Problem Solver I

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Create Event for Customer Lifetime Value

Forum|Forum|3 years ago
December 7, 2022
8 replies
219 views

Hello,

How do I create an tracking event that effects the “Customer Lifetime Value” on the customer profile? I have an integration with a Magento site that is able to accomplish this. However, the tracking events I’m sending for our Brick and Mortar stores does not nicely incorporate the data into the profile view.

Thank You,

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Best answer by Dov

Hi @jjensen_ksp,

Thanks for your reply.

The remap would not replace or override the existing “Placed Order” metric from your Magento integration but it would override the already existing CLV and benchmark data (which uses “Placed Order” as its point of reference to make those calculations). Nor does changing the metric mean you’ll have multiple metrics contributing to CLV. Rather the new (re-mapped) metric would be the sole “source of truth” for customer CLV. In other words, starting from the time of implementation, it would replace “Placed Order” as Klaviyo’s point of reference to make those CLV and benchmark calculations.

I hope that clears things up.

Dov

Klaviyo Alum

Hi @jjensen_ksp,

Thanks for sharing this question with us.

By default, Predictive Analytics (which includes CLV) and Benchmarks look for metrics named "Placed Order" in order to calculate CLV and revenue-based KPIs (Benchmarks). Our support team can re-map other metrics to act as the de facto "Placed Order" metric for the purposes of calculating CLV and Benchmarks. So in effect, any metric created via a track event can be the “guide” for Predictive Analytics and Benchmarks. The one prerequisite is that the metric has a $value field, and that field has positive values. Please reach out to our support team for further assistance on this.

Thanks for being a community member.

DD

jjensen_kspAuthor

Problem Solver I

Thanks @Dov,

Does the “re-map” overwrite the already existing “Placed Order” metric from our Magento integration, or does this mean we can have multiple metrics contributing to lifetime value? (as long as it’s mapped by the support team)

Jeff

jjensen_kspAuthor

Problem Solver I

Does a “Returned Order Instore” type of metric also need to be mapped to calculate Lifetime Value?

DovAnswer

Klaviyo Alum

Hi @jjensen_ksp,

Thanks for your reply.

The remap would not replace or override the existing “Placed Order” metric from your Magento integration but it would override the already existing CLV and benchmark data (which uses “Placed Order” as its point of reference to make those calculations). Nor does changing the metric mean you’ll have multiple metrics contributing to CLV. Rather the new (re-mapped) metric would be the sole “source of truth” for customer CLV. In other words, starting from the time of implementation, it would replace “Placed Order” as Klaviyo’s point of reference to make those CLV and benchmark calculations.

I hope that clears things up.

DD

jjensen_kspAuthor

Problem Solver I

Hi @Dov does this mean that only one of our integrations can contribute to Customer Lifetime Value? Is there way to have integrations from our physical stores as well as integrations from our Magento Site to contribute to CLV?

Does the metric need to be mapped for CLV before we start adding data for the metric?

Dov

Klaviyo Alum

Hi @jjensen_ksp,

Thanks for your reply.

That’s correct - since we can only use a single metric to calculate CLV, only one integration is able to contribute to CLV. You can start adding data before you make the switch to the new metric. However, keep in mind all historical data currently associated with Customer Lifetime Value and Benchmarks will be deleted within the account (for the old metric) once you make the switch.

I hope that’s helpful.

DD

K

ksp_john

Problem Solver I

Is there a plan for Klaviyo to allow multiple events to contribute to CLV? I am confused at how Klaviyo can be building a CDP solution but only allow one sales channel of data to build the overall picture of a customer? My goal is to be able to send you data from multiple events, before CLV is evolved, but in a way that when Klaviyo does resolve this issue, that the system will recognize all sales channels!

Dov

Klaviyo Alum

Hi @ksp_john,

Thanks for your follow-up note.

I appreciate you sharing your end-goal and I hear you loud and clear. While we can track multiple revenue streams for a single user i.e. Placed order events from Shopify and a custom placed order metric, when it comes to calculating predictive analytics, we’re currently limited to basing these predictions off of one event. With that said, I have submitted a feature request on your behalf. If the request garners enough interest, the team will look to add this feature to our roadmap.

Thank you for being a community member.

DD

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