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Can I Write and Print My Own Business Brochures and Business Cards?
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Calculating Lifetime Customer Value

In my last article, I explained why it is important to focus on customer retention and left you with the formula for Lifetime Customer Value(LCV). I will now walk you through an example so that you can calculate your own LCV.

You will recall that LCV is the value of a customer to your company. It is a measure of how much profit the customer will bring to you over the life of the relationship that you have with that customer.

LCV = (sales per customer) x (estimated number of times the customer will reorder) x (number of referrals) x (percentage of referrals that become customers) – (cost of sales)

sales per customer = estimated average sale by customer estimated number of times the customer will reorder = customer lifetime number of referrals made = estimated number of referrals the customer will make cost of sales = cost of goods x customer lifetime

Just how much is that customer worth? Let’s put some numbers around this. Below is some hypothetical data from an online clothing store that sells trendy jeans, belts and accessories like rings, bracelets, earrings and necklaces.

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Read this Article if You Want to Start Your Own Business
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hat you can calculate your own LCV.

You will recall that LCV is the value of a customer to your company. It is a measure of how much profit the customer will bring to you over the life of the relationship that you have with that customer.

LCV = (sales per customer) x (estimated number of times the customer will reorder) x (number of referrals) x (percentage of referrals that become customers) – (cost of sales)

sales per customer = estimated average sale by customer estimated number of times the customer will reorder = customer lifetime number of referrals made = estimated number of referrals the customer will make cost of sales = cost of goods x customer lifetime

Just how much is that customer worth? Let’s put some numbers around this. Below is some hypothetical data from an online clothing store that sells trendy jeans, belts and accessories like rings, bracelets, earrings and necklaces.

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PM Quick Tips - 5 Ways For PM's to Succeed
A few months back I wrote an article about a list which I had started some 10 years ago when I began managing projects. This list is a hodge-podge of things which worked and things which didn't. I've added items as years have years passed, sometimes subtracted and also updated statements to be more relative as I've grown personally and professionally. In that last article I focused specifically on 5 common reasons project managers fail a

p>LCV = (sales per customer) x (estimated number of times the customer will reorder) x (number of referrals) x (percentage of referrals that become customers) – (cost of sales)

sales per customer = estimated average sale by customer estimated number of times the customer will reorder = customer lifetime number of referrals made = estimated number of referrals the customer will make cost of sales = cost of goods x customer lifetime

Just how much is that customer worth? Let’s put some numbers around this. Below is some hypothetical data from an online clothing store that sells trendy jeans, belts and accessories like rings, bracelets, earrings and necklaces.

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Going Back To School
Fall is on its way and with it comes thoughts of sending the children off to school once more. What about yourself though, have you thought about returning to school and finishing your college degree? Perhaps you feel stuck in a dead-end job and would like a career change. Going back to school can help you take your career to a higher level.Asking questions to determine if this is a hard boiled idea or one that will benefit you. Thr

r estimated number of times the customer will reorder = customer lifetime number of referrals made = estimated number of referrals the customer will make cost of sales = cost of goods x customer lifetime

Just how much is that customer worth? Let’s put some numbers around this. Below is some hypothetical data from an online clothing store that sells trendy jeans, belts and accessories like rings, bracelets, earrings and necklaces.

annual sal

Corporate Gift Giving Guidelines
Corporate gift giving is a popular practice, and it will only continue to grow in popularity over the next years. Of course, if you are just getting started in corporate gift giving, there are a few things you should know:Who can you give corporate gifts to?· Clients· Employees· Business AssociatesWhich occasions is corporate gift giving best suited to? Practically any occasion:· To promote your

t customer worth? Let’s put some numbers around this. Below is some hypothetical data from an online clothing store that sells trendy jeans, belts and accessories like rings, bracelets, earrings and necklaces.

annual sales per customer = $300 customer lifetime = 3 years number of referrals made = 10 percentage of referrals that become customers = 15% cost of sales = $180 x 3 years = $540

($300 x 3 x 10 x 0.15)-($189 x 3) = $1350 - $540 or $810 gross profit per customer

This means that the LCV is $810. By upselling and cross-selling, you can make much more profit from your existing customer.

What if you don’t have the data to calculate the LCV? Don’t worry, you can easily start with some guesstimates and refine them as you collect more data.

Calculate your LCV in 5 Easy Steps:

1. Take your total sales and divide it buy the total number of customers that you’ve sold to in a given period. This is your sales per customer.

2. How many times do you think the customer will reorder a particular product or service? This is the customer lifetime.

3. The old adage "A satisfied customer tells no one. A