7 Ways to Maximize Customer Lifetime Value
“Customers are the lifeblood of your business.”
That phrase is a cliché among marketing circles…
But it doesn’t tell the whole story of what it takes to make a business successful. It leaves important question unanswered:
What’s the best way to grow a business? Focus on getting as many customers as possible? Or doing whatever it takes to keep the ones you have?
A lot of it comes down to customer lifetime value. If it’s greater than the cost of acquiring a new customer, you’re in a good position to grow. But if the situation is reversed, you could be in trouble.
Keep reading to find out why customer lifetime value matters, where most businesses get it wrong, and 7 simple ways to maximize yours.