Wharton marketing professor Eric Bradlow makes a strong case for changing the definition of Customer Lifetime Value (CLV). The old-school definition of CLV involves capturing the entire relationship of a customer to an organization. Bradlow tells Knowledge@Wharton that the new definition of CLV should include "how a single customer's needs change over time." Bradlow used himself as a typical example: "He’s a professor, a radio show host, a business partner, a husband, a father, and a sports fan. What he’s looking for as a consumer largely depends on which role he’s filling." This means using "big data" to establish algorithms that help individualize marketing to each consumer... clearly a challenge for many marketers.
Read more here: https://knowledge.wharton.upenn.edu/article/one-person-many-needs-customer-centricity-changed/
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