Investigating the Importance of Customer Lifetime Value in Modern Marketing – A Literature Review

Abstract

In this paper, we investigate the importance of Customer Lifetime Value (CLV) as part of the modern marketing strategy. There is no doubt that CLV is one of the most important metrics to be considered in Customer Relationship Management and Relationship Marketing. It represents an instrument meant to enhance the client’s loyalty and to bring some clearance for the marketing strategies regarding the customer segmentation. At the same time, it is one of the most difficult to calculate. As part of this study, we explore how the concept is approached in the academic literature, the notoriety of the concept, the areas, and the topics with which it is associated. In this investigation, we are using WordStat and QDA Miner software applications for content analysis and text mining aiming to extract themes and trends regarding the approached topic from a significant number of academic articles.