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Successful customer relationship management encompasses thousands of transactions and impressions, over many years. But which customers are most worth your time and resources? How do firms determine how long they need to keep customers before they become profitable? Analyzing data (such as Big Data) allows marketers to make smarter predictions using the Customer Lifetime Value (CLV) model, which scores current and potential customers based on characteristics such as churn rate, discount rate, retention cost and forecasts of remaining customer lifetime. In this course, you'll use the CLV model to segment and target customers based on their potential long-term value, and build corresponding retention and divestment strategies.
Faculty AuthorSachin Gupta, PhD
Benefits to the Learner
- Explain the Customer Lifetime Value (CLV) model and demonstrate it's uses in customer relationship management
- Apply the CLV model to data in order to segment and target customers based on their potential long-term value, and build corresponding retention and divestment strategies
- Identify characteristics such as churn rate, discount rate, retention cost and customer lifetime