- Form: Online (Zoom Webinar)
- Time: 14:30-15:30 | ⏰ January 19, 202
- Register: https://bit.ly/dangky_martechtalk11
Predicting customer lifetime value (PCLV - Predictive Customer Lifetime Value) becomes increasingly important for businesses in the context of a highly competitive and volatile market.
- Today's market is facing challenges such as:
- Customer loyalty to the brand is low
- Customers have many product choices
- The digitalization of the economy -> customers can easily find their options on many different platforms.
- There is no tool to help businesses accurately measure CLV index,...
These challenges directly affect businesses, making it difficult for businesses to accurately estimate revenue to determine effective investment problems as well as build appropriate marketing strategies and coordinate advertising budgets. .
In the current context of prolonged economic recession, predicting CLV value is not only an investment in attracting and retaining customers but also the key to optimizing business performance and ensuring profitability. short and medium term profits.
Do you know:
- According to research by Bain & Company, the cost of developing new users is always 3-5 times higher than the cost of retaining existing customers. Not to mention, new user acquisition costs (CAC) are increasing.
- According to research by Harvard Business School, an increase in customer retention rate of 5% will bring profits of 25 - 95%, as a result of understanding and optimizing the value from each customer.
- According to a 2017 Bain & Company survey of about 500 companies, market leaders have many characteristics that make them different from other 25% companies (1.5 to 2.9 times higher). . Market leaders have driven higher revenue by building and using pLTV features to create customer value and allocate advertising strategies appropriately. (According to Beaudin, L., Dennehy, B., & Grudnowski, J. (2017, April 29)
So what is customer lifetime value? What is the importance and how to grow this value?
Customer Lifetime Value (CLV) is the overall value that customers bring to your Business during the time they purchase or use your services. Customer value can be considered into the following factors:
- Revenue value arising from existing customers.
- Ability to contribute to the annual profit of the business per customer
- Customer lifetime value is a very important indicator, but many businesses still do not really pay attention and invest in it. Instead, they focus on attracting new customers.
Innovations using predictive customer lifetime value (abbreviated as pLTV) strategies drive profit growth in the Game & App industry
Mobile Game & App businesses around the world today are undergoing a complete evolution in how to acquire new users for games. Some current ecosystem changes (e.g. ATT on iOS) will limit real-time data to run ads across different platforms. Unlike in the past, the data that drives advertising activities is now limited, leading to delayed integration, affecting advertising costs, leading to an increase in user acquisition and development costs. With the goal of optimizing revenue and minimizing advertising costs, pLTV becomes an important tool to help businesses achieve this goal.
How can pLTV help Game & App businesses?
Proactively understanding the quality of users who are conquering the Game, how they interact with the Game and ultimately the total value that user brings is increasingly important for Game companies. By being able to predict the unseen future value of new players, gaming companies can have better control over their ability to maximize returns on their investments.
If you knew the future value of all new users, would the business find a different way to acquire it?
If you know which of the new players will stay, which will leave the game after the first interaction, and which will make the initial purchase, you can change your customer acquisition efforts. new products? Do you reassign limited financial resources to channels that more accurately reflect long-term value? Do you scale your campaigns to reach a broader group than just those that reflect your ROAS goals? To answer all of these questions, businesses must consider the value of harnessing predictive customer lifetime value modeling solutions and then integrating these solutions into their your organization's core decision-making function.
So, how is pLTV calculated?
pLTV is calculated based on the average daily revenue per user multiplied by the forecast period through the application of machine learning (ML) and artificial intelligence (AI) models.
To make it easier to understand, pLTV can be considered a “predictor”. It not only helps marketers understand the value each user brings over time, but also predict the total revenue from that user for the business.
=> Therefore, pLTV is not only an important feature but also the key to helping game developers and advertisers make smart decisions in the increasingly fierce competitive environment of this industry.
Understanding these challenges, Airbridge has continuously researched, updated and upgraded products to meet the needs of optimizing revenue and advertising costs for businesses.
=> From there, it was born Customer Lifetime Value (pLTV) Prediction feature with high accuracy up to 90% is one of the notable achievements, officially introduced during the event Webinar Martech Talk 11 This.
There are 4 main reasons why businesses should use the pLTV feature:
- User Acquisition KPIs: pLTV helps businesses estimate the expected value from advertising channels, thereby optimizing campaigns to attract users.
- User retention strategy: Understanding LTV can assist in creating a strategy to retain users and optimize their earnings.
- Allocate resources appropriately: LTV prediction helps businesses allocate resources effectively, focusing on developing features that increase LTV or marketing to users with higher LTV.
- Financial Forecast: LTV forecasting helps forecast future revenue, important for planning and budgeting.
MARTECHTALK 11 – ACCOMPANYING EVENT WITH GAME AND APP ENTERPRISES
Omega Martech respectfully introduces the Webinar Martech Talk 11 event with the theme: "Predicting customer lifetime value (pLTV) more easily with AirBridge", to share how to effectively exploit and apply the pLTV feature. fruit. Accompanying the event are:
1. Speaker: Mr. Noel Son – Senior Solutions Consultant, Airbridge
Master of Business Analytics with more than 5 years of experience researching Machine Learning models at A-Star. He previously held the position of strategy director (Strategy Manager) and the position of data analysis & activation team leader (Enablement & Data Analytic) at Airbridge. Currently, he is holding the position of Senior Solutions Consultant at AirBridge - the leading mobile measurement and attribution platform (MMP) in Korea with the role of researching AI features to Positively contribute to the company's development in the field of mobile advertising.
2. Event host: Mr. Quang Huy – Partnership Manager, Omega Martech
Quang Huy has 3 years of experience in the Martech field. He holds the following positions:
- Partnership Manager
- Customer Success Manager.
- Quang Huy has a deep understanding of Martech solutions. He is one of the key members of Omega Martech, who is in charge of ensuring customers successfully use solutions consulted and implemented by Martech.
WEBINAR EVENT CONTENT – MARTECH TALK 11:
- PART 1: Rethinking ROAS: Broadening Horizons with the LTV Framework
- PART 2: Q&A
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REGISTER FOR WEBINAR NOW:
Form: Online (Zoom Webinar)
Time: 14:30-15:30 | ⏰ January 19, 2024
Register: https://bit.ly/dangky_martechtalk11
For more information about the program, please contact:
Phone number: (+84) 837 888 003
Email: [email protected]
#OmegaMartech #AirBridge #MartechTalk11 #pLTV #AirBridge #Webinar #PredictiveLifetimeValue
