{"id":305,"date":"2023-05-05T05:24:13","date_gmt":"2023-05-05T05:24:13","guid":{"rendered":"https:\/\/ecomvivid.com\/blog\/?p=305"},"modified":"2024-05-31T04:28:08","modified_gmt":"2024-05-31T04:28:08","slug":"customer-lifetime-value","status":"publish","type":"post","link":"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/","title":{"rendered":"How to Calculate Customer Lifetime Value &#8211; And Improve It!"},"content":{"rendered":"\n<p>Customer Lifetime Value (CLV or CLTV) plays a significant part in analyzing the growth of any retail or ecommerce business.<\/p>\n\n\n\n<p>This sounds complicated and confusing, but believe us, it is quite a simple approach that explains how much money a customer is expected to spend on your ecommerce site or products during their entire lifetime.&nbsp;<\/p>\n\n\n\n<p>This makes CLV an important metric of customer profitability.<\/p>\n\n\n\n<p>With CLV you can predict the turnover or profit and make the necessary alterations to your marketing budget, accordingly.<\/p>\n\n\n\n<p>The longer the customer purchases from your online store, the greater the customer&#8217;s lifetime value.<\/p>\n\n\n\n<p>This also makes evident that as an e-store, you should always strive to offer your customers great products and services to keep them well-fed and satisfied.<\/p>\n\n\n\n<p>This will help customer retention and also lead to an improvement in customer lifetime value.<\/p>\n\n\n\n<p>You and your team must learn about CLV and its calculation techniques to retain the highest-value customers.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#Lets_calculate_CLV\" >Let&#8217;s calculate CLV<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#1_Average_cart\" >1. Average cart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#2_Purchase_frequency\" >2. Purchase frequency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#3_Customer_value\" >3. Customer value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#4_Average_customer_lifespan\" >4. Average customer lifespan<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#Customer_Lifetime_Value_CLV\" >Customer Lifetime Value (CLV)<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#CLV_in_profitsmargin\" >CLV in profits\/margin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#CLV_in_segments\" >CLV in segments<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#How_to_increase_customer_lifetime_value\" >How to increase customer lifetime value?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#1_Enhance_the_customers_shopping_experience\" >1. Enhance the customers&#8217; shopping experience<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#2_Upselling_and_cross-selling\" >2. Upselling and cross-selling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#3_Attract_by_newsletter\" >3. Attract by newsletter<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#4_Increase_interaction\" >4. Increase interaction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#5_Focus_on_after-sale_services\" >5. Focus on after-sale services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/ecomvivid.com\/blog\/customer-lifetime-value\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lets_calculate_CLV\"><\/span>Let&#8217;s calculate CLV<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We have listed the most simple methods of calculating Customer Lifetime Value:<\/p>\n\n\n\n<p>You will need some data from your business such as:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Average cart<\/li>\n\n\n\n<li>Purchase frequency<\/li>\n\n\n\n<li>Customer value<\/li>\n\n\n\n<li>Average customer lifespan<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Average_cart\"><\/span>1. Average cart<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>It is the average value of purchases made on your site during a particular period.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Purchase_frequency\"><\/span>2. Purchase frequency<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>It gives you an idea of how many purchases a customer has made during a given period. It also lets you know how many unique customers have shopped from your site during a given period.<\/p>\n\n\n\n<p>The formula for calculating this is:<\/p>\n\n\n\n<p class=\"has-palette-color-7-background-color has-background\"><strong>Purchase frequency = Number of orders \/ Unique customers<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Customer_value\"><\/span>3. Customer value<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>The average cart value multiplied by the average purchase frequency determines customer value.<\/p>\n\n\n\n<p>The formula for calculating this is:<\/p>\n\n\n\n<p class=\"has-palette-color-7-background-color has-background\"><strong>Customer value = Average cart x Purchase frequency<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Average_customer_lifespan\"><\/span>4. Average customer lifespan<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>The data is likely to change as per your business model. It is calculated by averaging the years or period the customers spend on your website making purchases. Generally, the average period is 1 to 3 years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Customer_Lifetime_Value_CLV\"><\/span>Customer Lifetime Value (CLV)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Finally comes the calculation of customer lifetime value. It helps you to know the average customer lifespan on your website.<\/p>\n\n\n\n<p>The formula for calculating this is:<\/p>\n\n\n\n<p class=\"has-palette-color-7-background-color has-background\"><strong>Customer lifetime value = Client value x Average lifetime<\/strong><\/p>\n\n\n\n<p>Customer Lifetime Value Calculation with Variants \u2013 If you wish to break the calculation a little further then consider the variants mentioned below:<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CLV_in_profitsmargin\"><\/span>CLV in profits\/margin<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>To add more meaning to the customer lifetime value calculation consider the margin.&nbsp;<\/p>\n\n\n\n<p>Customer lifetime value in the margin will help you discover the profit made by each customer. <\/p>\n\n\n\n<p>Simply the calculation is made in terms of profits instead of turnover.<\/p>\n\n\n\n<p>The formula for calculating this is:<\/p>\n\n\n\n<p class=\"has-palette-color-7-background-color has-background\"><strong>Customer lifetime value = Average cart x Purchase frequency x Margin<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CLV_in_segments\"><\/span>CLV in segments<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>If you want to make decisions based on customer behavior, segmentation can add true value. There is no such formula for calculating in segmentation. You can calculate a customer\u2019s lifetime value based on various segmentations like demographics, acquisition channels, geographical profiles, etc.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_increase_customer_lifetime_value\"><\/span>How to increase customer lifetime value?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Reliable ways to increase customer lifetime value:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Enhance_the_customers_shopping_experience\"><\/span>1. Enhance the customers&#8217; shopping experience<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It is wisely said that the first impression is the last, hence your website\u2019s first impression counts. Make sure you offer your customers a smooth and hassle-free eCommerce experience.<\/p>\n\n\n\n<p>Offer utmost customer support with free assistance through FAQs, guides, articles, etc. express properly why your store is better than the rest. Make their experience more memorable by giving them coupons, discounts, free shipping, etc.<\/p>\n\n\n\n<div class=\"wp-block-group has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"background-color:#fcb90012\">\n<p class=\"has-medium-font-size\"><strong>Suggested Read: <\/strong><a href=\"https:\/\/ecomvivid.com\/blog\/ecommerce-faq-page\/\">Guide to the Perfect eCommerce FAQ Page<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Benefits of FAQs for an eCommerce store<\/li>\n\n\n\n<li>When to have a FAQ page<\/li>\n\n\n\n<li>FAQ components<\/li>\n\n\n\n<li>Best practices for eCommerce FAQ page<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Upselling_and_cross-selling\"><\/span>2. Upselling and cross-selling<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Additional services always help in building customer loyalty.<\/p>\n\n\n\n<p>You can increase your average shopping cart value by offering premium services like delivery services, subscription offers, video catalogs with subscriptions, great discounts, etc.<\/p>\n\n\n\n<p>As much as possible keep customers engaged with your online stores by offering such services, frequently.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Attract_by_newsletter\"><\/span>3. Attract by newsletter<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Email marketing still plays a significant role in customer engagement. You can send attractive email newsletters to your customers and keep in touch with customers.<\/p>\n\n\n\n<p>Don\u2019t dedicatedly rely on it but use it as an additional way to keep customers engaged.<\/p>\n\n\n\n<p>Do not forget to send newsletters with special offers on special occasions like Black Friday, Holiday season, Christmas, etc.<\/p>\n\n\n\n<p>According to eCommerce sales studies, an increase in customer retention has the potential to increase your profits from 25% to almost 100%.<\/p>\n\n\n\n<p>If you want your customers to turn into loyal customers who forever will consider your brand for making a purchase then follow the <a href=\"https:\/\/ecomvivid.com\/blog\/post-purchase-emails\/\" target=\"_blank\" rel=\"noreferrer noopener\">post-purchase email strategies<\/a>.<\/p>\n\n\n\n<p>You can send email newsletters on a regular basis. Also, make sure the subject and title of the email are compelling enough to get clicked by the customers.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Increase_interaction\"><\/span>4. Increase interaction<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It comes as no surprise, to stay in touch, interaction plays a vital role. Increase customer interaction as much as possible. Keep an eye on the customer\u2019s online activities and try to target every interaction point.<\/p>\n\n\n\n<p>Organize interactive quizzes, post positive customer reviews, and testimonials, and encourage communication. Create engaging and helpful content that solves customer-centric problems.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Focus_on_after-sale_services\"><\/span>5. Focus on after-sale services<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>One of the most powerful ways to increase customer lifetime value is by offering second-to-none after-sale services.<\/p>\n\n\n\n<p>Try to be at your customer\u2019s service 24*7. Not just after-sales, if your customer is facing any problem during purchase like payment issues etc, try to resolve it instantly.<\/p>\n\n\n\n<p>Listen to the most demanding customers. In case of complaints or returns, respond to them in a jiffy.<\/p>\n\n\n\n<p>Offer benefits to loyal customers. Whatever problems customers face, try to resolve them as soon as possible.<\/p>\n\n\n\n<p>Ask for customer feedback and in case of negative feedback, analyze the problem area and try to fix it or make necessary alterations.<\/p>\n\n\n\n<p>You can come up with a customized chat service for instant communication.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Increasing customer lifetime value is not simple. It does require effort and effective strategies.&nbsp;<\/p>\n\n\n\n<p>And even if you bring changes, its result can not be seen immediately. You may have to for weeks or months to see how effectively the changes work.&nbsp;<\/p>\n\n\n\n<p>Increased customer satisfaction is certainly key to increased customer lifetime value. Hence work towards its betterment and notice the improvement.&nbsp;<\/p>\n\n\n\n<p>The longer the customers continue purchasing on your website, the more your online business will reap profits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Customer Lifetime Value (CLV or CLTV) plays a significant part in analyzing the growth of any retail or ecommerce business. This sounds complicated and confusing, but believe us, it is quite a simple approach that explains how much money a customer is expected to spend on your ecommerce site or products during their entire lifetime.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":321,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecommerce-guides"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Calculate Customer Lifetime Value - And Improve It!<\/title>\n<meta name=\"description\" content=\"Learn how to calculate and optimize Customer Lifetime Value (CLV) to drive sustainable growth. 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