The Business Challenge
Customers remain an indispensable part of the sustenance of any organization. Every organization in the healthcare landscape wants to derive insights on the same general question: How to effectively retain profitable customers?
A renowned healthcare industry client wanted to identify the market landscape in terms of the most valuable and the least profitable customers. The process of identifying the right customers was time-consuming and imprecise. As a result, the client approached Quantzig’s team of customer lifetime value experts to devise an appropriate customer-specific marketing strategy.
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After a robust engagement, the healthcare industry client was able to effectively analyze customer behavior to outdistance competitors. The engagement helped the client segment the customers in terms of customer value, expected value, and loyalty, and maintain a long-term relationship with customers’. Also, the healthcare industry client was further able to predict the probability of customer churn and future purchase services. Through the customer lifetime value assessment, the client effectively gauged through the customer’s data and was able to predict the future behavior of the customers.
Future of Healthcare Industry
Globally, the healthcare industry is shifting to a more sophisticated patient-driven environment to target profitable customers and maintain an effective long-term relationship. Also, organizations in the healthcare industry are relying on customer lifetime value to manage and delight customers and provide robust services to these target customer segments. In fact, leveraging the use of customer lifetime value helps organizations in the healthcare industry space to assess the value of customers, customize strategies, and better devise acquisition and retention processes. Moreover, devising customer lifetime value modeling can help a company in the medical industry optimize its marketing spend; thereby, increasing their ROI.
In the healthcare industry, customer lifetime value is considered from the patient’s perspective, in terms of effectively managing financial resources, better patient satisfaction, and better acquisition and retention practices. Patients’ of today are more informed and are increasingly aware of their treatments, the alternative medicines, and the severity of their conditions. Customer lifetime value helps in analyzing the value of patients over the course of his/her life.
With years of expertise in offering solutions, Quantzig’s team of customer lifetime value experts help the client look for patients who are on the verge of leveraging medical procedures for their effective treatments. Healthcare industry players can further optimize the use of predictive algorithms to determine the probability of health care needs among large sets of the population.