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❶One of the first accounts of the term customer lifetime value is in the book Database Marketing , which includes detailed worked examples.

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The easier you can make it for your customer to do business with you, the more business you will have. If it is unexpected it will have a greater impact. Establish a customer advisory panel. Hire mystery shoppers to find out how good your customer service really is. No matter what your customer needs, try to find it for him, even if it has nothing to do with your business.

Shower customers with kindness. Have a great attitude. Treat your employees well. Give your customers what they want, when they want it, the way they want it. Give back to your best customers. If you run a special price or product offer for first-time customers, make sure to offer a promotion to your current customers.

Never show indifference toward your customers. Print this page Tell-A-Colleague. AMA also offers customized solutions based on your specific talent development requirements.

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Again, the quality of your product or service will certainly matter here, but so will the way in which you communicate with your customer and show them that you respect their privacy, time, and, most importantly, business.

Now you've converted a prospective customer into a paying or registered customer. This is the stage at which you need to not only impress the customer with the quality of your product, but also follow-up with them to build a relationship, make them feel important to you, and ensure that, when they think of you, those active customers think of returning to you.

If we're still using the dating analogy, think of this as the time when you make sure that you're always being polite and wearing your best clothing when you communicate with the customer!

If you've managed to get a customer over the first two hurdles, converting them from a prospective customer or lead to an active customer and then from an active customer to a repeat customer, you should be congratulated! Earning loyal customers who will make repeat purchases or visits to your website or service is quite a marketing accomplishment.

Once your customers become repeat customers, the aggressiveness and frequency with which you want to communicate with them will diminish, but it certainly won't disappear. You'll want to make sure that customers are being reminded that they are important to you, as well as being given reasons and incentives to remain loyal.

There's always a competitor out there ready to move in on your user or customer base. Your best tool to retain customers who have become repeat or loyal customers is to keep an ongoing dialogue with them through all of your marketing communications channels, including email. Unfortunately, even a loyal or repeat customer may eventually lose interest or contact. When a customer has gone a significant amount of time without interacting with your brand or company or purchasing a product, they are referred to as a "lapsed" customer.

In most cases, you will break your lapsed customers down into two to three groups. It's common to consider short-term lapsed, long-term lapsed and "seasonally lapsed" customers differently. However, how you define what those groups are and perhaps how you develop your own segmentation for lapsed customers will depend greatly on your product, industry segment, or customer base. If, for example, you sell shoes, a customer who didn't purchase from you once a quarter would easily be considered lapsed as shoes are a constant and ongoing need.

If, however, you only sell snow boots, you wouldn't expect customers to purchase from you over the summer, so the time between purchases to define a lapsed customer and the point in the year when you would want to contact lapsed customers would be different.

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In marketing, customer lifetime value (CLV or often CLTV), lifetime customer value (LCV), or life-time value (LTV) is a prediction of the net profit attributed to the entire future relationship with a customer.

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In customer relationship management (CRM), customer life cycle is a term used to explain the stages a customer passes through when considering, purchasing, using, and remaining loyal to a product or service.

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A customer life cycle can also be thought of as the length, arc and nature of a customer's relationship with your brand or company. Much like a "human life cycle" or a relationship between two people, this customer life cycle is marked by ups and downs, different phases and different periods of activity. The customer life cycle comes from the practice of CRM where it’s traditionally used to map the different stages a customer goes through from considering a product, service or solution to the actual buy and, at least as important, the post-purchase stages (where customer retention, customer.

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We want you to be a Customer for Life “Customer for life.” That’s a tall order. We believe with the right solutions, services, and support working together and focused on you—that is exactly what you will become. Customer For Life works with companies and organizations of all sizes, delivering uniquely tailored business solutions. The CFL team possesses decades of sales, marketing and customer service experience. Our proficiency in strategic opportunity development and advanced technology makes our clients more efficient and profitable.