Customer Economics: Deeper Insights. Greater Value
Humanizing + Analyzing Relationships to Drive Revenue, Retention and Returns
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The CMO Council, in partnership with Hux by Deloitte Digital, is undertaking research into the forces shaping the “Customer Economics” imperative. The program will audit and assess the degree to which marketers view and value the concept of “Customer Economics” as a way to have a richer understanding of the customer.
Specifically, the CMO Council will look at digital marketing’s impact on long-term customer value creation. Research will cover important requirements, such as humanizing connections and understanding emotive drivers, frictionless eCommerce and responsive aftermarket support, and unifying data for a 360-degree customer view.
The goal is to shine a light on marketing’s need to rethink and re-evaluate customer engagement strategies, marketing processes and customer data utilization capabilities from lead to loyalty.
"Customer Economics” is an urgent area of strategic focus and attention for savvy marketers faced with global turbulence that has created severe consumer anxiety, behavioral change, spend reduction and lifestyle upheaval. Now, more than ever, it is essential to analyze the costs, value and returns associated with acquiring critical customer constituencies.
Much of the “Customer Economics” discussion boils down to cost-effective actions for mining data-driven customer insights, driving initiatives that convert customers, and executing on requirements for creating long-term customer relationships.
Topics to be addressed and explored include:
- Ownership of strategic growth and profitability and needing to leverage customer lifetime value to drive decision-making
- Measurement and tracking of customer lifetime value (i.e., customer acquisition cost, potential value and return, profitability)
- Segmentation and targeting of customer sets with the potential for long-term value
- New approaches to evidencing customer value and long-term customer relationships
- Customer data insights to better qualify and maximize the potential value of customers
- Effectiveness of customer acquisition, conversion, revenue optimization and retention programs
- Best practice approaches to reducing customer attrition, churn and competitive defection
- Techniques to identify, acquire and retain the most profitable customers