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Using the Customer Lifetime Value (CLV) to Avoid a Mad Tea Party (309929)*Fabiola Canas, Grupo Financiero Banorte
Keywords: financial services, innovation, creation of value, influence business decisions
As The Mad Tea Party from Alice in Wonderland’s story, where there are no sense speaking guests at the table and a waste of resources, some companies are stuck in time, waiting for any new client that come to the business instead of looking for the right one. By nature, scientists are prepared to estimate risks and most likely scenarios that support decisions. What happened when your model has high performance, but your most likely scenarios come from time inertia decisions that are not the most valuable ones? How would you develop a strategy where you provide information to support a change? As a cofounder of the Analytics Department at one of the largest Banks in Mexico, I led the development of the CLV, a key indicator for setting a customer centered culture to avoid a Mad Tea Party. In this talk I will share some of the key points I learned from successfully implemented the CLV, such as: build an improvable over a perfect project, learning by experimentation and overcome errors quickly without guilty.