What are some examples of customer lifetime value?
An example of an AI chatbot conversation about customer lifetime value examples.
What are some examples of customer lifetime value?
Customer lifetime value (CLV) is the total revenue a business can expect from a single customer account. For example, if a subscription service charges $10 per month and a customer stays for 2 years, their CLV would be $240.
Can you give me more examples?
Sure! If a coffee shop has a customer who visits daily and spends $5, and they remain a customer for 5 years, their CLV would be $9,125.
How do businesses use CLV?
Businesses use CLV to determine how much to invest in acquiring customers and to tailor marketing strategies. It helps in understanding customer retention and profitability.
What factors affect customer lifetime value?
Factors include purchase frequency, average order value, customer retention rate, and the length of the customer relationship.
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