CLV measures the revenue a customer brings to your business as long as they continue to choose your brand. This cycle begins with the first purchase and ends when they stop doing business with the company.
Customer Lifetime Value is calculated by adding the total revenue generated by the customer and multiplying it by the length of the business relationship. The Customer Acquisition Cost (CAC) must be subtracted from the result.
65% of companies say improving their data analytics is very important to delivering a better customer experience. (Forbes)
Now that you have a deeper understanding of what a customer-centric engineer database strategy is, let's explore two success stories that demonstrate the results of working with this business model.
Slack
An example of the application of a Customer Centric strategy is the company Slack.
Its service provides an interaction tool for businesses that enables instant communication between teams and allows for sharing files and projects organized by category.
Slack meets the needs of more than 8 million remote workers and allows teams to work easily regardless of where they are in the world. Additionally, employees have access to relevant information, can create group chats, and make real-time updates. Individual messages, files, and multimedia content can be sent, and channels can be organized around specific projects.