An essential aspect of marketing is understanding lifetime value of customers. Owners who take time to develop and maintain strong relationships can take their business to new heights with minimal expense.
One of the greatest benefits of understanding lifetime value of customers is owners can tap into the power of word of mouth advertising. When customers are pleased with products, services, and customer service they are likely to tell everyone they know.
Most people realize that quality products, superior services, and exceptional customer service are rare. Countless companies focus more time on making profits than building relationships. They become so obsessed with the bottom line that they fail to remember that customers help to generate profits.