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Dr. Bindu K. Nambiar,
Ms. Manushi,
and
Krishnan Divakaran
Customer Lifetime Value is one of the key parameters to achieve positive customer experience that leads to loyalty and advocacy. It is a measurement of how valuable a customer is to the company, not just on a transactional basis but across the entire relationship. For Financial Services today, it is one of the significant metrics with the highest correlation to long-term profitability.
Understanding the CLV enables firms to establish strategies for acquiring new consumers and retaining existing ones while maintaining profit margins.
Read more
Customer Lifetime Value is one of the key parameters to achieve positive customer experience that leads to loyalty and advocacy. It is a measurement of how valuable a customer is to the company, not just on a transactional basis but across the entire relationship. For Financial Services today, it is one of the significant metrics with the highest correlation to long-term profitability.
Understanding the CLV enables firms to establish strategies for acquiring new consumers and retaining existing ones while maintaining profit margins.
Read more
Customer Lifetime Value is one of the key parameters to achieve positive customer experience that leads to loyalty and advocacy. It is a measurement of how valuable a customer is to the company, not just on a transactional basis but across the entire relationship. For Financial Services today, it is one of the significant metrics with the highest correlation to long-term profitability.
Understanding the CLV enables firms to establish strategies for acquiring new consumers and retaining existing ones while maintaining profit margins.
The course endeavours to comprehend and simplify the concept of Customer Lifetime Value for financial services institutions aiming to sustain customer retention and profitability.
What you'll learn
-
CLV – Introductory Concept.
-
The impact of Customer Relationship & CX on CLV
-
Factors impacting CLV.
-
Customer Relationship and CLV.
-
CLV analytics for data-driven decision-making.
-
Improving CLV for Customer Retention and Acquisition.
-
Significance of CLV in Financial Services.
-
Customer Segments and CLV.
-
CLV and Customer Churn Management.
-
Leveraging CLV for Profitability.
11. CLV metrics and performance measurement
Register for this course and see more details by visiting:
OpenCourser.com/course/3tnp0v/customer
What's inside
Syllabus
The course is structured in 5 Weeks.
Week 1 :Customer Lifetime Value (CLV) - Concepts
Concept of CLV and its importance in business, Moving beyond Customer Relationship Management: Expanding the scope of CLV, The impact of Customer Relationship and Customer Experience on CLV, The need for measuring CLV.
Read more
Syllabus
The course is structured in 5 Weeks.
Week 1 :Customer Lifetime Value (CLV) - Concepts
Concept of CLV and its importance in business, Moving beyond Customer Relationship Management: Expanding the scope of CLV, The impact of Customer Relationship and Customer Experience on CLV, The need for measuring CLV.
Read more
Week 2 : Financial Services and Customer Lifetime Value
Significance of CLV in financial services, Benefit for financial services using CLV for customer acquisition, retention and profitability. CLV and Retail Banking, Factors that impact CLV, Key challenges and considerations in implementing CLV in financial services.
Week 3 : Analyzing Customer Behaviour and Metrics for CLV Optimization in Financial Services
Customer behaviour analysis for CLV determination, Methods of collecting and interpreting customer data, Identifying key metrics and analyzing customer segments for CLV optimization.
Week 4 : Strategies for Improving CLV in Financial Services
Strategies to enhance CLV at various stages of the customer journey, Effective retention techniques to increase customer loyalty and lifetime value, Cross-selling and upselling approaches to maximize CLV, Nurturing customer relationships and providing exceptional customer service for CLV optimization
Week 5 : Measuring, Monitoring, and Utilizing CLV Analytics in Financial Services
Measuring and tracking CLV over time, Methods and tools for CLV measurement, Use of CLV analytics to make data-driven decisions and drive business growth, Analyzing CLV trends and patterns to identify growth opportunities in financial services.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Examines how customer relationship and customer experience impact customer lifetime value (CLV)
Focuses on the application of CLV specifically within the financial services industry
Sets out practical strategies to improve customer lifetime value within financial services
Utilizes a variety of methods to measure customer lifetime value in financial services
Applies CLV analytics to inform data-driven decisions within financial services
Clarifies the concept of Customer Lifetime Value (CLV) and how it benefits financial services institutions
Save this course
Save Customer Lifetime Value for Financial Services to your list so you can find it easily later:
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Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Customer Lifetime Value for Financial Services with these
activities:
Review probability and statistics concepts
Show steps
Strengthen your foundational understanding of probability and statistics, which are essential for calculating and analyzing CLV.
Browse courses on
Probability
Show steps
-
Review textbooks or online resources on probability and statistics
-
Complete practice problems to test your comprehension
Review concepts on Financial Services basics
Show steps
Familiarize yourself with the fundamentals of Financial Services to prepare for understanding CLV.
Browse courses on
Financial Services
Show steps
-
Review notes or read introductory articles on Financial Services.
-
Test your understanding by completing practice questions or quizzes.
Organize and review course materials
Show steps
Stay organized and ensure you have a comprehensive understanding of the course materials by regularly reviewing and organizing your notes, assignments, and readings.
Show steps
-
Create a filing system for course materials
-
Review notes and readings regularly
-
Organize assignments and quizzes for easy access
Six other activities
Expand to see all activities and additional details
Show all nine activities
Review 'Customer Relationship Management: Concepts and Practices' by Francis Buttle
Show steps
Review key concepts and best practices in customer relationship management to strengthen your understanding of the foundational principles.
View
Customer Relationship Management
on Amazon
Show steps
-
Read Chapters 1-3 to grasp the core concepts of CRM
-
Summarize the key takeaways from each chapter
-
Identify examples of how CRM principles are applied in the financial services industry
Attend industry conferences or webinars on CLV in financial services
Show steps
Connect with professionals in the field, gain insights from industry experts, and stay updated on the latest trends in CLV measurement and optimization.
Show steps
-
Identify relevant industry conferences or webinars
-
Register and attend the events
-
Actively participate in discussions and networking opportunities
Calculate CLV using real-world financial data
Show steps
Enhance your analytical skills by performing hands-on calculations of CLV using industry-specific data, reinforcing your understanding of its practical applications.
Browse courses on
Financial Data Analysis
Show steps
-
Gather historical customer data from financial institutions
-
Apply CLV calculation formulas to determine the lifetime value of customers
-
Analyze the results and identify trends and patterns in CLV
Join a study group to discuss CLV concepts and case studies
Show steps
Engage with peers to share insights and perspectives, deepening your comprehension of CLV concepts and their practical implications.
Show steps
-
Find or create a study group with fellow learners
-
Schedule regular meetings to discuss assigned topics
-
Prepare discussion points and case studies for group analysis
Develop an infographic or presentation on CLV for financial services
Show steps
Solidify your understanding by creating a visual representation of CLV, effectively communicating key concepts and insights to others.
Browse courses on
Visual Storytelling
Show steps
-
Gather key data and insights on CLV in financial services
-
Design an infographic or presentation using clear and concise visuals
-
Present your work to peers or industry professionals for feedback
Design a customer loyalty program for a financial institution
Show steps
Develop a practical understanding of customer loyalty strategies by creating a comprehensive loyalty program tailored to the financial services sector.
Browse courses on
Customer Loyalty
Show steps
-
Research best practices and case studies in customer loyalty programs
-
Define target customer segments and their specific needs
-
Design a tiered loyalty program with rewards and incentives aligned with customer behavior
Review probability and statistics concepts
Show steps
Strengthen your foundational understanding of probability and statistics, which are essential for calculating and analyzing CLV.
Browse courses on
Probability
Show steps
Show steps
Show steps
- Review textbooks or online resources on probability and statistics
- Complete practice problems to test your comprehension
Review concepts on Financial Services basics
Show steps
Familiarize yourself with the fundamentals of Financial Services to prepare for understanding CLV.
Browse courses on
Financial Services
Show steps
Show steps
Show steps
- Review notes or read introductory articles on Financial Services.
- Test your understanding by completing practice questions or quizzes.
Organize and review course materials
Show steps
Stay organized and ensure you have a comprehensive understanding of the course materials by regularly reviewing and organizing your notes, assignments, and readings.
Show steps
Show steps
Show steps
- Create a filing system for course materials
- Review notes and readings regularly
- Organize assignments and quizzes for easy access
Six other activities
Expand to see all activities and additional details
Show all nine activities
Review 'Customer Relationship Management: Concepts and Practices' by Francis Buttle
Show steps
Review key concepts and best practices in customer relationship management to strengthen your understanding of the foundational principles.
View
Customer Relationship Management
on Amazon
Show steps
Show steps
Show steps
- Read Chapters 1-3 to grasp the core concepts of CRM
- Summarize the key takeaways from each chapter
- Identify examples of how CRM principles are applied in the financial services industry
Attend industry conferences or webinars on CLV in financial services
Show steps
Connect with professionals in the field, gain insights from industry experts, and stay updated on the latest trends in CLV measurement and optimization.
Show steps
Show steps
Show steps
- Identify relevant industry conferences or webinars
- Register and attend the events
- Actively participate in discussions and networking opportunities
Calculate CLV using real-world financial data
Show steps
Enhance your analytical skills by performing hands-on calculations of CLV using industry-specific data, reinforcing your understanding of its practical applications.
Browse courses on
Financial Data Analysis
Show steps
Show steps
Show steps
- Gather historical customer data from financial institutions
- Apply CLV calculation formulas to determine the lifetime value of customers
- Analyze the results and identify trends and patterns in CLV
Join a study group to discuss CLV concepts and case studies
Show steps
Engage with peers to share insights and perspectives, deepening your comprehension of CLV concepts and their practical implications.
Show steps
Show steps
Show steps
- Find or create a study group with fellow learners
- Schedule regular meetings to discuss assigned topics
- Prepare discussion points and case studies for group analysis
Develop an infographic or presentation on CLV for financial services
Show steps
Solidify your understanding by creating a visual representation of CLV, effectively communicating key concepts and insights to others.
Browse courses on
Visual Storytelling
Show steps
Show steps
Show steps
- Gather key data and insights on CLV in financial services
- Design an infographic or presentation using clear and concise visuals
- Present your work to peers or industry professionals for feedback
Design a customer loyalty program for a financial institution
Show steps
Develop a practical understanding of customer loyalty strategies by creating a comprehensive loyalty program tailored to the financial services sector.
Browse courses on
Customer Loyalty
Show steps
Show steps
Show steps
- Research best practices and case studies in customer loyalty programs
- Define target customer segments and their specific needs
- Design a tiered loyalty program with rewards and incentives aligned with customer behavior
Career center
Learners who complete Customer Lifetime Value for Financial Services will develop knowledge and skills
that may be useful to these careers:
Financial Analyst
Financial Analyst
As a Financial Analyst, you'll examine financial trends, study economic conditions, and analyze the performance of companies. This course will help you understand the importance of Customer Lifetime Value (CLV) and how to use it to make data-driven decisions. This knowledge will be especially valuable when you're evaluating the profitability of different customer segments and developing strategies to improve CLV.
Marketing Manager
Marketing Manager
As a Marketing Manager, you'll develop and execute marketing campaigns to attract new customers and retain existing ones. You'll use your understanding of CLV to make sure that your campaigns are effective and generate a positive return on investment. This course will help you build a foundation in CLV and learn how to use it to improve your marketing strategies.
Customer Success Manager
Customer Success Manager
As a Customer Success Manager, you'll be responsible for helping customers get the most value from your company's products and services. You'll need to understand the customer journey and how to build strong relationships with customers. This course will help you learn how to measure CLV and use it to identify and address customer pain points. This course will also help you develop the skills you need to build strong relationships with customers and help them achieve their goals.
Product Manager
Product Manager
As a Product Manager, you'll be responsible for developing and launching new products and services. You'll need to understand the needs of your customers and how to create products that meet those needs. This course will help you learn how to measure CLV and use it to make decisions about which products to develop and how to price them.
Sales Manager
Sales Manager
As a Sales Manager, you'll be responsible for leading a team of salespeople and achieving sales targets. You'll need to understand the sales process and how to motivate your team to perform at their best. This course will help you build a foundation in CLV and learn how to use it to improve your sales strategies and increase your close rate.
Consultant
Consultant
As a Consultant, you'll be responsible for providing advice and guidance to businesses on a variety of topics. You'll need to have a deep understanding of business principles and how to apply them to real-world problems. This course will help you build a foundation in CLV and learn how to use it to help businesses improve their customer relationships and increase their profitability.
Business Analyst
Business Analyst
As a Business Analyst, you'll be responsible for analyzing business processes and identifying opportunities for improvement. You'll need to understand the different aspects of a business and how they work together. This course will help you build a foundation in CLV and learn how to use it to evaluate the performance of different business processes. This knowledge will be especially valuable when you're working on projects related to customer experience, operational efficiency, and financial performance.
Financial Planner
Financial Planner
As a Financial Planner, you'll be responsible for helping people manage their finances and plan for their future. You'll need to understand the different aspects of financial planning, such as budgeting, investing, and retirement planning. This course will help you understand the importance of CLV and how to use it to help your clients make better financial decisions.
Data Analyst
Data Analyst
As a Data Analyst, you'll be responsible for collecting, analyzing, and interpreting data to help businesses make better decisions. You'll need to understand statistical methods and how to use them to draw meaningful conclusions from data. This course will help you build a foundation in CLV and learn how to use it to analyze customer data and identify trends. This knowledge will be especially valuable when you're working on projects related to customer acquisition, retention, and churn.
Project Manager
Project Manager
As a Project Manager, you'll be responsible for planning, executing, and delivering projects. You'll need to understand the project management lifecycle and how to manage a team of people. This course will help you understand the importance of CLV and how to use it to make decisions about project scope, budget, and timeline.
Auditor
Auditor
As an Auditor, you'll be responsible for examining and evaluating financial records to ensure that they are accurate and compliant with regulations. You'll need to have a strong understanding of accounting principles and auditing procedures. This course will help you understand the importance of CLV and how to use it to identify and mitigate financial risks.
Accountant
Accountant
As an Accountant, you'll be responsible for preparing and analyzing financial statements. You'll need to have a strong understanding of accounting principles and how to use them to track and report financial data. This course will help you understand the importance of CLV and how to use it to evaluate the financial performance of a business.
Risk Manager
Risk Manager
As a Risk Manager, you'll be responsible for identifying, assessing, and mitigating risks to a business. You'll need to have a strong understanding of risk management principles and how to apply them to real-world situations. This course will help you understand the importance of CLV and how to use it to assess the potential impact of risks on a business.
Compliance Officer
Compliance Officer
As a Compliance Officer, you'll be responsible for ensuring that a business complies with all applicable laws and regulations. You'll need to have a strong understanding of the legal and regulatory framework that applies to your business. This course will help you understand the importance of CLV and how to use it to assess the potential impact of compliance violations on a business.
Insurance Agent
Insurance Agent
As an Insurance Agent, you'll be responsible for selling insurance policies to individuals and businesses. You'll need to have a strong understanding of insurance products and how to match them to the needs of your clients. This course will help you understand the importance of CLV and how to use it to build long-term relationships with your clients and increase your sales.
For more career information including salaries, visit:
OpenCourser.com/course/3tnp0v/customer
Reading list
We've selected ten books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Customer Lifetime Value for Financial Services.
Save
Provides a practical approach to measuring and improving customer lifetime value through the lens of Net Promoter Score (NPS). It offers actionable insights on how to use NPS to drive growth and customer loyalty.
Provides a comprehensive overview of data science for business, including a discussion of CLV. It valuable resource for anyone who wants to learn more about how to use data to improve customer satisfaction and loyalty.
Provides a comprehensive overview of applied predictive analytics, including a discussion of CLV. It valuable resource for anyone who wants to learn more about how to use predictive analytics to improve customer satisfaction and loyalty.
Provides a comprehensive overview of big data analytics, including a discussion of CLV. It valuable resource for anyone who wants to learn more about how to use big data to improve customer satisfaction and loyalty.
Save
Provides a comprehensive overview of the power of analytics, including a discussion of CLV. It valuable resource for anyone who wants to learn more about how to use analytics to improve customer satisfaction and loyalty.
Provides a comprehensive overview of customer relationship management, including a discussion of CLV. It valuable resource for anyone who wants to learn more about how to use CLV to improve customer satisfaction and loyalty.
Provides a solid foundation in customer relationship management (CRM), covering key concepts, technologies, and strategies. It is especially useful for understanding the role of CRM in enhancing customer lifetime value.
Save
Emphasizes the importance of customer loyalty in driving business growth and profitability. It provides insights into building strong customer relationships and creating a loyal customer base.
Save
Provides a comprehensive guide to financial and marketing metrics, including customer lifetime value. It offers practical advice on how to measure, analyze, and use metrics to drive business performance.
Save
Explores the relationship between employee satisfaction, customer satisfaction, and profitability. It provides insights into how to create a customer-centric culture and improve customer lifetime value.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/3tnp0v/customer
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Effort
2 to 3 hours per week for 10 weeks
Level
Introductory
Via
edX
Institution
State Bank of India
Instructors
Dr. Bindu K. Nambiar
Ms. Manushi
Krishnan Divakaran
Session
March 20, 2024
- December 20, 2024
Language
English
Transcript
English
Good to know
Examines how customer relationship and customer experience impact customer lifetime value (CLV)
Focuses on the application of CLV specifically within the financial services industry
Sets out practical strategies to improve customer lifetime value within financial services
Utilizes a variety of methods to measure customer lifetime value in financial services
Applies CLV analytics to inform data-driven decisions within financial services
Clarifies the concept of Customer Lifetime Value (CLV) and how it benefits financial services institutions
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