what is the MOST important number every business owner should absolutely know?
It is the lifetime value of a customer for their business (CLTV). If you are not familiar with this particular metric, it is simply what you anticipate all profits would be from a single customer over the life of their relationship with your business. Why is this important from an owner’s point of view? CLTV-based business focus will revolutionize how an owner will operate his business; where the marketing efforts will be directed what data the business will collect on its customers, how employees should view customers when interacting with them, and what the market value of their business is. Operating from a CLTV-centric focus affects every marketing and advertising programs the business executes. Every marketing dollar spent has a specific objective to achieve and a measurement system for evaluation of the campaign’s effectiveness. Are we spending to acquire new customers, retain existing customers or re-animate old customers? What is the cost to acquire new customers, maintain exis
