For any business, the Customer Lifetime Value (LTV) is what can make or break your company’s income. It is true that an important part of owning a business is making sure that you have a marketing campaign effective enough to draw customers to your products or services.
Here’s a stark fact you might not be familiar with: gathering new customers costs five times as much as retaining an existing customer. For an established business, you should always be looking to generate new leads. But you should never do so at the expense of the much more lucrative Lifetime Value (LTV) of your existing customer base.
Managing an e-commerce site involves planning and testing, defining on a regular basis what is working and what isn’t and then adjusting accordingly. Understanding and…
Want to extend the life of the relationship with your customers AND expand your revenue stream? Consider a subscription business model.