This article will guide you how to increase Customer #Lifetime Value. Lifetime value calculation LTV is calculated by multiplying the value of the customer to the business by their average lifespan.
It helps a company identify how much revenue they can expect to earn from a customer over the life of their relationship with the company.
If you can increase the average amount a customer spends every time they buy from you, you increase your customer lifetime value.
One of the most effective ways to do this is offering strategic up-sells and cross-sells.
These maximize the value both you and the #customer get out of every transaction.
To maximize customer lifetime value:
2. Encouraging more transactions in each sale, or cross-selling.
3. Boosting the frequency of transactions.
4. Driving customers towards more meaty purchases.
5. Keeping them in the business relationship for more time.