As an organization, you might aspire to provide all your customers qualitative services and create a lasting relationship with them. However, treating all your buyers in a generalized manner can act as a major strategy block and restrain you from fully tapping your actual sales potential.
Not all customers serve equal value to your business in terms of sales and consequently profit. In fact, it is only a minority group of regular buyers that your business derives its major revenues from. The other section-the larger one comprising of occasional shoppers is uncertain and doesn’t necessarily exhibit loyalty towards your brand.
In the wake of limited financial resources, it is rational to allocate your resources in a manner that yields maximum ROI. With the right guidance from a data entry company, you can recognize the most beneficial customers for your business in terms of Customer Lifetime Value (CLV) that should act as a focal point for your marketing strategies.
It is noteworthy that ‘creating’ a lasting relationship is much more difficult and costs an organization considerably more in comparison to ‘retaining’ an existing one.
What is customer lifetime value and why is it important?
CLV can be calculated by subtracting the cost of earning and serving a customer from the total revenue earned from the customer.
It helps you in shaping decisions pertaining to:
- Product- How can I offer custom-made products/services to meet the precise needs of my most valuable customers?
- Marketing- How much should I spend on retaining my existing customers and acquiring new ones?
- Sales- What type of customers should my sales team spend more time with to strike a deal?
- Customer support- Who should be my focus and how can I enhance their satisfaction?
In this way it helps a great deal in shaping crucial company decisions pertaining to customer acquisition and retention.
Data entry services: Your saviour
Maintaining a record of humongous customer data can be quite troublesome. If you want to speed up your decision-making cycle and enhance the effectiveness of your decisions, seeking expert assistance would serve to be the best option to your avail. Specialists can present the CLV derived using complex analytics tools in a scannable manner.
Get to Know!
SunTec Data’s Data Entry Services can help you enhance the fruitfulness of your marketing campaign. For learning more about how we can add value to your business by laying the foundation for calculated business decisions, you can drop us a line at firstname.lastname@example.org and we’ll get back to you at the earliest.
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