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CUSTOMER LIFETIME VALUE (CLV)
What is your average (CLV)? 🛒
Customer lifetime value (CLV) is paramount for any business. With increasing competition in every market, customers today are savvy shoppers- they want savings, service, and convenience.
Competitors are always ready to beat your price but if you provide customers with sticky value to satisfy their objectives with minimal effort, you will improve customer service and reduce churn. In turn, dominate competition.
New vs Existing Customers 👥
Acquiring new customers will increase revenue, but your current customers are the best ones. Why?
❗ The success rate of selling to a current customer is 60-70%, while the success rate of selling to a new customer is only 5-20%.
🙄 Unfortunately, many businesses neglect their customer base by focusing primarily in acquiring NEW customers, rather than allocating marketing efforts to retain EXISTING ones. As a result, losing customers.