MAXIMISING CUSTOMER LIFETIME VALUE: 12 PROVEN STRATEGIES
Customer lifetime value (CLV) is a metric that indicates the total revenue a business can reasonably expect from a single customer account throughout the business relationship. The metric considers a customer’s revenue value and compares that number to the company’s predicted customer lifespan. WHAT IS THE IMPORTANCE OF CUSTOMER LIFETIME VALUE? Customer lifetime value (CLV) provides a picture of the business's long-term and financial visibility. High CLV is an indicator of product-market fit, brand loyalty, and recurring revenue from existing customers. It is recommended that e-commerce businesses monitor and optimise customer lifetime value if they are looking for steady growth. WHAT ARE THE STRATEGIES TO INCREASE CUSTOMER LIFETIME VALUE(CLV)? The following are the strategies to increase customer lifetime value: 1. PERSONALISED CUSTOMER EXPERIENCE A personalised customer experience is achieved when every touchpoint in a customer journey –like one's websites, em...