There is a form of predicting in the ‘marketing' world, which determines as to how much of a business company will be able to make when they will build up the right kind of relationship with their customer. This is called the Customer Lifetime Value.
The Lifetime Customer Value which is just another way of saying Customer Lifetime Value tries to scrutinize the number of times you can do business with the same customer ones you have built a rapport with them. Now, why is that important, well by this way, you can check if your money goes down the drain or it kind of increases with time. You must be confused as to how money came into play in here. Think you are doing some form of e-business and you have to promote yourself, rather sell your product.
So, you go to some famous networking site or so and then you spend some cash to secure a place that will help you to promote your business. Here comes the most essential part where you need to get something in return. Consider you have spent around $100, and you get 100 customers out of it, this would mean that you spend $1 on each customer or in marketing terms, your Customer Acquisition Cost is $1. This way your CLV becomes $10 and your revenue turn out to be $1000. It might to seem to be that complicated when you get to read these books that we are about to mention.
No, it will not take you a lifetime to figure out how to conduct the calculation and here is how. Read these books and you will get to learn of the various ways and tricks on and of CLV.
Examples of Customer Lifetime Value:
Typically, the customer lifetime value consists of four simple steps:
Example: $ 100 average amount monthly spent to be multiplied by 25% of the margin, divided by 5% of monthly churn that is equal to $ 500 LTV
CLV topics can go out of your hand because of those difficult calculations. Yes, you can read about them and then you can do a lot of research work, but then don’t you think that if some expert is helping you with your work, you might just earn some extra credit?
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