Lifetime Customer Value
The real performance of your marketing translates in your current customer lifetime value.You've spent lots of time and money in acquiring your customers and servicing them well for that initial sale. So it follows that you should try and work out how to increase and maximise the amount of money that they spend with you. There are four ways to do that:
- Retain them for longer;
- Increase the price of the product or service;
- Increase how often they purchase from you;
- Increase the referrals you get from them.
reach, acquisition, conversion, retention, loyalty.