An old idea that's very, very relevant in 2022: Lifetime Value of advertising, marketing, public relations and customer service. We discuss the impact of lifetime value in '22 based on an article written in the 1980's by Pritch's dad (an original "Mad Man" advertising pro): Pritchard Jr, H. O. "A Member’s Lifetime Value: Seeing Member Acquisition as an Investment in Your Organization’s Future." Association Management 36.6 (1991): 35-39.
There is huge profitability in retaining clients instead of constant attraction, thus lifetime value of repeat business along with recommendations, endorsements and (potential) brand evangelist. We break down the why, how to execute, measurement, budgeting and management of creating lifetime value as an investment, not an expense.
00:00 From expense to investment
02:42 The longer they stay, the more value created
06:48 Evaluation of your product/service/program offering
08:30 The answer isn't always "just charge more"
11:00 Value added
14:50 All based on research of what's valuable to your audience
16:50 Profitable and sustainable
On the #NeoMarketing podcast, The Golding Group partners Kyle Golding and Pritch Pritchard, APR & Fellow PRSA discuss best practices, latest trends and modern techniques for professional business communications including advertising, marketing, digital channels, social media, public relations and alternative options. Educational, informative and (hopefully) entertaining. https://bit.ly/NeoMarketingSubscribe
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