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Table 13-5 Regular-Customer LTV
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Year 1 Customers Retention rate Spending rate Revenue Cost rate Costs Acquisition/retention cost ($120/$20) Total costs Pro t Discount rate NPV of pro t Cumulative NPV of pro t Lifetime value 100,000 60% $275 $27,500,000 60% $16,500,000 $12,000,000 $28,500,000 ($1,000,000) 1.00 ($1,000,000) ($1,000,000) ($10) Year 2 60,000 65% $285 $17,100,000 55% $ 9,405,000 $ 1,200,000 $10,605,000 $6,495,000 1.07 $6,058,769 $5,058,769 $50.59 Year 3 39,000 70% $295 $11,505,000 54% $6,212,700 $ 780,000 $6,992,700 $4,512,300 1.15 $3,926,525 $8,985,294 $89.85
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Do your homework and nd out how much you are spending to acquire customers. Keep track of who is referring whom. Find out how much more valuable referrals are than regular customers. Then set up a program to share that pro t and to reward your customers for referring other people who become customers. Table 13-5 shows how regular customers might look on a LTV chart. Your regular customers cost you $120 to acquire and $20 to maintain once they are acquired. Your retention rate begins at 60 percent. These customers are worth $90 in the third year. Now let s look at referred customers (see Table 13-6). Let s say you can generate 10,000 referrals. As you can see, these referred customers have a much higher retention rate. As a result, even after we reward our regular customers with $50 per referred customer, these customers have a third-year LTV of $206 instead of $90. They are really pro table customers. You will discover the same thing. Figure it out, and design a referral program.
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From the Key Equipment case, we learned how to Create relevant and highly targeted prospecting lists that the lead managers would believe to be credible.
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Table 13-6 Referred-Customer LTV
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Year 1 Customers Retention rate Spending rate Revenue Cost rate Costs Referral fee/retention fee ($50/$20) Total costs Pro t Discount rate NPV of pro t Cumulative of NPV pro t Lifetime value 10,000 80% $275 $2,750,000 60% $1,650,000 $ 500,000 $2,150,000 $600,000 1.00 $600,000 $600,000 $60 Year 2 8,000 82% $285 $2,280,000 55% $1,254,000 $ 160,000 $1,414,000 $866,000 1.07 $807,836 $1,407,836 $140.78 Year 3 6,560 85% $295 $1,935,200 54% $1,045,008 $ 131,200 $1,176,208 $758,992 1.15 $660,462 $2,068,298 $206.83
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Develop direct-mail communications from each lead manager that permit effective telemarketing follow-up. Have outbound telemarketing associates work closely with the lead managers. Create a lead-generation database that tracks and identi es the business generated by the lead managers from this program. From the SalesLogix case study, we learned how to develop An online event registration system. A global campaign information database into which marketing managers input campaign details through a Web interface. From the BMW study, we learned how to Set up a 6-week communication program aimed at targeted prospects. Use variables to score prospects. Deliver personalized content and information to each responder. From the Weekly Standard, we learned to modify messages to prospects based on what we have learned about those prospects. From the timeshare study, we learned a two-step process: Sell them a tour, and let them buy the timeshare while they are on the tour.
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So what have we learned overall from these studies Long-term customer loyalty should be a prime consideration during customer acquisition. It rarely is. You can test this in your company by determining the LTV of your customers by segment. Mass marketing may be the best method of acquiring some customers.
What Works
Pro ling and modeling customers and looking for prospects that match the pro le of pro table customers. Providing communications from a person who will be contacting the prospect. Providing personalized communications that re ect information that we have about the prospect. Using telemarketers to support eld sales personnel. Using a two-step process to zero in on those who are most likely to buy. Giving prospects a direct and simple offer with a deadline. Too many choices reduce response. Using the Web as a means for keeping everyone in the company up to date on the acquisition process.
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