For Marketers it’s a known fact that acquiring new customers is expensive. Sometimes even up to 10 times the cost compared to gaining new business from existing customers. When you work hard to get them, it’s essential to re-invest in the right marketing strategies that will provide a great experience and build their customer lifetime value (CLV).
In a recent study, it was found that creating defining moments for customers along the buying journey greatly improved their willingness to spend more or stay loyal to a company, and grow CLV. As researchers Dan and Chip Heath explain, creating defining moments depends on 4 elements: elevation, insight, pride and connection. Learn how creating ‘defining moments’ helped hospitals improve patient experience, and how SouthWest airlines predicted revenue growth by $140 Million.