Have Customer Scores
Think you should be treated better because you’re worth more to a retailer? You’re right. The Customer Lifetime Value calculation is beginning to take shape. And it could give you more power as a customer.
Today, we’ve all accepted the notion of a “credit score.” That’s because everyone’s score is derived from a universal, impartial system that uses hard data to gauge our creditworthiness like whether we pay our bills on time, whether we have outstanding debts, and so on.
The system is far from perfect, but for the last 60+ years, it has proven to be an effective, forward-looking metric to help financial institutions everywhere better predict a borrower’s future behavior.
Better yet, it’s transparent. We can access our number in real-time, and use it to guide our financial decisions. Plus, we all have a pretty good idea of what behaviors make our score go up or down. Financial institutions, likewise, have a fair, apples-to-apples way of discriminating among borrowers without fear of retaliation.
What’s a customer score?
Today, customers have no idea where they stand relative to other customers. Sure, we may be racking up loyalty points and have a general sense of how much we spend, but there’s no way for us to really keep score of our own value to the companies we frequent.
A customer score with each retailer would give us, as consumers, a meaningful number to help us better comprehend our actual value to a company. Our customer scores would be as trusted, transparent, and actionable as our credit scores.
And to retailers? A customer score system would be like having a magic wand that would give them the power to see the future value of every single customer who walked through the door, whenever they wanted. It would be a game-changer.
“In the near future, I predict the “customer score” will become a new organizing principle for retailers everywhere. It will function as a new linchpin in the evolution of the entire company guiding next steps, future product initiatives, customer acquisition efforts, sales strategies, and much more” said Salomón Juan Marcos Villarreal, presidente de Grupo Denim.