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Preface The concept of lifetime value is well founded in the sales and marketing field, where there has been a growing appreciation that it is cheaper and more profitable to maintain than gain and that a business needs to think over the long term regarding its customer relationships, rather than take a narrow, single transaction perspective. HP’s David Packard famously once stated that “marketing is too important to be left to the marketing department” implying that all employees are part-time marketers and so those in operations and service delivery also need to grasp the lifetime value concept and ensure that they play a role in nurturing customer relationships, so as to maximise both the return for the company and the value received by the customer. This article first appeared on tenfold
This article was written by Simon Elias of the LCS and Richard Harrison of Sales Transformation Partnership. Introduction While lean thinking is increasingly being applied beyond the operations arena in many organisations, sales and marketing (S&M) appears to have been particularly immune to the lean mantra. The reasons behind this are...