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Customer Life Cycle

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Customer service can make or break the life cycle of a customer. When your service is good, you are far more likely to see a long relationship with your customers. But how does a business measure its customer service? There are many metrics with which to gauge the success of your business – Net Profit Margin, Monthly Recurring Revenue (MRR), Net Promoter Score, and Customer Acquisition Cost (CAC). While these are all important metrics to consider, in today’s market, one is becoming far more important.  Customer Lifetime Value According to Hubspot, customer lifetime value is “one of the most important metrics to measure at any growing company.” Forbes goes even further, and has called CLV “the only metric that matters.” Before analyzing CLV, one must first understand the customer lifecycle. The Six Stages of the Customer Lifecycle The goal of every business is to convert visitors into paying customers. Another…