Customer Lifetime Value (CLV)

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Meaning of Customer lifetime Value

The concept of customer lifetime value is the value that a customer has for a company based on the time and transactions that can be carried out during that term.

There are clients that are very valuable to brands since throughout the relationship they maintain they can carry out numerous purchases, which obviously encourages the sales of these companies. Identifying these types of consumers is a fundamental objective for them and that determines the concept of value of the customer’s lifetime.

How to get Valuable Customers for Companies

The study of some metrics and profiles can be carried out to help identify these types of consumers who are so valuable to companies. These are some keys to achieve it:

  • There are studies whose point of research is the customer in which they indicate that 70% of shopping experiences depend on how customers feel treated during the process. If they feel optimally treated by brands, the chance that they will be loyal to their products is much higher.
  • Time is a metric that serves to measure the customer’s relationship with the company, how profitable that consumer is.
  • When the previous step is guessed, the next one is to know the profile of those types of clients that are of interest, assess an ideal client file that provides the maximum possible data.
  • By knowing the customer’s profile, the brand can anticipate their needs and offer them products and services that are more in line with what they require.
  • Solving your doubts at all times, showing yourself as a close brand is one of the options that must be carried out to ensure that the client stays and does not go to the competition.
  • Taking care of the channels where they can communicate with the business is another aspect to maintain that optimal communication. Channels such as social networks, chat, email, the telephone must be enabled to achieve these favorable results.

In summary, following this series of steps favors the achievement of clients that become the ideal profile  to increase the company’s sales.

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