Value of a New Customer
A new customer is the lifeblood of any business. No matter how well you service your existing customers, you are bound to lose some sooner or later. In order to stay in business you always need to be gaining new customers to replace the ones you’ve lost.
Finding the customers who have the most impact on your revenue leads to better strategies. Modeling after these customers, you can make more effective decisions because you know what each customer is bringing to your business.
Calculating customer lifetime value helps you indicate the total revenue your business can reasonably expect from a single customer account throughout the business relationship. To calculate, use the following formula:
Customer Value = Average Purchase Value x Average Number of Purchases
Customer Lifetime Value = Customer Value x Average Customer Lifespan
How do you find new customers?
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