Since it costs about the same to acquire new customers as it does to retain existing ones, many firms are now emphasizing the importance of customer lifetime value.Group of answer choicesfalsetrue

Since it is much more costly to acquire new customers than to retain existing ones, many firms are now emphasizing the importance ofGroup of answer choicesclosing deals more quickly.customer lifetime value.focusing on bigger deals.increasing the volume of sales transactions

What is customer lifetime value?1 pointThe process a customer follows to purchaseA business’s total number of customersThe average revenue generated per customer over a certain period How much revenue is gained versus how much was spent

Why is Customer Lifetime Value (CLV) important?Answer choicesSelect only one optionREVISITIt determines the company's total revenueIt helps determine the value different customers bring over their lifetimeIt helps in setting the price of productsIt determines the company's market share

How can customer personas impact Customer Lifetime Value (CLV)?Answer choicesSelect only one optionREVISITThey can decrease CLV by focusing too much on specific customersThey can increase CLV by leading to more effective marketing and product developmentThey have no impact on CLVThey can decrease CLV by making marketing too targeted10/30 questions attempted

What is the objective of customer retention in CRM?Question 50Answera.Building better relationships with existing customersb.Increasing the range of products bought by the customerc.Understanding customer needs for future developmentd.Convincing potential customers to make the first purchase