How To Improve Customer Retention and Increase LTV

Attaining new customers and creating fresh leads is an inevitable need for any business to grow. But obtaining new customers may cost you up to 5 times more than retaining existing customers. The success rate of selling to a new customer is around 5-20%, while the same for prevailing customers is 60-70%. Businesses calculate the lifetime value of a customer to predict the revenue it can generate from an individual customer account throughout the relationship tenure. It is calculated to identify and list the most valuable customers for a company.