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What is customer lifetime value and how to increase it? 

Customer lifetime value is the amount of money that a company can expect from a customer over their lifespan. The number can be calculated by taking the average revenue per customer and multiplying it with how many years they are expected to buy products or services. All companies should have this number in mind when setting marketing strategies in a business that relies on attracting new customers for their income. However, increasing CLV takes time due to its dependence on building trust between company and customer over a longer period. 

Loyalty and rewards program
Customer loyalty and rewards program is a useful tool to increase CLV and is achieved by rewarding customers for their purchases. This can be done with coupons, gifts on birthdays, or even just a 'thank you email after every purchase. The importance of loyalty and rewards programs to customers is to feel like they are important and considered. It serves as a great way to get customers to keep coming back and spending money with your company. Organizations such as Wavetoget give quality services in developing reliable reward programs.

Email marketing
Email marketing is a great way to increase customer lifetime value, as it is inexpensive and gets good results. Email marketing campaigns focus on building trust with customers. The more they feel like you understand them and their problems, the less likely they will leave your company for a competitor's product or service. At the same time, having a referral program works well for increasing CLV by encouraging current customers to bring in more new clients.

High price and service level
Another strategy that can lead you to gain customer loyalty by having customers who will spend money with your company even when there are no discounts or campaigns available is upselling. Upselling involves offering upgraded products at higher prices than what was originally sold to them. 

Data analysis
Using data analysis on past purchases of these customers has shown that most people purchase items out of convenience rather than based on the price difference, so they don't seem interested in getting an upgrade or another product, but if their original one runs out, they buy something else regardless of cost. Wavetoget uses this and delivers a versatile marketing tool for a modern-day business. 

WaveToGet is always ready to help you with increasing the customer lifetime value, to get some details please contact us directly or visit for more information. 

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