fbpx

Customer retention and customer lifetime value

The three approaches to market development and how it affects customer retention, customer lifetime value, and market valuation.

Introduction to L&F CG Research and development 

Early 2016 a slow disruption to several industries, markets, and segments started to gather pace. It was the return of the major companies and entities who for a few years had been losing out in bidding and contracts to smaller and more specialized competitors. Now, these entities again found their footing and started gulping down market shares in a way never seen before. Both events, the one leading up to 2016 and the one emerging in 2016 were and are different phases in the now so well known digital revolution. 

Phase one (03-15) can be described as the opening where new technologies and marketing techniques created a window of opportunity for small and medium-sized companies to present their product and services to a whole new market and thus chipping into the cashflow formerly reserved for those big and ruthless companies. In research and formal studies, one can find thorough descriptions within behavioral economics. The short version is  how marketing shifted to social media and during the shift, several techniques were developed and it became difficult to “own” every one of them

The next phase (16→) turned the tides again, this time in favour of those companies with the deepest pockets and the most resources. This because as soon behavioural patterns amongst byers started to emerge and social media was established as the new king of the hill, one could again outspend the competition. Buying and enticing the best of the best regarding programmatic, performance, dynamic, SEO, predictive, machine learning. The list is endless. And making each element part of a machine, bettering and reinforcing itself with every new datainput produced within the organization. Hence the need for the deep pockets which in turn provides the ability to take back (and then some) any lost market share from phase 1.   

The L&F CG dream 

Our goal, the endgame for L&F CG Commercialization is to tilt this shift in power and enable any company left behind in this phase 2 to commercialize their operations and put them back in the game challenging for any bid and/or contract presented within their industry or market.

Challenges we encountered 

The understanding of the term Commercialization is not widespread, making basic management communication difficult. The core clientele for L&F CG from our industries, markets and segments are in most cases success stories just experiencing a “little slump” in sales. They are quite confident in their ability to handle it by tweaking some of their activities. Others haven’t even experienced the slump, they are still going strong doing a version 5.0 of what they started with back in 2014. Others again are feeling the pressure and are now in dire need of a quick fix, which more often than not means hiring in sales.    

The epiphany 

We realized that if we could show, not tell, any prospect or client what growth curve to expect given the resources they invested today. Furthermore, if we could show that their growth curve, given proper commercialization, would be better than  todays even with a reduction in overall commercialization costs. And if we finally could show any prospect or client their perfect growth curve for a company of their standing and stature and how to achieve such a curve with our 360 wheel of commercialization. These companies and individuals, would join us for their next chapter.  

The plan

We started by developing some matrices for quick and efficient cataloging commercialization related costs. Next step was to develop metrics for quick and efficient cataloging of all sorts of marketing activities. Whitn these metrics we also had to develop a catalog system who could identify missing marketing activities.  The same for sales. First developing metrics for quick and efficient cataloging sales activities and missing sales activities. Finally we had to develop metrics for cataloging digital presence, native content, dataflow and usage of computerized systems.  

Challenges version 2.0

Of the block, just developing our metrics are time and cost consuming. Then gaining access to, gather and assess enormous amounts of data. Before converting the data to a document palpable any one reader amongst our clients and prospects were close to unfathomable.    

Where we are at 

Obviously we managed and got our metrics. Today we can literally “pull” any business within our industry, market or segment apart and find all their doings related to sales, marketing and technologies, commercialization. We can assign each activity with a cost and we can assign every activity with an expected earning. We can determine which activities are missing from the mix. We can determine which activities that can be removed from the mix, not affecting anything but the cost. We can show which activities have the highest multiplicator within the mix and we can determine how to maximize the effect on today’s resource input.  

As a bonus we have also developed an understanding of companies and what type of companies have the potential to develop into a leading star in their industry, market or segment. Which in turn saves us a lot of time in our prospect outreach and furthermore should tell you that your entity most likely has a great potential if we reach out.

Abstract  

When customers decide to leave your business and look for something else, it hampers your potential growth. We wanted to develop a blueprint on how to minimize customer churn and thus maximizing organic business growth. 

The information needed to develop the kind of blueprint does not exist. So we had to ask for it. Because if we can figure out the secret to great customer retention and customer lifetime value. Find a way, a blueprint for companies to plan a quadrupling of profits and market valuation. Surely they would be inclined to share their knowledge with us. A prod quid pro, so to speak. 

What we found and the start of our blueprint, were that the companies who developed their customer experience and customer lifetime value at the exact point where their attributes as a company met the exact needs from a set of clients, had a customer retention and customer lifetime value way beyond everyone else. The retention howerd about 40% above, the lifetime value tripled and they outgrew their competitors with 20% on average on a yearly basis. 

Understanding these relations is not even difficult, think of it as mutual attraction. Mutual attraction for a one time thing is all about appearance. Mutual attraction to sustain a long time relationship, needs a lot more than appearance.That leaves the seller with two options. One they can fake their attributes, knowing that at some point the buyer will see through it and leave. Or the seller can present their attributes to the clients most inclined to appreciate to respond to those attributes. Thus develop a long term relationship. The third option is to develop their internal attributes to match the needs of a larger segment. 

So we took what was best practice and developed our  blueprint, a recipe, so that any company can choose their own customer retention rate and customer lifetime value. Then we went ahead and developed all the processes and activities needed to make it sustainable and repetitive. Basically a vehicle for unprecedented growth where the only obstacle is a company’s ambition and capacity. 

Today any company who uses our method can decide if they want your company to be more profitable. Meaning they  can decide if they want to double, triple or quadruple their bottom line. Furthermore, they can decide how much they want each of their customers to be worth.


Introduction to customer retention and customer lifetime value 

Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. 

Customer retention has a direct impact on profitability. Research by John Fleming and Jim Asplund indicates that engaged customers generate 1.7 times more revenue than normal customers, while having engaged employees and engaged customers return a revenue gain of 3.4 times the norm.

“Retention Rate = ((CE-CN)/CS)) X 100 → CE = number of customers at end of period. CN = number of new customers acquired during period CS = number of customers at start of period.” 

Customer lifetime value enables an organization to calculate the net present value of the profit an organization will realize on a customer over a given period of time. Retention Rate is the percentage of the total number of customers retained in context to the customers that approached for cancelation.

Customer lifetime value can also be defined as the monetary value of a customer relationship, based on the present value of the projected future cash flows from the customer relationship. Customer lifetime value is an important concept in that it encourages firms to shift their focus from quarterly profits to the long-term health of their customer relationships. 

Customer lifetime value is an important metric because it represents an upper limit on spending to acquire new customers. For this reason it is an important element in calculating payback of advertising spent in marketing mix modeling.

“LV = A x T x R and CLV = LV x M → LV = lifetime value. A = Average value of sale. T = Number of transactions. R = Retention time period. M = Profit margin 

1.0 Problem description  

Customer retention is at the end of the day sales. And sales are not seen as a subject worthy of academic interest. Although one touches upon sales within several branches, first and foremost marketing. But in the end there are no theories, no recipes for driving customer retention and developing customer lifetime value. 

Customer retention has historically been viewed as a consequence of customer experience before and during a transaction. While customer lifetime value is seen as a consequence of customer loyalty after and between transactions. 

According to a study by Frederick Reichheld of Bain & Company, for financial companies, even retaining 5% more customers can increase your profits 25-95%. 

If a 20% increase in customer retention can double or quadruple your profits, we want to find the recipe. We wanted to locate each variable that affects customer retention and customer lifetime value, see how these variables interact and develop a blueprint for future optimization” 

Relevant research is scarce. And the key word here is relevant. On google one can probably find thousands of whitepapers, bloginsights and personal takes on the secrets of customer retention and subsequently customer lifetime value. However the majority of what’s written is wishful assumptions, uneducated takes on complex correlations and sales pitches where companies try to bend customer retention and customer lifetime value to fit their product or service. There are of course some great articles out there especially within consumer behaviour, behavioural economics. But we couldn’t locate articles or research with enough specialized information for us to develop our blueprint to customer retention and subsequently customer lifetime value.   

“When in need of information, ask for it. If we can figure out the secret to great customer retention and customer lifetime value. As in find a way, a blueprint for companies to plan a quadrupling of profits and market valuation. Surely they would be inclined to share their knowledge with us. A prod quid pro, so to speak.” 

Historically customer retention is seen as a consequence of a company’s ability to provide a set of activities just before and during the transaction also referred to as the experience. And customer lifetime value is seen as a companies ability to provide a satisfactory set of activities after and between transactions, also referred to as loyalty. 

What we had to figure out was, how and why just these activities were developed. So we had to speak to companies doing such activities and ask how and why these were developed. Then we had to speak to experts selling their experience and loyalty services, getting to know how they implemented their service for their clients. 

We realized that if we could find how and why these activities were developed, and then find proof that a certain way of developing these activities were the right way. Then we could develop our blueprint for how to increase customer retention and customer lifetime at will. 

There are quite a few business leaders who have no real connection to the activities that actually define the terms customer retention and customer lifetime value. So using a generic survey proved difficult. Here generic refers to sending out on email. This meant the survey had to be done face to face uping to cost with about one thousand hours. Finding a sufficient amount of expert respondents from those selling their experience and loyalty services, was another difficulty.    

L&F CG Research and development did the investment. We did each interview one on one with proper presentation so that each object was duly informed on the subject, what activities we were looking for and which decision making process led to just these activities. We were also able to locate a sufficient number of service and loyalty experts and got them to share their wisdom with us in exchange for access to our findings. 

And we got our blueprint. We found unequivocal proof on how to develop the experience and future loyalty. Thus we found and developed a blueprint for quadrupling profits and subsequently a company’s market valuation.    

2.0 Increase in customer retention and lifetime value is a choice

Customer retention at its core rests on how your clients experience your service. And your clients loyalty rests in its core on how you manage to engage clients between their needs and transactions. We found three, actually four but we will leave the last one out, paths to the road that is the customer journey. 

The first and by far the widest path containing more than 70% of our respondents developed their customer experience and customer loyalty primarily as a consequence of market expectations.   

The second path, containing about 25% of our respondents, developed their customer experience and customer loyalty primarily on perceived needs from their existing clientele.

The third path, contains about 5% of our respondents, developed their customer experience and customer loyalty on internal assessments and needs identified within their core customer segments.     

“Those companies who developed their customer experience and customer lifetime value at the exact point where their attributes as a company met the exact needs from a set of clients, had a customer retention and customer lifetime value way beyond everyone else. The retention howerd about 40% above, the lifetime value tripled and they outgrew their competitors with 20% on average on a yearly basis.” 

What separates the winners from everyone else was their workflow. They had systems and routines in place for assessing their attributes as an organization. And they had systems and routines in place for assessing changes in needs in each different segment they provide their services. These attributes were continuously matched against each other to ensure they correlated. The same process was minutely executed for each new segment the company was to enter. So when it came to develop a set of activities leading up to and through a transaction thus optimizing the experience. And the same for developing activities after and between the transaction. The seller and the buyer were perfectly matched up. Or in other words, the activities developed as a consequence of a mutual relation, not an attempt to satisfy a perceived need that may or may not exist.  

It’s important that you understand that we are now talking about the variables and attributes that are the foundation for developing the customer experience and subsequently nurturing customer loyalty. And that we all agree that the customer experience in itself is step one on the road to customer retention. And that customer loyalty is the first step on the road to customer lifetime valuation. 

For a new company this knowledge needs to be implemented in their business model from the get go. It will lead them to the part of the market where they and their services have the best chance of success. For a mature company, this knowledge has to be implemented so the company can adjust their organizational attributes bettering customer retention in existing markets while developing new markets more aligned with their attributes. 

3.0 Increase company profitability and market valuation 

So it turns out that what separates those with great customer retention and customer lifetime value from everyone else. Is the company’s ability to develop their markets and segments simultaneously as they develop themselves, their organization, their services or products  and their activities. 

“It’s not even difficult, think of it as mutual attraction. Mutual attraction for a one time thing is all about appearance. Mutual attraction to sustain a long time relationship, needs a lot more than appearance.That leaves the seller with two options. One they can fake their attributes, knowing that at some point the buyer will see through it and leave. Or the seller can present their attributes to the clients most inclined to appreciate to respond to those attributes. Thus develop a long term relationship. The third option is to develop their internal attributes to match the needs of a larger segment”  

The process is all about knowing all of your attributes. That means on the one hand knowing the structuring of your renomme, your core competence, your industrial knowhow. On the other hand your company culture, company values and ambitions. Then assessing your core market, the different segments within your core market and where the emotional connection is at its strongest. At this point you and your company have two choices. A) you found your segment and can start developing the customer journey. B) You didn’t, but you know which attributes you are missing, so you recruit/develop these attributes while you start developing the customer journey.  

There are many theories on how to assess different attributes internally and there are several theories on how to assess external attributes. The first challenge is which attributes to focus on. The second challenge is how to discover the correlating need amongst buyers. Depending on the service you provide, the understanding of what you actually can deliver is varied at best. So gathering the correct data can be difficult.  

For a new company, gathering customer data is difficult. For an established company, they should have a routine on gathering data related to customer satisfaction. For the new company they must find a segment they believe in and actually do a sort of survey or collaborate with someone who has access to the data they need.  

4.0 Assessment, market development and commercialization 

A blueprint for customer retention, customer lifetime value and subsequently bettering profitability and market valuation. Has to be more than someone saying what needs to be done. It has to be a proper recipe with process, activities, timing and routines. So we have developed and designed the exact blueprint for increased customer retention and customer lifetime value. 

This blueprint, when used properly, will lay the foundation any company needs to develop their desired level of customer retention and customer lifetime value. 

“First we developed a blueprint, a recipe, so that any company can choose their own customer retention rate and customer lifetime value. Then we went ahead and developed all the processes and activities needed to make it sustainable and repetitive. Basically a vehicle for unprecedented growth where the only obstacle is a company’s ambition and capacity” 

Ground zero is using a matrix to understand your brand, company culture, company values, company personas, preferred communication and how the company wants to be perceived in the marketplace.

The next step is to assess your company’s financial attributes, academic attributes and industrial attributes, so one can adjust the potential clientele accordingly.

The next phase is cataloging your prefered industry, market and segment. The point of this exercise is to divide your market into groups with distinct service related needs, technical needs such as your brand value, expectations to experience and loyalty, experiences with other providers and ambitions. 

The final phase is to match up your attributes with market demand. Now you can see bright and clearly why your retention is what it is, good or bad. And subsequently you can see what you need to do to better your profitability and market valuation. 

The models, algorithms and metrics we are using are originally found in different research journals and are available for anyone to use. The key for you, if you want to do it on your own, is finding models, algorithms and metrics adapted for the services you provide or products you sell.  

Assessment and market development should be the first thing done when one considers setting up a new business, developing a new service, starting a new project or entering a new industry, market and segment. It will ensure a higher cash flow short term and a much more profitable business venture long term. 

5.0 Triple or quadruple customer valuation

If you are doing this right. You can grow your business as large as you please. Not based on luck. Not based on you finding a new way to do things. Not based on you discarding an old way of doing things. Not based on you finding a game changer. Not based on you going back to basics. No, your future unchallenged growth rests solely on your ability to follow a minute and specific recipe.   

“You can decide if you want your company to be more profitable. Meaning you can decide if you want to double, triple or quadruple your bottom line. Furthermore, you can decide how much you want each of your customers to be worth. Meaning you can decide your company’s market valuation. And you get to do that by following a recipe and planning ahead and join the top 5%” 

You obviously have several options. You can go at it alone, figuring it out as you go along. And you will manage, it is not difficult. You can find someone to help you, there are several specialists out and about on the different assessments needed to be done. Or we can assist you. After all we did the research and took the time to find, adjust and develop the models, matrices and algorithms needed to get each process over the finish line.   

In the jungle of potential models, algorithms and metrics we would recommend those developed from extensive research. So looking in well known and trusted research journals would be a nice place to start. Furthermore finding and using information from lectures and key notes given from academics, is another trusted source of information. Finally, don’t be afraid to develop your own  theories. Just remember to do some testing before you invest your company in them

If your company is in the red and losing money. This is a sure way to turn it around. The same goes if your company is falling behind the market leader. This is a way to identify internal and external attributes needed to close the gap. The same goes for your company if you are harboring an ambition to grow locally, regionaly, nationally or internationally. And if you want to penetrate a new industry, market or segment. 

6.0 Summary 

  1. When in need of information, ask for it. If we can figure out the secret to great customer retention and customer lifetime value. Find a way, a blueprint for companies to plan a quadrupling of profits and market valuation. Surely they would be inclined to share their knowledge with us. A prod quid pro, so to speak. 

  1. Those companies who developed their customer experience and customer lifetime value at the exact point where their attributes as a company met the exact needs from a set of clients, had a customer retention and customer lifetime value way beyond everyone else. The retention howerd about 40% above, the lifetime value tripled and they outgrew their competitors with 20% on average on a yearly basis. 

  1. It’s not even difficult, think of it as a mutual attraction. A mutual attraction for a one-time thing is all about appearance. Mutual attraction to sustain a long time relationship needs a lot more than appearance. That leaves the seller with two options. One they can fake their attributes, knowing that at some point the buyer will see through it and leave. Or the seller can present their attributes to the clients most inclined to appreciate to respond to those attributes. Thus develop a long term relationship. The third option is to develop their internal attributes to match the needs of a larger segment. 

  1. First we developed a blueprint, a recipe, so that any company can choose their own customer retention rate and customer lifetime value. Then we went ahead and developed all the processes and activities needed to make it sustainable and repetitive. Basically a vehicle for unprecedented growth where the only obstacle is a company’s ambition and capacity. 

  1. You can decide if you want your company to be more profitable. Meaning you can decide if you want to double, triple or quadruple your bottom line. Furthermore, you can decide how much you want each of your customers to be worth. Meaning you can decide your company’s market valuation. And you get to do that by following a recipe and planning ahead and join the top 5%.

7.0 How we conducted the study

We interviewed stakeholders from the media industry, the real estate industry, NGO`s, management at our specialists and the leisure, tourism and travel industry. The survey was conducted first by sending an email defining the object for the study and definitions on customer retention, customer lifetime value, customer experience, customer loyalty and which activities we were trying to find. The interview took about one hour and was conducted face to face. 

Each interview object was found outside our organization (except our own specialists.) To make sure answers were unbiased. 

From contact with the object, we made sure that the definitions and prepowork were done within the first week and that the interview was conducted within the second week. Every interview was taped and then transcribed before destruction to make sure all variables were accounted for. 

Although the method might seem qualitative, it is all quantitative. The face to face part of the interview was due to two variables. 1) The delicacy of the information. 2) To make sure we had the right respondent.

7.1 Choice of method 

We wanted to isolate concrete variables and how these variables interact with each other. What people think or believe is for its practical purpose not that important. So we ended up choosing a quantitative method. And although the requirement is a 1000 respondents, we decided to cut it short with about 150 respondents when we felt safe/saw the clear and profund pattern we were looking for. We will however implement this survey as an annual thing and conduct it in a yearly interval. 

Given L&F CG Research and developments business model. We already had models to reach out to respondents. Meaning although this study has been in the making for the last two years. The actual time spent finding and interviewing the respondents are more than acceptable.  

We have an automated prospecting and engagement routine with predefined variables we are monitoring for. As some predefined activity is triggered our outreach starts a sequenced outreach leading to an interview in about 75% of the prospects

Compared to a company who conducts the interviews on phone with a call center or an online survey. We are confident our data is much more accurate and thus much more valuable.   

7.2 What we gained from our method

  1. We managed to isolate the variables and see individually how they affect and interact with each other. Thus enabling us to make a proper conclusion study

7.3 Who were our interview objects

We interviewed managers and decision makers in the C-suite and key personnel for sales, events and marketers from innhouse loyalty programs. We have had at least 10 respondent respondents from every segment in every industry and market we were present at the start of the study. 

The subject for this study was of great interest to the majority of the respondents. Which made it easy to access the information we needed. We are also quite concerned about the results and that if we were to need more respondents, we will find them quite easily. 

Anyone that participates in our interviews will automatically qualify for our research panel. Perks from being part of the panel is that a) you will have access to conclusions before anyone else b) you will be able to test new business models developed from the studys before they hit the market c) you will have prioritized access to the finished business model before anyone else.  

We are in no way an A journal for research. Nor are we vying for status as a B, C or D journal. However we will treat our journal as if it were a proper research journal. That means making sure the methodology is correct. Making our datasets available for others to see and allow everyone who wants it, access to it. 

7.4 Why we chose just those objects

  1. The subject for this study was of great interest to the majority of the respondents. Which made it easy to access the information we needed. We are also quite concerned about the results and that if we were to need more respondents, we will find them quite easily. 

7.5 Summary of the study 

  1. We managed to isolate the variables and see individually how they affect and interact with each other. Thus enabling us to make a proper conclusion study
  1. The subject for this study was of great interest to the majority of the respondents. Which made it easy to access the information we needed. We are also quite concerned about the results and that if we were to need more respondents, we will find them quite easily. 

8.0 Appendix

8.1 Interview guide 

  1. Customer retention
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10
  2. Customer lifetime value  
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10
  3. Customer experience
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10
  4. Customer loyalty 
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10
  5. Profitability 
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10
  6. Market valuation 
    1. 1-2-3-4-5-6-7-8-9-10
    2. 1-2-3-4-5-6-7-8-9-10
    3. 1-2-3-4-5-6-7-8-9-10
    4. 1-2-3-4-5-6-7-8-9-10 
    5. 1-2-3-4-5-6-7-8-9-10
    6. 1-2-3-4-5-6-7-8-9-10
    7. 1-2-3-4-5-6-7-8-9-10
    8. 1-2-3-4-5-6-7-8-9-10
    9. 1-2-3-4-5-6-7-8-9-10

8.2 Vectoring answers

Question 1-5 

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 6-10

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 11-15

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 16-20

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 21-25

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 26-30

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 31-35

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 36-40

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 41-45

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

Question 46-50

  • Summary 
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10
  • 1-2-3-4-5-6-7-8-9-10 
  • 1-2-3-4-5-6-7-8-9-10

8.3 References 

Prescription for cutting cost https://media.bain.com/Images/BB_Prescription_cutting_costs.pdf
Defining customer retentionhttps://en.wikipedia.org/wiki/Customer_retention
Calculating customer retention value https://www.inc.com/jeff-haden/best-way-to-calculate-customer-retention-rate.html
Defining customer lifetime value https://en.wikipedia.org/wiki/Customer_lifetime_value
Calculating customer lifetime value https://clevertap.com/blog/customer-lifetime-value/
Profit Customer retentionhttps://en.wikipedia.org/wiki/Profit_(economics)

Did you find this article interesting? Please share 👇

Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email
en_USEnglish

This website uses cookies to ensure you get the best experience on our website.