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What is Customer Lifetime Value (CLTV) and How to Improve It

Customer lifetime value (CLTV) is a vital metric for businesses to understand the value and profitability of their customer base. It represents the projected revenue a company expects to earn from a customer over the entire course of their relationship. A good customer lifetime value is crucial as it helps businesses identify their most valuable customers and develop strategies to retain and nurture them. In this article, we will explore what constitutes a good customer lifetime value, the factors to consider when determining it, the top benchmarks for measuring CLTV, and the best strategies to improve it. What is a good customer lifetime value: Explained A good customer lifetime value varies across industries and business models. However, as a general rule, a higher CLTV is perceived as better. The goal is to have a CLTV that exceeds the cost of acquiring and serving customers. For example, if it costs $100 to acquire a customer and their CLTV is $500, the business would consider
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