Be Sure You Are Considering Your Customers’ Lifetime Value!Posted by Jim Palmer, Dream Business Coach | 0 comments
Your customer’s lifetime value is defined as: “total profit (or loss) estimated to result from ongoing business relationship with a customer over the life of the relationship. Goods or services with the high lifetime value may justify comparatively higher marketing expenditure and/or salesperson compensation. Also called lifetime proceeds.” This definition comes straight from BusinessDirectory.com.
More simply put, Lifetime Value or LTV, means that every customer represents the potential for cumulative sales. When you lose a customer, you lose not just that sale but every future sale from them as well. Lifetime Value calculations are based on your customers’ histories. In its simplest form, LTV is your customers average sales multiplied by the average number of times they reorder.
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Three More Reasons Social Media Can Work for You!
Social media has been around for several years in various forms, but in many ways it’s just getting started! There are endless opportunities to use it to help your business grow and prosper. So if you’re sitting on the fence and wondering whether this is something you want to try in your business, I suggest it’s time to stop wondering and start doing!
Here are three more important reasons that should convince you to get off the bench and into the game!
- It Proves You Care! If your company has a social media presence, it’s easy for consumers to provide feedback and interact with you, which tells your customers that you care! In many cases a social media presence makes it much easier to answer customers’ questions and avoid any unpleasant problems that can arise from a perceived lack of communication.
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