Before we can understand how to win with customers, we need to first understand why we lose. Appropriately Chapter 2 of the book is titled “Why we lose” and delves into the six reasons why companies lose. Reason #1, in my view, is the most powerful—We lose because we don’t understand the customer’s perspective. (You’ll need to read the book for the other 5 reasons!)
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As marketers, we have heard about it for years: It is important to understand the total value of your customers over the “lifetime” of their relationship with your brand, product or service. Makes sense, right? Why would you not want to understand the total impact a loyal customer can have on your acquisition and retention efforts based on this calculation? However, a great number of marketers we speak to still overlook future revenue opportunities by not recognizing the true lifetime value of current customers. Even though quite a number of companies can recognize differences among customers’ loyalty over a lifetime, they are often unable to quantify or act on those differences.
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