Acquiring new customers costs money, but keeping existing customers is cheaper through good customer service. Companies should calculate the lifetime value of customers by estimating how much they will spend over time minus the costs to serve them. Understanding these key metrics can help businesses optimize marketing spend and improve customer retention.
Acquiring new customers costs money, but keeping existing customers is cheaper through good customer service. Companies should calculate the lifetime value of customers by estimating how much they will spend over time minus the costs to serve them. Understanding these key metrics can help businesses optimize marketing spend and improve customer retention.
Acquiring new customers costs money, but keeping existing customers is cheaper through good customer service. Companies should calculate the lifetime value of customers by estimating how much they will spend over time minus the costs to serve them. Understanding these key metrics can help businesses optimize marketing spend and improve customer retention.