A common metric that companies can use to assess the long-term value of customer acquisition costs is lifetime value, which is the present value of all future profits generated by a customer. While a simple formula involving customer retention rate, acquisition costs, profit margin and discount rate will produce that value, it is the concept of a lifetime value that needs to be recognized, says Reibstein. Even a small percentage of increase in retention rates can raise profits considerably, depending on the other variables.
Reibstein points to PepsiCo, the soft drink maker, as another company that has recently assessed the long-term value of its customers. The company concluded that its number-one drink is Diet Pepsi rather than regular Pepsi, and that is where it is directing its marketing dollars, he says. "If you do some of the analysis, you will find that diet drinkers are much more loyal than non-diet drinkers, and that leads you down the path of putting greater emphasis on [the former] because loyal customers translate into long-term sales, which translates into a longer term customer value."
Another important intangible that companies tend to ignore is branding, says Reibstein. "Most companies do not go out and measure their brand's long-term value." Advertising dollars may not lead to immediate sales, but they may shift some consumer attitudes that could subsequently lead to sales, increase the lifetime value of an existing customer, or lead a customer to pay more for a brand.
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