marketings blind spot

Marketing’s Blind Spot

Customer lifetime value is the total worth to a business of a customer over the whole period of their relationship. It’s an important metric as it costs less to keep existing customers than it does to acquire new ones, so increasing the value of your existing customers is a great way to drive growth.

84% of marketers agree: They are not effectively segmenting and targeting customer sets for long-term value

THE TRUTH HURTS

Marketers are too focused on acquiring customers, and not focusing enough on how to foster loyalty and long-term value 

43% rate their CAC (Customer Acquisition Cost) to LTV (Long-Term Value) average to best

25% rate it as below average or very poor

55% of marketers say aggregating the right data for a robust view of the customer is the  most significant challenge they face in maximizing LTV

The data that would help them most:

44% Level of satisfaction

41% Customer lifetime value

37% Incidence of churn and defection

35% Customer purchase history

33% Brand loyalty

MARKETERS WORKING TO IMPROVE LTV

Most important requirements:

36% Humanizing connections

36% Aligning the organization

34% Offering products that fit needs

Most effective current initiatives:

47% Better communicating value proposition

42% More sophisticated targeting

42% Leveraging relevant marketing content

Marketers’ future plans

62% Unified view of customer

40% Lasting connections with customers

38% Dynamic customer-brand experience

Source: http://www.hudsonprinting-digital.com/Publications/Hudson/Hudson_Printing__Milkshake_Nov_2022/page_12.html

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