Many companies are guilty of committing the seven deadly sins of customer value management (CVM). These outdated practices prevent companies from lowering customer acquisition costs, reducing customer churn, delivering more cost-effective customer service, strengthening customer loyalty and increasing long-term customer profitability. This article defines the seven costly CVM sins, outlines specific remedies and provides real-world success stories in a variety of industries.
The idea of a huge market of "average customers" being satisfied with an "average product" is a myth. A "one size fits all" strategy often delivers high-cost customer service to the least profitable customers while under-serving the most valuable customers. There is, however, a more successful approach.
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