While it’s impossible to retain every customer, you can do some things to increase your customer retention rates. For example, there are plenty of reasons why a customer might leave. Some of these reasons are easily fixed with a few tweaks in your customer service strategy, while others require more work and may not be as easy. But no matter what area you’re looking at improving in your organization, you need to start by identifying where the problems are occurring to determine which ones are the most important – and which ones can be ignored for now.

Increasing lifetime value

Lifetime value is the total revenue generated by a customer over their entire relationship with your business. It’s the sum of all revenue streams over the life of the customer, including sign-up fees, renewals, and upgrades. Lifetime value is a function of three things: LTV (lifetime value), CAC (cost to …