What is the “lifetime value” of a customer?

What is the “lifetime value” of a customer and is it important for my whole organization to understand this concept?

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“Having Barbara speak at our annual conference was a fantastic decision. Her stories were inspiring and her lessons left each and every one of us with a boosted sense of morale.”

Philip Chang,
Founder / CEO Yogurtland

Grief is not a sign of weakness, nor a loss of faith. It it the price of love. - Barbara Lazear Ascher -