The name is self-explanatory, but let's go ahead and make sure you're on the same page about the meaning of customer lifetime value.
The simplest definition is that customer lifetime value is a measure of how much money a customer makes over the entire period of time as a customer paying.
In other words, CLV goes beyond the amount a customer Jewelry Retouching Service spends on a transaction (or the amount spent in a year) and instead focuses on the total amount they bring over their lifetime.
In the most basic sense, CLV shows the value of a customer and gives them a better understanding of the amount of money they spend to acquire and retain them for maximum profitability.
In this guide, we refer to customer lifetime value with the acronym CLV, but you need to know that it is also called CTV and LTV in other circles. But no matter what acronym is used, everyone refers to the same thing.