MarTech » Data » The CLV guessing game: Marketoon of the Week
The CLV guessing game: Marketoon of the Week
Find value in customer retention.
Chris Wood on June 21, 2021 at 12:48 pm | Reading time: 1 minute
In this week’s Marketoon, we see how the right data can win your brand a prize.
Fishburne’s take: “Acquiring new customers gets most of the glitter and attention in marketing, but retention tactics can be more lucrative. And more granular segmentation can help ensure you’re not wasting resources chasing the wrong customers. As Wharton Marketing Professor Peter Fader observed: ‘Decisions about customer acquisition, retention, and development shouldn’t be driven by cost considerations — they should be based on future value…'”
Why we care: Centralizing customer data in a CRM or CDP is the first step toward removing the guesswork from customer lifetime value. Determining the value of your customers doesn’t have to be a bottle toss or a giant dart board.
Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country's first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on "innovation theater" at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.