{"id":48096,"date":"2020-06-24T13:11:53","date_gmt":"2020-06-24T17:11:53","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=48096"},"modified":"2020-06-26T17:08:43","modified_gmt":"2020-06-26T21:08:43","slug":"customer-lifetime-value-clv-a-key-metric-in-the-pursuit-of-customer-service-feedback","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/customer-lifetime-value-clv-a-key-metric-in-the-pursuit-of-customer-service-feedback\/","title":{"rendered":"Customer Lifetime Value (CLV) &#8211; A Key Metric in the Pursuit of Customer Service Feedback"},"content":{"rendered":"<h2><strong>What is the lifetime value of a customer?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Marketing executives in businesses all over the USA are concentrating on getting the most out of customer lifetime value. It&#8217;s another way of saying they&#8217;re trying to derive the highest customer net profit over the entire time that the customer remains committed to the company&#8217;s brand.\u00a0<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<p><span style=\"font-weight: 400;\">In customer experience (CX) programs, a primary goal is to strive for customer retention. There&#8217;s a steadfast belief that the loss of ongoing net profit after established customers disappear isn&#8217;t replaceable with new ones. Why?\u00a0<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the first instance, the revenue in the early stages of a new customer is generally not close to an entrenched one.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the second instance, adding and maintaining a new customer involves costs far above meeting the needs of a long-term loyalist.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Thirdly, there\u2019s no guarantee that the new customer will convert to a regular buyer of the brand.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Put these together and it&#8217;s no contest. There\u2019s little doubt that if you can keep extending your average customer&#8217;s life cycle, you will be doing your net profit and ROI a considerable favor. The rest of this article will impress on you why the CLV concept is genuinely a mover and shaker in modern business life.\u00a0<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-48098\" src=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-1024x683.jpg\" alt=\"customer service\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-1024x683.jpg 1024w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-300x200.jpg 300w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-768x512.jpg 768w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-600x400.jpg 600w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/berkeley-communications-WEDDt-u3q3o-unsplash-50x33.jpg 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n<div class=\"div-spacer\"><\/div>\n<h2><strong>How do you measure customer lifetime value?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">There are four steps, with the right software, to calculate CLV accurately and keep the calculations updated:\u00a0\u00a0\u00a0<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Derive the Average Net Profit per customer purchase (hereon referred to as ANP).*<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establish the Purchase Frequency Rate for that customer (PFR).**\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">ANP x PFR = Customer Value (CV).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">CV x Period (in rate units) = CLV.<\/span><\/li>\n<\/ol>\n<h5 style=\"padding-left: 60px;\"><em><span style=\"font-weight: 400;\">*Purchase Value &#8211; Cost of goods sold &#8211; Overhead allocation.<\/span><\/em><\/h5>\n<h5 style=\"padding-left: 60px;\"><em><span style=\"font-weight: 400;\">**Configure rate in terms of a specific time unit, like per month or year.<\/span><\/em><\/h5>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Here&#8217;s an example where ANP = $120 on a purchase value of $700; PFR is 4x a month, and the client&#8217;s proven or expected lifespan = 2 years<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">CV = 120 x 4 = $480<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">CLV = $480 x 24 = $11,520<\/span><\/li>\n<\/ol>\n<h2><strong>What does a new customer\u2019s buying power look like in comparison to losing a loyal customer?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Many companies say, &#8220;So what if the customer leaves? Look at all the new ones coming through the door.&#8221; Are they right? Is a new customer replacement a suitable response to customer churn and watching a viable CLV disintegrate?<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consistent customer buying over a long time is the lifeblood of any business. Loyalty has to be built; it doesn&#8217;t just happen overnight.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Developing loyalty costs money. It&#8217;s a far cry from the low cost of maintaining a committed buyer that believes in the brand.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The customer journey over time is bombarded by multiple threats and distractions, not least of which come from competitors. Therefore, to reiterate our above observation, <\/span><b><i>\u201cthere\u2019s no guarantee that the new customer will convert to a regular buyer of the brand.\u201d<\/i><\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">CLV connects to an extended look at <\/span><a href=\"https:\/\/www.sogolytics.com\/blog\/how-to-improve-customer-experience\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">customer journeys <\/span><\/a><span style=\"font-weight: 400;\">from the first purchase until the last. From this vantage point, the company can assess the CLV breakeven period per customer, and if the costs connected to that make sense.\u00a0<\/span><\/p>\n<div class=\"div-spacer\"><\/div>\n<h2><strong>A case study on Customer Lifetime Value<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">I am connected to a dating company as a consult, and these are the exact numbers extracted from its database:\u00a0<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It cost a dating site $400 to solidify one-in-two-hundred site visitors as a paying subscriber (i.e., acquisition cost).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Revenue increased the more a subscriber (customer) dated.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Initially, customers on average brought in a net profit of $20 (ANP) from $30 revenue monthly (i.e., based on an average of 1 date per month = PFR).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Customer Value (CV) was also equal to $20 (ANP x PFR= $20 x 1).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The breakeven period was twenty months (i.e., $400\/$20).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Against this, the average lifespan of its customer base was one year. It translated into falling short of breakeven by eight months. That wasn\u2019t an enticing proposition.\u00a0<\/span><\/li>\n<\/ol>\n<p><b>The goal of every business is to shorten the CLV breakeven period<\/b><span style=\"font-weight: 400;\"> to a realistic number and extend the lifetime value of a customer well beyond that to get a reasonable ROI. In our case study, the dating site was a year from startup, so breakeven was the first and foremost objective. Management put its mind to, and succeeded in improving all the metrics as follows:<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company made its promotions more persuasive to get the 1 in 200 looking a little better. It required a focus on getting more closures while spending less on social media advertising. The two actions combined improved its cost per customer by 5% from $400 to $380.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It spent more marketing money and gave special discounts to get subscribers to date more, lifting the PFR to 1.5 times monthly.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As a result, the Average Net Profit (ANP) dropped significantly to $14. However, with the improved purchase frequency rate, the Client Value (CV) jumped to $21 monthly (i.e., $14 x 1.5 for a 5% gain).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the same time, the extra expenditure boosted the customer&#8217;s life period by 20% from a year to 14.4 months. CLV looked a lot better with additional time added on.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The above changes resulted in the CLV breakeven period falling from twenty months to 15 months (i.e., a 25% improvement) and only negative two weeks outside of the adjusted customer life expectancy. The calculation to derive this is $380\/21 = Acquisition Cost\/ Client Value = 15 months.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Previously the gap between CLV breakeven and actual recovery was negative eight months, so this represented a vast improvement.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As you can see, once all these things mesh, small improvements in each get the numbers looking right and the CLV realistically close to an ROI-centric zone.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-48097\" src=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-1024x683.jpg\" alt=\"CX metrics CLV\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-1024x683.jpg 1024w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-300x200.jpg 300w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-768x512.jpg 768w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-600x400.jpg 600w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2020\/06\/austin-distel-jpHw8ndwJ_Q-unsplash-50x33.jpg 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<div class=\"div-spacer\"><\/div>\n<h2><strong>Why is Customer Lifetime Value as a customer experience metric important?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">CLV is like a strobe light that shines on:<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Revenue aligned with keeping customers longer.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenditure incurred in maintaining <\/span><a href=\"https:\/\/www.sogolytics.com\/blog\/customer-loyalty\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">customer loyalty.<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New customer acquisition costs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The cost of customer churn.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In all cases, CLV boils down to dollars and cents and, therefore, very different from Net Promoter Score <\/span><a href=\"https:\/\/www.sogolytics.com\/net-promoter-score\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">(NPS)<\/span><\/a><span style=\"font-weight: 400;\"> that only indicates the level of customer satisfaction at a point of time.<\/span><\/p>\n<div class=\"div-spacer\"><\/div>\n<p><span style=\"font-weight: 400;\">Because CLV is a concept that covers a long time in most cases, it emphasizes the importance of mapping customer journeys and looking at touchpoints analytically. CLV gives a bigger dimension to CX by making businesses aware of a customer&#8217;s worth &#8211; especially once considered loyal. It nullifies the tendency to take your customer for granted and makes you appreciate the cost of losing customers balanced against gaining new ones.<\/span><\/p>\n<div class=\"div-minispacer\"><\/div>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">CLV orientations are particularly useful when customers are on the record as buyers for many years. The longer they are there, the higher is the cost of ignoring their needs. Sogolytics is a company that routinely works with clients trying to integrate CLV into their marketing plans alongside NPS and other customer feedback techniques. They understand the customer experience arena, and how CLV fits into it as a platform for improving ROI. If you feel you\u2019re losing customers at a faster rate than gaining new ones, <a href=\"https:\/\/www.sogolytics.com\/customer-experience-platform\/\" target=\"_blank\" rel=\"noopener\">check out SoGoCX<\/a> and turn around the trend.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the lifetime value of a customer? Marketing executives in businesses all over the USA are concentrating on getting the most out of customer lifetime value. It&#8217;s another way of saying they&#8217;re trying to derive the highest customer net profit over the entire time that the customer remains committed to the company&#8217;s brand.\u00a0 In customer experience (CX) programs, a primary goal is to strive for customer retention. There&#8217;s a steadfast belief that the loss of ongoing net profit after established customers disappear isn&#8217;t replaceable with new ones. Why?\u00a0 In the first instance, the revenue in the early stages of a new customer is generally not close to an entrenched one. In the second instance, adding and maintaining a new customer involves costs far above meeting the needs of a long-term loyalist.\u00a0 Thirdly, there\u2019s no guarantee that the new customer will convert to a regular buyer of the brand. Put these together and it&#8217;s no contest. There\u2019s little doubt that if you can keep extending your average customer&#8217;s life cycle, you will be doing your net profit and ROI a considerable favor. The rest of this article will impress on you why the CLV concept is genuinely a mover and shaker in modern business life.\u00a0 How do you measure customer lifetime value? There are four steps, with the right software, to calculate CLV accurately and keep the calculations updated:\u00a0\u00a0\u00a0 Derive the Average Net Profit per customer purchase (hereon referred to as ANP).* Establish the Purchase Frequency Rate for that customer [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":5036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,204],"tags":[494,373,379,493,427,404],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Customer Lifetime Value (CLV) - A Key Metric in the Pursuit of Customer Service Feedback - Sogolytics Blog<\/title>\n<meta name=\"description\" content=\"Customer Lifetime is a more cost-focused metric compared to CSAT, NPS, and CES. 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