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What is Customer Lifetime Value?
Customer Lifetime Value (LTV) measures the amount of net cash that a customer will generate over its lifetime. LTV can produce actionable data-driven decisions about your customers by answering questions like:
How much marketing and sales dollars should be spent to acquire a customer?
How much time, money and effort should be dedicated to retain customers?
Who are the best customers?
How can we sell more products to our customers?
Are we allocating sales and development resources to maximize profit opportunities?
LTV is calculated by totaling the gross profit margin of a customer's purchases over its lifetime, reduced by the rate of repeat purchases, time value of money, and the cost of acquiring a customer. Visit your blog about UBER to see LTV in practice!
How is Customer Lifetime Value Calculated?
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