Customer Lifetime Value Engine App Development
CUSTOMER LIFETIME VALUE ENGINE
What is CLV/LTV?
Customer lifetime value(CLV) is the total amount of money a customer is expected to spend in a business or products, during their lifetime. This is an important figure to know because it helps to make decisions about how much money to invest in acquiring new customers and retaining existing ones.
Value of knowing CLV-
Calculating the CLV for different customers helps in a number of ways, mainly regarding business decision making. Knowing CLV helps in
- How much one can spend to acquire a similar customer and still have a profitable relationship
- What kind of products with highest CLV does customers want
- Which products have the highest profitability
- Who are the most profitable customers for the business
Project Scope-
The scope of the project is to create a web application whereby users can upload excel file and without much difficulty process the data and get the results of Customer Lifetime value analysis. The output of the file can be directly downloaded and used by users for decision making process and activation in various platform w.r.t their business strategies.
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