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(From Bristol Evening Post)
I'd like to look at maximising the lifetime value of customers today.
The starting point is to work out your customer lifetime value (CLV). This is an estimate of the gross profit from customers over their lifetime with your business, based on the averages of your current customers. It is an invaluable tool for setting marketing budgets, targeting the right prospects and highlighting your most important customers.
Profitable marketing For instance, when targeting new business, by knowing your CLV you can set marketing expenditure at a level which helps to ensure you win business which is profitable over its lifetime, …