Today’s most successful brands have switched focus from managing sales transactions to managing customer experiences with the goal of maximizing the lifetime value of each relationship. In an environment where customers have increasing control over the relationships with companies they do business with, managing every moment of the customer experience is crucial to a successful recurring revenue business.
Customers want what they want, how they want it, and when they want it. The businesses that can deliver on these demands the quickest gain satisfied customers, and satisfied customers are more likely to continue to spend money with companies they like. As a result, maximizing the customer lifetime value (CLV) is a key and measuring CLV is a critical metric for understanding the success or failure of a recurring revenue program. Rather than focusing solely on new or single sales transactions, sales support focuses on maximizing CLV at every potential revenue moment as it carries the most value to your business over time.