Why We Overhauled Our Measurement Strategy and Embraced Customer Lifetime Value — Google
In an industry where conversion is king, Experian took the daunting step of embracing lifetime value. It was both challenging and complicated, says Senior Director of Digital Analytics and Ad Operations, Jane Yu. But now the company is reaping the benefits and driving growth in a competitive marketplace.
Experian Consumer Services is the division of Experian which offers online credit reports, scores, and monitoring products for consumers. We traditionally thought about business success as those moments when a customer clicks the buy button. And because conversion was always king, our marketing was concentrated on getting people to immediately sign up.
But we realized that using only this KPI wasn’t sustainable. The financial services landscape is always growing and changing, and new competitors are entering the market every day. We needed to differentiate ourselves by meeting our customers’ needs better than other brands. To do that, we had to rethink our analytics strategy and focus on lifetime value. These days, we emphasize delivering value to consumers with the right messaging and experiences, at the right time, and at the right stage of their financial life cycle.
It wasn’t an easy process, but it’s been well worth it. Here’s how we got started.
