When I was hired at Lands' End, back in 1990 (those were the days when we questioned why a President didn't like to eat broccoli - good thing we moved on to more substantive issues when discussing the Commander in Chief), I was hired into a department called "Customer Planning and Development".
The name of the department says a lot about what the department was supposed to do.
- Plan.
- Develop.
It's really hard to manage a customer ecosystem when all you do is "target" customers with "discounts and promotions" via "campaigns".
In other words, modern marketing has nothing to do with "Customer Planning and Development".
Over the next several blog posts, I'm going to share the results of some of the Lifetime Value Simulations I run for clients (#LTVS). You wonder why I advocate developing a customer file through customer acquisition activities? You won't once you see how a customer file "develops" over time.
I realize this topic is alien to many. You won't find a Woodside Research report that provides the insights that are coming over the next several posts. Nor will you find the insights in Google Analytics. And you may disagree with everything I have to say. That's fine. But you are going to learn how a customer "develops" over time.
Ready?
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