Recent research from the CMO Council and Deloitte has shown that most senior marketers say their firm does not measure customer lifetime value (LTV) well. Only 17% of survey respondents say their firm tracks LTV well, and 55% say aggregating the right data for a robust view of the customer is the most significant challenge. Communicating their value proposition is the most effective current initiative for improving LTV.
Marketers hope to develop a unified view of the customer in the future in order to improve LTV. The most effective signals for learning how to improve LTV come from customer interactions with service/support teams. The report was based on data from a survey of 150 senior brand leaders as well as in-depth interviews.
This research highlights the need for marketers to focus on improving customer lifetime value and understanding the customer experience. With the right data and insights, firms can create more effective strategies to maximize LTV and improve customer relationships.
Senior Marketer Survey: Top Customer Lifetime Value Challenges and Solutions
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