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Customer lifetime value: How understanding your current customers can help to find new ones
Journal of Digital & Social Media Marketing,
10
(3),
199-208
(2023)
Abstract
Customer lifetime value is a linear term that defines aggregate transactional value over time. Simply put, it represents how much a customer relationship is worth to an organisation. It is an important metric that businesses looking to scale need to understand and should evaluate how best to leverage. This paper seeks to expand the understanding and appreciation of customer lifetime value as a metric for making business decisions across the various marketing media.
Keywords: customer lifetime value; customer retention; e-commerce; lead generation; customer segmentation; RFM analysis
The full article is available to subscribers to the journal.
Author's Biography
David Green is the founder and Chief Executive Officer of Devslove Digital, a leading digital marketing and e-commerce strategy agency located in Toronto. He specialises in helping small and medium-sized enterprises scale with paid search, e-commerce strategy and funnel optimisation, and has worked with scaling brands in North America, Africa, Europe and Asia. He is a speaker, course creator and workshop facilitator, and in 2021 was named in Hero Blog’s top ten rising stars in digital marketing.
Aaron Smith is the founder and Head of Digital at Blacksmith Local SEO. His previous roles include VP of Marketing for Flight Centre North America, Advisory Chair for the Eric C. Douglass Centre for Entrepreneurial Studies at Royal Roads University, and a director for Destination British Columbia’s Cariboo Chilcotin Coast Tourism Association. He is a former Business in Vancouver Top 40 Under 40, and a British Columbia Business Innovator of the Year.
