From the course: Customer Success Management Fundamentals

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Customer success and customer lifetime value (CLV), part 1

Customer success and customer lifetime value (CLV), part 1

From the course: Customer Success Management Fundamentals

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Customer success and customer lifetime value (CLV), part 1

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(bright piano music) - Customers come and go. Some customers might make just one one-off purchase and never come back again. For example, you may never go back to a restaurant you dined at when you were holidaying in Barcelona. Not because it wasn't a lovely dining experience, but simply because you might never visit Barcelona again. Other customers might be quite literally customers for life. Perhaps a local in Barcelona was first taken to that same restaurant by their parents as a child and perhaps they're now in their 70s and still go there on a regular basis, having first introduced their own children and then their grandchildren to it in turn. The same rules apply in the business-to-business world. Some customers come and go, others stick around and become repeat customers. A company can use its sales data from all customers to calculate how long on average customers remain as customers. This is important to…

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