As an enterprise organization, do you know what your customers want? What they really want? Ask a corner shop owner and they can likely tell you everything about each individual customer’s behavior, needs and desires. They will be able to make recommendations based on that customer’s buying habits and family, and confidently cater to their needs or wants. Of course, smaller businesses benefit from an emotional, invested customer relationship, but how can you create this corner shop customer experience at scale for millions or tens of millions of individual customers?

When calculated correctly, Customer Lifetime Value is possibly the most commercially valuable insight at the disposal of the marketing team. However, if calculated wrongly it can be a fast-track way to wreck marketing effectiveness and destroy a business!

An accurate view of Lifetime Value can be used as a primary measurement to predict an individual's potential value to the business and to track the success or failure at each step of the customer's journey in obtaining that potential value.

Gone are the days when a customer used to be loyal to a brand by default. The abundance of choice in today’s world, the increased competition from digital disruptors like Amazon and eBay, and the accessibility of reviews and third party recommendations all make building a customer loyalty strategy more difficult than ever.