There are two ways to grow a business. First, by acquiring new customers, and second, by retaining existing clients with increased Customer lifetime value (CLV). While growing your customer base is necessary, it is important to remember the impact of customer retention. Research shows it is five times more expensive to acquire new customers than it is to retain, yet brands continue to leave retention and reactivation to chance.
CLV is one of the most important metrics to measure at any growing company. Yet, despite marketing departments making CLV a priority, only about 1 in 10 companies would use CLV as a top metric to measure marketing value and performance.
This whitepaper will explore eight tactics for improving how your brand leverages the CLV metric.
Download this whitepaper to learn about:
- The role customer journey mapping plays in CLV
- How to increase CLV
- How to empower your employees to provide exceptional customer experience