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What does the term 'customer lifetime value' refer to?
What does the term 'customer lifetime value' refer to?
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Practice Questions
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Q1
What does the term 'customer lifetime value' refer to?
The total revenue a business earns from a customer over time
The cost of acquiring a new customer
The average purchase value of a customer
The duration of a customer's relationship with a brand
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Customer lifetime value refers to the total revenue a business can expect to earn from a customer throughout their relationship.
Questions & Step-by-step Solutions
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Q
Q: What does the term 'customer lifetime value' refer to?
Solution:
Customer lifetime value refers to the total revenue a business can expect to earn from a customer throughout their relationship.
Steps: 5
Show Steps
Step 1: Understand that 'customer lifetime value' is about money.
Step 2: Think of a customer as someone who buys from a business.
Step 3: Consider the entire time a customer stays with the business.
Step 4: Calculate how much money the customer spends during that time.
Step 5: The total amount of money spent by the customer is the 'customer lifetime value'.
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