(Originally published in Marketing magazine in Australia)
Brands need to break free from pursuing direct revenue opportunities and instead reimagine how to create and deliver new forms of value over a customer’s lifetime and in response to their changing needs.
As the voice of the customer and the business, marketing has a more important role than ever in facilitating a two-way value exchange, writes John Cassidy.
It used to be so simple. We had a product targeted to a customer at a particular price point and, all being well, we sold that product once, maybe multiple times to that customer. If we had the opportunity, we presented different products and services, and some of our customers bought those too. So, for every customer relationship, we could allocate a dollar sign revolving over their heads that was commensurate with the value they would assign to our relationship. ‘Customer Lifetime Value’ and other measures soon became part of the lexicon of terms we used to communicate and make investment decisions.
Those were happy days. Two things have changed the dynamics of how we understand customer value …Read the full article at https://www.marketingmag.com.au/hubs-c/changing-perspectives-customer-value-digital-world/.