IMPORTANT LESSONS FOR EMBRACING CUSTOMER LIFETIME VALUE
NEIL HOYNE, PETER FADER (WHARTON)
THINK WITH GOOGLE ASIA PACIFIC, PUBLISHED 2021/04
When businesses and marketers think about customers, the focus is often on immediate transactions: what people are buying now and how. Marketing strategies, then, involve valuing these customers only over the short term. However, when it comes to driving profitable growth in the long term, customer lifetime value (CLV) is a metric that can no longer be ignored. CLV, which measures the total value a business receives from a single customer over their entire relationship, is an ideal way to acquire, develop, and retain the most valuable customers for business growth.However, the simplicity of CLV — a single metric that quantifies the future value of each customer — can mask the challenges of implementing it. Here are five tips for companies as they start their journey to adopting CLV in their own businesses.
WHY MARKETERS SHOULD EMBRACE PRIVACY REGULATIONS
NEIL HOYNE, RAGHU IYENGAR (WHARTON)
CMSWIRE, PUBLISHED 2020/07
The consumer privacy landscape is rapidly changing. Europe has been leading the charge with the General Data Protection Regulation (GDPR). In the US, however, companies are faced with a patchwork of laws. The California Consumer Privacy Act (CCPA), one of the better known regulations, just started being enforced on July 1. Other states may follow suit with slightly different rules, and California is voting for a new privacy act in November. While most marketers understandably approach privacy with feelings of skepticism and loss, we offer a contrarian view. Marketers should embrace privacy legislation as it provides an opportunity to redefine their data strategy and deliver an exceptional customer experience.
A FRESH LOOK AT ANALYTICS
WHARTON MAGAZINE, PUBLISHED 2020/06
An abridged version of an article that originally published in Think with Google during Fall 2019 highlighting how companies that embrace mistakes in developing a data-first strategy set themselves up for long-term success.
LESSONS FROM TOP COMPANIES ON BUILDING A BETTER DATA-FIRST STRATEGY
THINK WITH GOOGLE, PUBLISHED 2019/10
Data empowers marketers to make better decisions and take smarter risks, but sometimes the best intentions lead to the wrong solutions. Interpreting data isn’t always easy, and I’ve seen marketers come up short by not allowing themselves the space to learn, grow, fail, and improve from their collective experiences. Here are a few examples of how successful data-first organizations think, and how you can apply them to your business.