What is Customer Lifetime Value? Customer Lifetime Value (CLV) is the value that a company derives from a customer during the “Time” a customer does business with the company (where Time = total time when customer purchased product or service from the company), calculated at present time (adj
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Ever wondered, what’s the secret ingredient, which keeps bringing you back to your favorite café’? Is it the smell of a strong brewed coffee early in the morning, or the mellow lounge music which plays in the background, or simply having the option to endlessly relax on the leather couch? Ca
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Understanding Consumer Behavior: In earlier times, the focus of a business would merely be on product quality, good delivery time and smart pricing to ensure that it would manage to attract a large customer base. As companies expanded, there became a strong need to understand the wide-ranging behav
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What, Why, and How What is Customer Journey? Simply put, Customer Journey is the ‘Complete sum of experiences the customer goes through when interacting with your brand’. If you tend to focus on the customer experience at the time of a sale, ignoring the customer’s journey from the time
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What is big data anyway and why should companies really care? Data is created in a number of ways. Customers are interacting through smartphones, making purchases, carrying out online transactions, engaging on social media, and doing countless other things which generates data of great value to comp
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Emotional intelligence has received a lot of attention for its impact on managing relationships, leadership as well as improving interpersonal skills. The more important use of Emotional intelligence for businesses is to utilize it for the satisfaction and smooth experience of the customers. Emot
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As technology seeks to revamp anything and everything that comes its way, customer service, naturally, is no different. Technology is the modern Midas: everything it touches, turns to gold. Except that the modern gold is “somewhat” different from traditional gold: it is not yellow, shiny, and
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Customer Service trends are changing with the change in the level of empowerment given to individual consumers. Organizations need to adapt to new ways of reaching out to their customers. Deploying the latest tools to improve customer service is imperative along with inculcating a customer care cult
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Customer service normally doesn’t get the attention that it deserves when companies are traversing the early expansion stage. All the energy is reserved for sales and lead generation, which are the growth “shoo-ins”, for the management. As firms grow initially the focus on customer retention i
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Millennial customers (Gen Y) born after 1980, are customers who don’t know life without the internet and are constantly surrounded by the digital world. Their demands for better customer experience and technology enhanced services have been on the rise, pushing companies to improve the way they ca
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