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Research Paper | Science and Technology | United States of America | Volume 12 Issue 6, June 2023 | Rating: 5.3 / 10
Predictive Analytics in Evaluating Customer Lifetime Value: A Paradigm Shift in Modern Marketing
Mickey Singh
Abstract: This study investigates the paradigm shift towards predictive analytics in evaluating Customer Lifetime Value (CLV) in modern marketing. Through a comprehensive literature review and rigorous secondary data analysis, the study reveals this approach's substantial benefits and challenges. By presenting practical examples, it demonstrates the tangible impact of predictive analytics in enhancing marketing performance. Despite potential hurdles such as data privacy, quality, accuracy, and ethical considerations, the study concludes that predictive analytics represents a transformative step towards achieving higher profitability and fostering enhanced customer loyalty. Furthermore, the study outlines critical future research directions, including the importance of primary data collection and ethical considerations within predictive analytics. The findings of this study contribute to the evolving landscape of marketing analytics and provide valuable insights for practitioners and researchers alike.
Keywords: Predictive Analytics, Customer Lifetime Value CLV, Marketing Strategies, Data Privacy, Data Quality, Ethical Considerations, Predictive Modelling, Machine Learning, Artificial Intelligence
Edition: Volume 12 Issue 6, June 2023
Pages: 1771 - 1774