The payment card network says the platform will provide retailers with another way to acquire customers.
We all do a million things to grow our business, but have you ever stopped to think about the true value of some of your best customers?
As marketers, we often focus our attention on attracting new customers while neglecting the needs of our most valuable demographic. Returning customers may have the lowest acquisition costs but help us to build and sustain the highest profits.
Lifetime Value, or LTV, is an assessment of how often customers return and how much they spend. Businesses can use LTV to derive the value of their company and to determine the amount that is available to spend on acquiring customers. This paper will provide insights and statistics on why LTV is regarded as the guidepost for most businesses as well as provide ways you can find out who your returning customers are and how to keep that number up.
Sponsored by: SumAll