What is Customer Lifetime Value (CLV)?
Customer Lifetime Value (CLV) measures the estimated total value that a business will derive from its entire relationship with a customer. Customer Lifetime Value (CLV) is an important metric for understanding how much a company can hope to gain from each customer and opportunities for additional growth.
This is where TTEC can help. TTEC Humanify Growth is a proven, end-to-end data-driven customer acquisition, retention, and growth solution that delivers results across digital and live channels. Blending art, science, and modern growth technology, Humanify Growth enables companies to not only track, but maximize a Customer’s Lifetime Value.
Additional TTEC Resources
- Uncover Profits By Measuring Customer Lifetime Value: Customer lifetime value (CLTV) is an important tool that companies can use to allocate their resources to gain the most benefit. It’s a metric that measures the amount of value a customer will bring your business over their lifetime with you.
- Financial Institutions Need a Value Proposition that Spans a Customer’s Lifetime Journey: By enabling organizations to move basic elements, such as bill payment and account management, to the Web, online access now offers customers the power to execute simple tasks independently and efficiently through the medium of their choice.
- The Value of Individual Customers: A comprehensive study reveals insight into understanding the use of customer value data within an organization, business performance and customer value, and the impact of customer value on marketing spend.
- Determining the Value of a Customer Interaction: Companies are always working to improve their customers’ experiences and companies that can identify and optimize interactions that matter will indeed have a competitive advantage.
- The Economics of Customer Engagement: eBay discusses how it turned NPS into an enterpise economic strategy to determine the relationship between customer churn and customer lifetime value in an effort to deepen customer relationships.