Customer Lifetime Value for Financial Services from edX

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

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.

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

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

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

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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