Drive to Success: Measuring Customer Lifetime Value
Most businesses focus on bringing in new customers. Building marketing strategies, reaching new people, and getting your dealership’s online experience up-to-speed are very important, yet few dealers pay attention to their top-tier customers. And that may be a mistake. It turns out that a customer’s lifetime value could impact your gross profit. Plus, it actually costs more to find new customers than it does to take care of the ones who already like you. Read more:
WWD: A CLV is a measure of a customer’s total spending over their entire relationship with a brand. Are you paying too much attention (and spending too much money) on your one-time buyers or high-discount shoppers?
LeadsCon: Customers now spend an average of 8.8 hours per day consuming online content. So, brands have a big challenge getting their attention. It’s more important than ever to focus on making the most of your direct customer interactions.
StitchData: Customer Lifetime Value can be the single-most important metric to measure. But, there are many variables to consider before you calculate your CLV.
CMSSWire: If 98% of marketers report that personalization is the key to strengthening your customer relationships, then what are you doing to build a one-to-one online experience for your customers?
DashActivate: It turns out that 8% of your shoppers are responsible for 40% of your business. What are you doing to turn those 8% into lifelong customers?
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