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Practice paper

Augmenting customer lifetime value with omnichannel engagement

Carolyn Tang Kmet and Jonathan Copulsky
Applied Marketing Analytics: The Peer-Reviewed Journal, 10 (3), 205-215 (2024)
https://doi.org/10.69554/WKCP1506

Abstract

Organisations have long used lifetime value (LTV) to measure the value a customer represents to the business over the course of the relationship. Once a business quantifies this value, LTV informs decisions ranging from how much to spend on acquisition and engagement campaigns to how much to expend on customer service and retention efforts. In this paper, current philosophies and measurement approaches used to calculate customer LTV are briefly reviewed and an evolution of the LTV framework that incorporates omnichannel customer engagement is recommended. While current LTV inputs rely mostly on first party data such as website behaviour, e-mail open and click-through rates and paid media engagement, the value of a customer-brand relationship extends beyond interaction with owned and paid media channels. The framework proposed in this paper provides practitioners with a new approach to evaluate customer value that additionally provides insight into a new segment of potential influencer and affiliate partners and suggests that the value of customers may extend beyond their spend with a brand to include their impact on other customers' spend.

Keywords: customer lifetime value; CLV; omnichannel engagement; customer engagement value; CEV; paid media engagement; owned media engagement; earned media engagement; predictive customer behaviour

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Author's Biography

Carolyn Tang Kmet is a clinical associate professor at Northwestern University, where she teaches marketing technology, market research and analytics, digital marketing and data storytelling. Prior to Northwestern, she taught at the Quinlan School of Business, Loyola University Chicago. She has also held marketing leadership positions at e-commerce companies, including Groupon and Orbitz.

Jonathan Copulsky is a senior lecturer at Northwestern University, where he teaches marketing strategy, marketing technology, business-to-business marketing and data storytelling. Prior to joining the Northwestern faculty, he was a senior partner and Chief Marketing Officer at Deloitte. He is the author of ‘Brand Resilience’ and co-author of ‘The Technology Fallacy’ and ‘The Transformation Myth’.

Citation

Kmet, Carolyn Tang and Copulsky, Jonathan (2024, December 1). Augmenting customer lifetime value with omnichannel engagement. In the Applied Marketing Analytics: The Peer-Reviewed Journal, Volume 10, Issue 3. https://doi.org/10.69554/WKCP1506.

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cover image, Applied Marketing Analytics: The Peer-Reviewed Journal
Applied Marketing Analytics: The Peer-Reviewed Journal
Volume 10 / Issue 3
© Henry Stewart
Publications LLP

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