information to help target efforts to develop products and services. You can also create a strategic roadmap that enables marketing, sales and service to work together to solidify and extend CLV. It is the companies that excel in achieving this customer-centric approach that flourish in competitive markets. To cultivate this type of business culture, you must have buy-in throughout the company. This is a topdown process and the customer-centred approach has to become ingrained within the DNA of the entire organisation especially the parts of it that are customer-facing. CRM will help manage and engender this approach throughout your company resulting in better marketing and sales interactions, service and, ultimately, customer experience, but 6
7 information that indicates which segment each potential and existing customer belongs in. The more information you have, the more accurate the segmentation. The judicious data enables smarter decisions and stronger bonds with customers, whether you are utilising data to engage prospects via automated marketing campaigns, inform a face-to-face sales meeting or to provide top-notch service. Every interaction, preference, behavioural trend and other key factor needs to be recorded and readily available to all customer-facing teams. unless a shift in culture to a more customer-centric approach occurs, CRM technology alone is not enough. CRM is all about people and to utilise it to its maximum potential, companies need to be willing to commit to a customer-centric philosophy. Indeed, companies that neglect to put customers at the heart of their operations risk failing to provide a consistent and positive customer experience, with the resulting negative knock-on effect to CLV. Making smart use of available information in the age of Big Data Knowledge is essential to a good customer-centric business culture and using data will help unlock valuable insights about your customers not just on who they are, but on their interests, behaviours, purchasing trends and whether they are receiving the optimal customer experience. It will also, of course, help determine CLV, providing the For instance, when it comes to customer service, this data can be used effectively to quantify the level of customer satisfaction, vital to maintaining CLV. The service team can use the available data to determine the success of micro-conversions, which are small, but important steps to reach a significant escalation or resolution of a case. There are a number of steps that service teams can take to effectively use the data in assessing the customer experience, including: taking a quick survey after the resolution of each problem and recording the results sorting the survey, starting with excellent and unacceptable outcomes analysing these against micro-conversion steps, looking at number of interactions, such as s, phone calls and site visits required picking out trends as to what works and what doesn t then acting on these to ensure a universally positive customer experience. Whilst capturing and analysing data is essential 7
8 to providing a great customer experience across the board when it comes to service and every customer must receive the same high level of service, it is also fundamental to calculating CLV for sales and marketing purposes. First, you have to determine the key CLV metrics for your company, which can include frequency of purchases, what products or services are bought, increments of spend, total spend over a set period, lapses in purchasing, what is spent on service and marketing to maintain the customer s loyalty, overall profitability of the customer, which can also be negative and other quantifiable factors. This and other less measureable data such as preferences, personal circumstances, lifestyle information, geodemographic data and other salient details can then be used to create profiles or personas of customers for use in determination of CLV and segmentation for marketing and sales. Your company can then generate strategies for reeling in the big fish, while letting the minnows get away and execute it effectively. Analysis and modelling helps to identify lookalikes of your best, most loyal and most profitable client, as well as other tiers of desirable customers and prospects not worth any effort at all, so that you can adjust the targeting and tailoring of offers and communications accordingly. This analysis guides not just what you spend on prospective customers, but what works on various segments. Thus, assessing CLV is absolutely critical to understanding who your customers are and channelling your efforts, so that they are more productive and profitable. Pave the way for upsell and cross-sell opportunities Deeply intertwined with customer experience and CLV is the ability to cross-sell and upsell to existing clients. Obviously, the better the customer experience, the more chance you have to sell new and higher value products to that customer, while expanding the relationship with a customer into new or additional areas increases that person s CLV impacting the amount you should invest in that individual. Investing in initiatives aimed at cross-selling and upselling to certain customer segments to maintain or even increase CLV can be crucial from a marketing, sales and profitability point of view. According to Marketing Metrics, the probability of selling to an existing customer is 60-70% 5. Compare that to the probability of selling to a new prospect at 5-20% 6 and it is clear that, once you have a loyal customer, it becomes significantly easier and more cost-effective to then upsell and cross-sell. But who do you target when it comes to cross-sell and upsell initiatives? And how? Again, data holds the key: analysis can tell you which segments to focus on and which personas are most worth targeting. In fact, a steady escalation in the buying relationship is often part of the CLV pattern for certain segments; for instance, analysis might show that specific personas will take on servicing contracts and move up to higher-end purchases as the customer relationship carries on along a certain trajectory. Data then directs the way to your approach, as your profiles indicate how to most effectively reach the 5. Marketing Metrics: The Definitive Guide to Measuring Marketing Performance, 13 February ibid 8
9 segments you are targeting with cross-sell and upsell opportunities and what offers and communications they respond to. You are then armed with the information needed to make appropriate marketing and sales approaches related to new and additional products and services, especially those with higher margins. Relevant and well-timed messaging will further enhance the customer experience and strengthen the bond with the customer. The stronger the relationship, the greater the opportunity to upsell or cross-sell it becomes a self-perpetuating cycle. The customer communications journey Getting the form, pattern and flow of communications right once a client relationship has been established is fundamental to the customer experience. These are not just about upselling and cross-selling, but about managing the customer relationship and fostering an optimal customer experience with each and every interaction. CLV is the basis for the management and planning of, not to mention investment in, proactive communications, whether a service reminder, the announcement of a new range of products or a we-haven t-heardfrom-you-for-a-while note to a lapsed customer. Assessing CLV and then using it to segment communications enables you to calibrate campaigns and scheduled messaging with precision, that ensures you are giving the right level of attention, based firmly on the potential and profitability of each customer. For instance, the very big players whose profiles indicate they are potentially very loyal, frequent, high-spending buyers may warrant regular face-to-face contact and entertaining, while the promiscuous small-fry may be completely ignored because CLV analysis shows that you are only likely to lose money on them. In-between, customers in different segments will receive varying degrees of investment in their communications programmes, based on CLV. Interacting from an informed perspective is central to a good customer experience. Each department should know who they are talking to in terms of the history, interests, preferences and circumstances of the customer as well as previous issues which may have arisen. However, the level of nurturing has to depend entirely on CLV and the potential profitability of the customer. As long as an acceptable margin is the likely result, the customer communications should reflect all information available in the CRM database, yet once it exceeds a profitable threshold, it is no longer viable. There is no point in retaining a customer at a loss. Conclusion: CLV can focus your customer activity, ensuring a great customer experience CLV is a complicated matter for companies: they have to invest in optimising the customer experience to sustain and increase CLV, but they also have to assess CLV at each step to determine 9
10 the best approach to every customer, whether that is lunch at a Michelin-starred restaurant for extremely profitable big hitters or holding fire on the dilettantes, who will ultimately prove to be a cost to the business. CLV is about profit margin and not revenues. A customer might offer a decent flow of revenues, but the spending needed to keep that customer sweet may make continuing investment in the relationship strategically unsound because, in the end, the profit margins are minimal. On the other hand, CLV analysis might reveal that a customer, whose revenues are middling, but whose required investment turns out to be negligible, might turn out to be a real profit-churner that justifies increased efforts to attract prospects with a similar profile. After using CLV to identify prospective customers with promising profitability, drive a modern sales ethos, by encouraging the use of prospect intelligence to bridge the gap between prospects knowledge and what represents their best options. That allows sales to push a prospect to the bottom of the sales funnel and is the primary raison d être for contemporary sales teams. Failure to understand CLV and implement a retention strategy focused on your most valuable and loyal customers exposes a company to inefficiency and unproductive investment in customer-oriented activities. In addition, losing and replacing a customer is simply more expensive than retaining one: numerous studies have found that it costs between four and 10 times as much to acquire a new client as it does to retain an existing one. vital to optimising customer experience, by making better use of CRM software or upgrading its CRM platform, then CLV can be boosted for key segments. A positive customer experience is a critical element of the core proposition for forwardthinking companies today and absolutely essential to turning customers into loyal brand advocates. The end result for organisations that improve CLV with every interaction and enhance the value of their customers, long-term profit is not only assured, but increased. Next steps If you would like to know more about how CRM and Marketing Automation can boost your business revenues, why not try Maximizer CRM for FREE. Or if you d like to discuss your requirements, call our friendly team of CRM experts on +44 (0) or info@max.co.uk. Share this guide with a friend Trial cloud CRM for 14 days Finally, it is important to observe that CLV need not be static. If a company can build a more customercentric culture and improve its information base, 10
11 About Maximizer Software Maximizer Software delivers Customer Relationship Management (CRM) software and professional services to meet the needs, budgets and access requirements of entrepreneurs, small and medium businesses and divisions of large enterprises. Simple, easy to use and affordable, Maximizer CRM enables companies to mobilise their workforces through all-access web, smart phone, tablet and desktop delivery methods. Easily configurable for organisations in any industry, Maximizer CRM optimises sales processes, enhances marketing initiatives and improves customer service to ultimately boost productivity and revenue. With headquarters in Canada and offices and business partners worldwide, Maximizer Software has sold over one million licences to more than 120,000 customers since Technology Partners Maximizer CRM Why Maximizer CRM? Visit for: Maximizer CRM helps small and medium-sized businesses maximize their marketing, sales, customer satisfaction capabilities and enhance their productivity and efficiency through the optimisation of what resources they have. Simple & quick to deploy, use and maintain Flexible access options through web, desktop and mobile devices Value for money with low total cost of ownership and monthly subscription models Expertise as a leader in pioneering CRM development, with more than 20 years experience. A full overview video demonstration of the latest release Information on how CRM can support your role Tools and ebooks Resources and information on Cloud based CRM An overview of technology and features Online demos and features White papers and webinars on CRM best practices. UK & Eire Europe, Middle East, India South Africa Social T: +44 (0) F: +44 (0) E: info@max.co.uk W: T: +44 (0) F: +44 (0) E: info@maximizer.eu W: T: +27 (0) F: +44 (0) E: info@maximizer.co.za W: facebook.com/maximizercrm youtube.com/maximizer linkedin.com/maximizer Rest of the world Americas Australia, New Zealand Asia T: E: info@maximizer.com T: +61 (0) E: info@maximizer.co.au T: +(852) E: info@maximizer.com.hk 11
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