Companies Develop Base Customers Exhibit Lifetime Value Discuss Company Product Would Cons Q34272647

How do companies develop a base of customers who exhibitlifetime value? Discuss a company or product which you wouldconsider yourself as a Lifetime Customer?

Expert Answer

Life time value of customer

Companies use different techniques to develop a base ofcustomers who exhibits lifetime value like:

1. Focus on repeat customer: Repeat customer is6x more valuable than the one time buyer. Because there issomething in product that he/she likes and will not switch until orunless he finds your product valuable.
2. Focus on first buyers who are in risk of notreturning: Treat the first buyers with sympathy and givesome rewards so that their returning chances increases.
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