How do I calculate customer lifetime value?
An example of an AI chatbot conversation about calculating customer lifetime value.
How do I calculate customer lifetime value?
To calculate customer lifetime value (CLV), you can use the formula: CLV = Average Purchase Value x Purchase Frequency x Customer Lifespan.
Can you break down what each of those terms means?
Sure! Average Purchase Value is the average amount a customer spends per transaction. Purchase Frequency is how often a customer makes a purchase in a given time period, and Customer Lifespan is the average duration a customer continues to buy from your business.
What if I have different customer segments?
In that case, you can calculate CLV for each segment separately to get a more accurate understanding of their value.
Are there any tools that can help with this calculation?
Yes, there are several tools like HubSpot, Salesforce, and various analytics platforms that can help you calculate and analyze CLV.
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