Read more
Customer Lifetime Value - The Path to Profitability reviews the CLV metric in particular. Approaches to computing CLV and the concept of customer equity are discussed in detail. Specifically, this monograph provides the methods of measuring CLV, the strategies for developing customer-centric strategies, the implementation of CLV strategies in a B2B and B2C setting, and the challenges faced by an organization in implementing a CLV-based framework. The author details the importance of CLV as a metric in a marketer's toolkit and how it is relevant to managing customers.
Customer Lifetime Value - The Path to Profitability answers the following questions:
· What is the value of a customer?
· Can customers be evaluated based only on their past contribution to the firm?
· Which metric is better in identifying the future worth of the customer?
These are the questions a firm has to deal with before assessing the value of its customers. The author shows that the value of a customer is the value the customer brings to the firm over their lifetime. Therefore, we need a metric that can objectively measure future profitability of the customer to the firm. Customer lifetime value (CLV) helps managers make informed business decisions.
About the author
V. Kumar is Professor of Marketing, and the Goodman AcademicIndustry Partnership Professor at Brock University's GoodmanSchool of Business. Kumar joins Brock from the Tobin College ofBusiness at St. John's University in New York, where he started anew Master of Science in Marketing Intelligence program andengaged the faculty with co-authored publications.His work focusing on rigour - the developing of new methods -and relevance to the business world has led to the publication of morethan 300 scholarly papers, 30 books, and has earned him more than 25research and teaching excellence awards.His distinguished career has earned him many accolades, includingbeing selected by SAGE publications as a one of eight 'MarketingLegends,' being inducted to the inaugural class of the United StatesAnalytics Hall of Fame in 2019, named a Fellow of the AmericanMarketing Association (AMA), recognized as the Cutco VectorDistinguished Marketing Educator by the Academy of MarketingScience, and recipient of both the Charles Coolidge Parlin Award andPaul Converse Award from the AMA. As a way of honouring hiscontributions to student mentorship, the AMA has instituted the V.Kumar Doctoral Student Mentorship Award funded by many of hisformer doctoral students.
