Customer Lifetime Value
The Customer Lifetime Value report segments your customers by ten distinct cohorts we call Behaviour Segments. Our proprietary algorithms create the Behavioural Segments by classifying your customers based on their Recency, Frequency and Monetary Value characteristics. Our algorithms utilise machine learning technologies that model and organise your customer data. As a result, the results are unique to your Brand, removing any struggles caused by static bandings in other RFM modelling products.
To learn more about our Behavioural Segments, please see our FAQ: What is a Behavioural Segment?
As we've said from the outset, our Customer Lifetime Value report allows you to monitor customer cohorts that model low, medium, high and highest value customers across their lifetime at the end of the selected month. It can also do the verse and highlight those considered lost when they stop purchasing your product. It is easy to spot key differences in your audience by reviewing these three columns:
- Average Customer Recency
- Average Customer Frequency
- Average Customer Value
By reviewing the results for Last Month at the beginning of the new month, you'll gain the knowledge required to understand the propensity of those customers to repurchase during this month.
Filtering the results on the Customer Lifetime Value screen is extremely easy. Start by clicking on the orange Filters button above the table to open a modal window. Next, you can refine the view based on the modifying Behavioural Segment, Customer Acquisition Date, Buyer Type, Recency Band, Frequency Band or Value Brand controls.
Setting filters for the Customer Acquisition Start Date or Customer Acquisition End Date allows you to lock the view to a particular epoch and monitor how those New-to-Brand customers and their enduring habits. Using these filters empowers you to answer questions such as, What is the current Buyer Rate for Customers acquired during Black Friday last year?
Spreadsheets are an inevitable part of any modern organisation. But they create uncertainty as the typical solution to version control is to modify the file name. As a result, you're probably frequently left wondering, am I looking at the latest version? Ignite by Acorn-i helps you avoid exchanging spreadsheets as attachments with the Share buttons on each screen. Instead, click the Share button to create a magic hyperlink to reopen Ignite with the same settings. Now copy and paste this link into an email or chat window to exchange the information with someone who has access to Ignite. It's that simple.