Customer Lifetime-Value Equation
In practice, massive amounts of data can be a problem. Of course, none of our legacy order-fulfillment systems have perfect data-collection features. Unknowns often are quite high in some seasons, books or years. Web orders aren’t always tracked back to their true original sources. Source codes aren’t always captured accurately by order-takers. Frequently, computer fulfillment operating systems have been changed or upgraded, and the data may be in multiple formats. Although LTV calculations are easy to conceptualize, they can be hard to do. The key is the data.
- Companies:
- Lett Direct Inc.
Steve Lett graduated from Indiana University in 1970 and immediately began his 50-year career in Direct Marketing; mainly catalogs.
Steve spent the first 25 years of his career in executive level positions at both consumer and business-to-business companies. The next 25 years have been with Lett Direct, Inc., the company Steve founded in early 1995. Lett Direct, Inc., is a catalog and internet consulting firm specializing in circulation planning, plan execution, analysis and digital marketing (Google Premier Partner).
Steve has served on the Ethics Committee of the Direct Marketing Association (DMA) and on a number of company boards, both public and private. He served on the Board of the ACMA.  He has been the subject of two Harvard Business School case studies. He is the author of a book, Strategic Catalog Marketing. Steve is a past Chairman of both the Catalog Council and Business Mail Council of the DMA. He spent a few years teaching Direct Marketing at Indiana University in Bloomington, Indiana.
You can contact Steve at stevelett@lettdirect.com.
