From the course: Marketing Foundations
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Understanding customers
From the course: Marketing Foundations
Understanding customers
- An asset is something that has intrinsic value. It requires investment and yields a return. Both brands and customers are strategic assets of a company. Think of it this way. If you invest $100 in marketing to acquire a customer and that customer brings in $10 a month, you break even in 10 months. If the customer stays for five years, the initial investment definitely pays off. Companies invest in marketing budgets to motivate customers to evaluate and purchase. The company profits over time as customers pay back some of the value co-created in using its products and services. There are two interdependent faces in a customer's life with the brand, acquisition and retention. Customer lifetime value is the metric that weighs the cost of acquiring a customer against the return from purchases over time. Defining and tracking customers is an important and often complex marketing team deliverable. A customer may be a person…
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