What metrics should I track for my business?
An example of an AI chatbot conversation about tracking business metrics.
What metrics should I track for my business?
It depends on your business type, but common metrics include revenue, customer acquisition cost, and customer lifetime value.
Can you explain customer acquisition cost?
Sure! Customer acquisition cost (CAC) is the total cost of acquiring a new customer, including marketing and sales expenses.
What about customer lifetime value?
Customer lifetime value (CLV) estimates the total revenue you can expect from a customer over their entire relationship with your business.
How do I calculate these metrics?
You can calculate CAC by dividing total acquisition costs by the number of new customers. For CLV, multiply the average purchase value by the average purchase frequency and customer lifespan.
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