How do I measure Customer Lifetime Value (CLV)?
An example of an AI chatbot conversation about measuring Customer Lifetime Value (CLV).
How do I measure Customer Lifetime Value (CLV)?
To measure CLV, you can use the formula: CLV = (Average Purchase Value) x (Average Purchase Frequency) x (Customer Lifespan).
What data do I need to calculate the average purchase value?
You'll need total revenue over a specific period and the number of purchases made during that time.
How can I determine the average customer lifespan?
You can calculate it by analyzing the average duration a customer continues to make purchases from your business.
Are there any tools that can help with this calculation?
Yes, there are several tools like CRM software and analytics platforms that can help automate CLV calculations.
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