Sample interview questions: How do you approach market planning for different customer lifetime value strategies?
Sample answer:
Customer Lifetime Value (CLTV) Strategies and Market Planning
1. High-Value Customers (HVCs)
- Long-term focus: Build strong relationships by providing exceptional customer experiences.
- Personalized marketing: Tailor communications and offers based on individual preferences and behavior.
- Loyalty programs and incentives: Reward repeat purchases and encourage customer retention.
- Cross-selling and upselling: Offer complementary products and services to increase customer value.
2. Mass Market
- Short-term focus: Acquire as many customers as possible within a limited time frame.
- Broad messaging: Mass-market campaigns with general appeals and promotions.
- Focus on customer acquisition: Drive initial purchases through low prices, discounts, or limited-time offers.
- Low customer support: Limited personalized interactions or loyalty programs.
3. Niche Market
- Targeted focus: Identify specific customer segments with unique needs and develop specialized products and services.
- Personalized content: Create marketing materials that resonate with the niche audience.
- Community engagement: Build relationships through online forums, social media groups, or … Read full answer