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Lifetime value (LTV) is a key metric that represents the total net revenue a company can expect to earn from a customer over the duration of their relationship. It's an important number that helps businesses understand the financial value of each customer and make strategic decisions about sales, marketing, product development, and customer support.
Understanding LTV is all about taking the long view of customer relationships. By knowing the average amount of money a customer will bring into your business over time, you can determine how much you should be willing to spend to acquire new customers (Customer Acquisition Cost or CAC) and keep existing ones (Customer Retention Cost). Moreover, LTV can be used to segment customers and differentiate high-value ones, thus informing personalized marketing and service strategies.
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