Customer lifetime value represents the cumulative value a customer brings to a business throughout their entire association with the brand. Rather than focusing solely on the worth of individual transactions, this metric considers the full spectrum of potential transactions that can occur over the duration of the customer-brand relationship, providing a precise estimation of the revenue generated by that customer. Customer lifetime value can be assessed from two distinct angles: historical customer lifetime value, which evaluates how much each existing customer has already expended with your brand, and predictive customer lifetime value, which anticipates how much customers are likely to spend with your brand in the future. Both dimensions of customer lifetime value offer valuable insights for assessing and monitoring business performance.
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