Measuring the value of individual customers, or segments of customers is vital to all business sectors, to understand where future profits lie and thus where to focus strategies. Businesses must retain their most valuable customers and devote less attention to the least valuable. However, deciding how to measure value can be daunting. There are a multitude of factors that can contribute to customer value, such as profitability, loyalty and retention; all of which are highly debated in themselves. This article outlines some of the different techniques, and the advantages and drawbacks of each.
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