5 Proven Strategies to Increase Customer Lifetime Value

id you know that U.S. companies lose $136.8 billion per year due to avoidable consumer switching? And yet, studies show that 44% of companies spend more resources on customer acquisition than retention.

Entrepreneurs become too obsessed with gaining new customers that they forget how important customer retention is! But did you know that a mere 5% boost in customer retention increases business profits by whopping 25% to 95%?

Gaining more and more customers each day won’t make a great impact on your revenue if you keep losing customers along the way. Thus, your focus should be to increase lifetime value of your existing customers rather than keep on onboarding new ones.

In this article, I have talked about 5 strategic ways of how to increase Customer Lifetime Value (CLV). Read the full blog here: https://www.resourcifi.com/blog/increase-customer-lifetime-value-clv/