In Pursuit of Higher Customer Lifetime Value
Website owners need to target users with customer lifetime value (CLV) in mind and there is no shortage of solutions emerging to help them do just that.
Customer engagement platform SessionM, for example, recently launched an interesting enhancement to its Audiences Module that will enable marketers to go beyond the traditional method of defining and creating customer segments using generic demographics or attribute data filters, and target using more specific data such as which items were purchased, spend thresholds, etc.
The update also enables marketers to calculate RFM (recency of purchase /frequency of purchases/monetary value of purchases) data about each customer, which can be aligned with guidance from SessionM's product recommendation engine to deliver the next best offer based on individuals’ preferences and past purchasing behaviors.
"At the core of every data-driven engagement strategy is the ability to target individual customers with precision, in real time. Knowing how often customers interact with your brand, where they encounter your brand and how much they spend across all channels allows marketers to drive intelligent interactions based on data, not conjecture,” said Mark Herrmann, co-founder and chief product officer, SessionM.
“The enhanced SessionM Audiences Module now enables brands to segment their audiences across a huge spectrum of consumer attributes, allowing for smarter engagements and driving greater customer loyalty."