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What does the term 'customer lifetime value' refer to?

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Question: What does the term \'customer lifetime value\' refer to?

Options:

  1. The total revenue a business earns from a customer over time
  2. The cost of acquiring a new customer
  3. The average purchase value of a customer
  4. The duration of a customer\'s relationship with a brand

Correct Answer: The total revenue a business earns from a customer over time

Solution: 

Customer lifetime value refers to the total revenue a business can expect to earn from a customer throughout their relationship.

What does the term 'customer lifetime value' refer to?

Practice Questions

Q1
What does the term 'customer lifetime value' refer to?
  1. The total revenue a business earns from a customer over time
  2. The cost of acquiring a new customer
  3. The average purchase value of a customer
  4. The duration of a customer's relationship with a brand

Questions & Step-by-Step Solutions

What does the term 'customer lifetime value' refer to?
  • 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'.
  • Customer Lifetime Value – The total revenue a business can expect to earn from a customer throughout their relationship.
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