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Every business' goal is to acquire and retain highly valuable customers and to do this, it's essential that you and your team learn what Customer Lifetime Value (CLTV) is and how to calculate it. Customer Lifetime Value is one of the most important metrics to measure with any growing company. Keep reading as we dive in a little deeper.
Customer lifetime value is a measurements used to indicate the total revenue a business can reasonably expect from a single customer account throughout the business relationship. Most businesses use CLTV to identify customer segments that are most valuable to their company. The longer that a customer continues to purchase from a company, the greater their lifetime value becomes. Company's consider a customer's revenue value and compare that to the company's predicted customer lifespan when calculating CLTV.
Check out a few reasons why understanding your CLTV is essential:
In order to calculate customer lifetime value you need to calculate the average purchase value and then multiply that number by the average number of purchases to determine customer value. Once you calculate the average customer lifespan, you can multiply that by customer value to determine customer lifetime value.
Customer Lifetime Value = (Customer Value * Average Customer Lifespan)
Curious about your business' customer lifetime value ? Get access to a FREE interactive customer lifetime value (CLV) calculator today! Click below to download now. Our team is equipped to develop strategies that can help you improve it.
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