
Why You Must Measure Customer Lifetime Value
A successful business is built on the back of two indispensable strategies. The first is customer retention and the second is customer acquisition. Marketers often pay more attention to the latter because it is a common belief that acquiring new customers is more important than holding on to the ones that are already there. It goes without saying that this assumption is incorrect. What Is Customer Lifetime Value? Customer retention should not be ignored under any circumstances. It is an extremely important part of increasing the customer lifetime value (CLV) of a business. It can be defined as the present value of the future revenue that will be generated by
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