Last post was a short inforgraphic explaining Customer Lifetime Value (CLV). In short, it is a projected revenue customer will generate during time.
However, if that is the only value you think you can extract, or that matters, from a customer – you are wrong.
I am currently doing a Learner Log Book assignment for CRM course and reading given is a paper Managing Customer Relationships in the Social Media Era: Introducing the Social CRM House by Malthouse et al. (2013).
In the paper it is suggested that businesses should not only be concerned with CLV, but also businesses “should include multiple forms of value to the company, including CLV, customer referral value (CRV), customer influence effect (CIE), customer influence value (CIV), as well as value to the consumer.
Something to think about, no?