What can be done to increase individual customer loyalty and lifetime-value?
Optimal lifetime value is not solely reached from a ramping up of sales, and in many cases reduction of costs and waste can carry greater importance. Certain segments of the database will be more price/offer sensitive. Why offer a discount unnecessarily, and reduce profit margin? Quite often in loyalty programs, subscribers or house records become trained to respond only when the product is discounted. Through the course of time, this can drain profits significantly. The key is to identify those price sensitive customers, and make a determination where the ideal cost/revenue price point is reached. 5. What is the biggest challenge of implementing company-wide CRM integration? The challenges of CRM are great. If one peruses the trade journals and publications, one will find the CRM landscape is littered with landmines. One of the most common mistakes is making an extravagant investment into a CRM program without an understanding of its potential to pay out. Many clients would be better
