1 min read

Maximization of customer lifetime value (CLV)

Maximizing CLV will help any business to find long-term success and grow, but it can also be hard to get customers to spend more money on your business over the long-term.
Maximization of customer lifetime value (CLV)

Data Science Usecase (Part 2)

One important metric that all businesses need to pay attention to and find ways to maximize is Customer Lifetime Value (CLV). CLV is the amount of money that a customer will spend on your business throughout the course of your relationship, so it is a long-term figure as opposed to a single order and it is particularly important for smaller businesses that will want to get the most out of a smaller customer base compared to a much larger business. So, what are a few of the most effective strategies for maximizing CLV?

  1. Customer research
  2. Benefits for loyalty
  3. Upselling
  4. SMS marketing
  5. Go the extra mile
  6. Stay relevant online

To be Continued...

Source: https://azbigmedia.com/business/how-to-maximize-customer-lifetime-value/

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