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 this?
You'll need data on average purchase value, purchase frequency, and the average lifespan of your customers.
Can you give me an example calculation?
Sure! If your average purchase value is $100, customers buy 3 times a year, and they stay for 5 years, then CLV = 100 x 3 x 5 = $1500.
How can I improve my CLV?
You can improve CLV by enhancing customer experience, increasing retention rates, and encouraging repeat purchases.
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