How does Customer Lifetime Value affect sales forecasting?
An example of an AI chatbot conversation about the impact of CLV on sales forecasting.
How does Customer Lifetime Value affect sales forecasting?
Customer Lifetime Value (CLV) is crucial for sales forecasting as it helps predict future revenue from existing customers.
Can you explain how to calculate CLV?
Sure! CLV can be calculated using the formula: CLV = (Average Purchase Value) x (Average Purchase Frequency) x (Customer Lifespan).
What factors can influence CLV?
Factors influencing CLV include customer retention rates, purchase frequency, average order value, and customer satisfaction.
How can businesses use CLV in their sales strategies?
Businesses can use CLV to identify high-value customers, tailor marketing efforts, and allocate resources effectively.
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