That’s no small task.
And to make matters worse, a lot of the martech tools out there claiming to help are…not helpful. Many segmentation, targeting and insight tools are retrospective and only take transactional data into account, limiting picture marketers should be able to see of their individual customers. Not to mention, out-of-the-box solutions are only as good as the data marketing teams have available at any given time, so unless a business has a fully-realised, real-time Single Customer View at the ready, investing in new point solutions could be all for naught.
All this to say, customer behaviour is multi-faceted and nuanced, so your measurements to gauge their value to the business need to be multi-faceted and nuanced, too.
But fear not, dear marketers, because Planning-inc’s Future Value Model (FVM) is here! Backed by advanced machine learning, FVM not only establishes the true current value of each customer but predicts their future value as well. And it doesn’t stop there. FVM identifies the specific behaviours that will increase that value over a certain time period. That’s right, we’re talking about nuance here, people!
And don’t get us wrong, FVM is way more than just the next generation of lifetime value (LTV). By leveraging all of the customer data across sources and channels, FVM enables marketers to understand the impact of each action and the value it can create at an individual customer level. If these actions can be influenced by marketing, they can be outputted to develop customer-specific strategies that will drive incremental future value.
In short, FVM is like having a crystal ball to look into the future, but instead of mystical powers, it’s based on real data and insights. FVM can show you how particular actions will impact individual customers, enabling you to leverage these insights to boost retention and customer value while effectively managing marketing spend. What’s not to like?
Sound interesting? Get in touch for a quick discovery session with one of our solutions experts. There’s no cost or commitment, just a quick assessment to determine how you could use FVM to boost your business’ retention, segmentation and targeting strategies.