Blink, and you’ll miss it, but customer lifetime value is a crucial metric for businesses. It’s the estimated amount of money a customer will spend over the course of their relationship with a company. And who doesn’t want a long and prosperous relationship with their customers? In this blog post, the team at Omeda gives us the scoop on nine ways to boost your customer lifetime value. From personalization to post-purchase follow-ups, this post serves as a handy guide for maximizing the value of your customer relationships. It’s a must-read for anyone looking to turn their customers into lifelong loyalists. So, if you want to add some spark to your customer relationships, read this post.
Excerpt from the main article:
Customer lifetime value (CLV) measures the total amount of revenue a company can expect to earn from a single customer over time. This can account for product purchases as well as revenue generated from advertising, event registrations, etc. Besides just measuring revenue, customer lifetime value is also a hugely important predictive metric. This one number can tell you: How well your company is onboarding and retaining customers How effective your retargeting, upselling and cross-selling tactics are How many customers you need to pursue each year to hit revenue goals How quickly you can expect your company to grow How attractive your company could be to potential investors and M&A partners In this post, we’ll discuss how customer lifetime value is calculated, then tell you how to improve your own customer lifetime value through improved personalization, customer retention and pricing strategies. How is customer lifetime value calculated? Customer lifetime value is
9 Surefire Ways to Increase Your Customer Lifetime Value – Omeda was originally published on Omeda