What is lifetime customer value (LTV) & how to calculate the lifetime customer value for a business!
For more on maximizing the lifetime value of a customer, check out my business course:
https://www.udemy.com/how-to-start-a-business-go-from-business-idea-to-a-business/?couponCode=yFor my mobile apps please visit,
http://www.problemio.com where you can find more information on topics similar to this tutorial on what is the lifetime customer value, how to calculate and increase the lifetime customer value of the clients for your business.
In this tutorial I explain what is Lifetime Customer Value (LTV), how to calculate the lifetime customer value, and how to actually grow the value you get from each customer.
The lifetime customer value is the amount of profit (not revenue) that you get from your customers over the lifetime of their engagement with your business.
For all businesses, increasing the lifetime customer value is an ongoing quest. Every CEO is probably always thinking about how to increase the lifetime customer value for their business even if he or she is not talking about that publicly.
Some things businesses can do to increase their lifetime customer value (LTV) is to try to have subscription-based products, or make sure their customers stay in touch via email or social media. That way you can keep reminding them about your business, and if that causes some of those customers to come back and buy something, then it will increase your lifetime customer value.
Lastly, keep in mind that the lifetime customer value notes the profit from that customer, not total revenue. And as you are thinking how to increase the lifetime value from each customer for your business, keep in mind that there are many tactics to do this. You can charge a large amount per transaction, or have many smaller transactions over time. Of course, business owners would probably like to have many large transactions over time. And that is the optimal way to have a large lifetime customer value from your customers.
Here is the Wikipedia page explaining what is lifetime customer value (LTV).
http://en.wikipedia.org/wiki/Customer_lifetime_valuePlease check out my business books. Here is my book on starting a business which discusses how to increase customer lifetime value:
http://www.amazon.com/Get-Business-Ideas-Start-ebook/dp/B00HZUVAUMBook with fundraising strategies to raise money:
http://www.amazon.com/10-Fundraising-Ideas-Strategies-strategies-ebook/dp/B00KADT0Q2/Facebook marketing book:
http://www.amazon.com/Facebook-Marketing-Business-Expect-Promoting-ebook/dp/B00LMGPDIKMarketing strategies book:
http://www.amazon.com/Marketing-Strategies-People-Problemio-business-ebook/dp/B00IG83T7E/Mobile app marketing book:
http://www.amazon.com/Mobile-App-Marketing-thousands-downloads-ebook/dp/B00LTGV1NO/Business plan course
https://www.youtube.com/watch?v=i19XAhb0-BMWhat is a business plan
https://www.youtube.com/watch?v=T63QsuNIwZAWhat is a business model:
https://www.youtube.com/watch?v=dsUz6lfXCkEHow to make money with ads:
https://www.youtube.com/watch?v=eAw7JowBjc8Hiring tips and strategies:
https://www.youtube.com/watch?v=LEPLs1dOBZgHow to identify your target market:
https://www.youtube.com/watch?v=loHvzCFnAvgWhat is KPI and how to use it in your business:
https://www.youtube.com/watch?v=fx1x33DKmGcDo you need a business plan?
https://www.youtube.com/watch?v=0kYxzkx6JJIHow to price your product?
https://www.youtube.com/watch?v=qN5No7ON5o0The lean startup methodology by Eric Ries:
https://www.youtube.com/watch?v=HYXTXHteY8QSteve Blank's customer development theory:
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