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In marketing, customer lifetime value (CLV or CLTV) is also known as lifetime customer value LCV, or life-time value LTV. Customer Lifetime Value represents a prediction of the net profit attributed over the whole period of the relationship with a customer. In the SaaS space, or in any other business model, CLV plays a major role in steering the business forward. Unfortunately, not every SaaS business is enjoying a healthy CLV. They run into trouble after the conversion phase. Image Source Something happens after the conversion stage in the marketing funnel that makes the customer leave, let alone stay longer. Finding the causes and fixing them is one way to maximize CLV. Another way is to follow the best practices that could help you improve your SaaS CLV gradually. Want to know what those best practices are? Here are four of them. Fine-Tune the Onboarding Process Bank on Personalized Drip Emails Champion Omnichannel Customer Support Seek Customer Feedback for Improvement Head over ⏬ for details.
<p>Churn refers to the loss of customers who are subscribed to or use a service. Churn rate is an important component of growth because it is tied to the retention of users of a service. When more users churn, retention rates are lower. When churn rate is high, it is harder to grow a product or service because more new users are required to offset the users who churned from the service. Churn is particularly important in SaaS businesses and other businesses where users pay a recurring subscription fee. These businesses creaet profit from long customer retention spans and a high customer lifetime value. When churn is high, businesses can't capture the full expected lifetime value. These are the best articles on how to reduce churn and improve customer lifetime value. From how to reduce churn, how to generate negative churn, how to use customer success to lower churn rates and hacks to reduce churn, you'll find tactics to improve retention and growth for your business.</p>
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