Most retailers I speak with complain about Amazon eating their lunch. Their typical response? To engage in lightweight “customer-focused” activities like “Hey, let’s do a customer experience campaign!” Or “Let’s rearrange the store!” It’s almost as if retailers refuse to go after the solution that would best solve their problems, not just the symptoms.
The solution, of course, is for retailers to stop trying a one-size-fits-all approach. It’s to double-down on CLV and harness the future value of their most valuable customers.
In my latest for Retail Customer Experience, I debunk the top three excuses most retailers have when it comes to fully-adopting CLV and customer centricity as a long-term growth strategy. And I offer up a new way forward for any kind of retailer from e-comm shops to multinational chain stores.