Understanding and Increasing Your Customer LTV (Lifetime Value): Five Strategies to Make More Money From the Same Customers
Did you know that a big (BIG!) chunk of sales actually comes from existing customers? How big? Well, I’m so glad you asked. Think of it this way: research shows that, while most businesses make sales to anywhere between 5-20% of NEW customers, they close deals with 60-70% of EXISTING customers. This means your likelihood of making a sale is doubled when targeting existing customers compared to acquiring new ones. This is why your Customer Lifetime Value is so important to figure out and I’m l...