The adage “It’s cheaper to keep an existing customer than acquire a new one” generally still rings true. But not all existing customers are created equal.
Calculating customer lifetime value (CLV) can reveal how much different customer segments are likely to spend over the course of their relationship with your brand. Investing in customers at “moments of truth” during the customer lifecycle and knowing precisely when they are deciding to buy from you again or go elsewhere are key for maximizing CLV.
With solid analytics, HGS can help you identify and prioritize customer segments, phases of the customer lifecycle, and moments of truth to deliver targeted customer engagement services that encourage additional purchases among your existing customers for maximum profit.