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<title>Customer value maximization</title>
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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Customer value maximization</span></span>
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<p><b>Customer value maximization</b> (<b>CVM</b>) is a real-time service model that, proponents say, goes beyond basic <a href="Customer_relationship_management" title="Customer relationship management">customer relationship management</a> (CRM) capabilities, identifying and capturing maximum potential from prospective and existing customers.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>
</p>
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<div class="mw-heading mw-heading2"><h2 id="Customer-centricity">Customer-centricity</h2></div>
<p>The CVM framework evaluates current methods and effectiveness, makes changes where required, and sets up a measurement system that helps in evaluating effectiveness. The CVM framework operates as a continuous process in a closed loop.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>
</p><p>The CVM framework is closely related to the idea of <a href="Customer_lifetime_value" title="Customer lifetime value">customer-lifetime-value.</a>
</p><p>One of the strategies to maximize the value that each customer generates is to split customers into defined segments, a process called <a href="Market_segmentation" title="Market segmentation">client segmentation</a>.
</p>
<div class="mw-heading mw-heading2"><h2 id="Marketing_challenges">Marketing challenges</h2></div>
<p>Marketing challenges can be predominantly dissected into four categories:
</p>
<ul><li><b>Lifecycle challenges</b> include driving usage of a product/service, new client acquisition, enabling <a href="Cross-selling" title="Cross-selling">cross-sell</a>, <a href="Upselling" title="Upselling">up-sell</a>, client <a href="Retention_rate" title="Retention rate">retention</a>, activation, usage, <a href="Churn_rate" title="Churn rate">churn</a> prevention, etc.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li>
<li><b>Segment-based challenges</b> Companies will reach out to each customer in a different way to suit their needs, especially when the company has multiple products/product variants. They need to reach out in a focused manner to independent segments that require varying strategies.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li>
<li><b>Channel-based challenges</b> Most companies adopt a multi-channel strategy in order to take their products or services to their customers. Each channel (store, online, mobile, etc.) needs to be tackled differently to ensure maximization of results. The increasing number of touch-points that each customer faces, has led marketers to grow increasingly reliant on machine-learning and AI models when calculating CVM models.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li>
<li><b>Function-based challenges</b> When companies invest in marketing programs, they look for methods that help them evaluate and track how they work and measure <a href="Return_on_investment" title="Return on investment">ROI</a>. Systems to manage their programs, maximize results and optimize spends are all that companies keep looking for.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li></ul>
<div class="mw-heading mw-heading2"><h2 id="Features">Features</h2></div>
<ul><li>Growth in value<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ul>
<div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div>
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<ul><li><a href="Brand_engagement" title="Brand engagement">Brand engagement</a></li>
<li><a href="Business_case" title="Business case">Business case</a></li>
<li><a href="Business_model" title="Business model">Business model</a></li>
<li><a href="Cross-selling" title="Cross-selling">Cross-selling</a></li>
<li><a href="Customer_centricity" class="mw-redirect" title="Customer centricity">Customer centricity</a></li>
<li><a href="Customer_data_integration" class="mw-redirect" title="Customer data integration">Customer data integration</a></li>
<li><a href="Customer_Data_Platform" class="mw-redirect" title="Customer Data Platform">Customer Data Platform</a></li>
<li><a href="Customer_experience" title="Customer experience">Customer experience</a></li>
<li><a href="Customer_experience_transformation" class="mw-redirect" title="Customer experience transformation">Customer experience transformation</a></li>
<li><a href="Customer_intelligence" title="Customer intelligence">Customer intelligence</a></li>
<li><a href="Customer_relationship_management" title="Customer relationship management">Customer relationship management (CRM)</a></li>
<li><a href="Guided_selling" title="Guided selling">Guided selling</a></li>
<li><a href="Loyalty_marketing" title="Loyalty marketing">Loyalty marketing</a></li>
<li><a href="Online_lead_generation" class="mw-redirect" title="Online lead generation">Online lead generation</a></li>
<li><a href="Real-time_marketing" title="Real-time marketing">Real-time marketing</a></li>
<li><a href="Relationship_marketing" title="Relationship marketing">Relationship marketing</a></li>
<li><a href="Sales_force_management_system" title="Sales force management system">Sales force management system</a></li>
<li><a href="Selling_technique" class="mw-redirect" title="Selling technique">Selling technique</a></li>
<li><a href="Strategic_management" title="Strategic management">Strategic management</a></li>
<li><a href="Supplier_relationship_management" title="Supplier relationship management">Supplier relationship management</a></li>
<li><a href="Support_automation" class="mw-redirect" title="Support automation">Support automation</a></li>
<li><a href="Trigger_based_marketing" class="mw-redirect" title="Trigger based marketing">Trigger-based marketing</a></li>
<li><a href="Up-selling" class="mw-redirect" title="Up-selling">Up-selling</a></li>
<li><a href="Value-added_selling" title="Value-added selling">Value-added selling</a></li></ul></div>
<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>
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