A customer is someone who buys the product or service you provide, while a loyal customer is someone who buys from you every time they need that product or service. Loyal customers are of great importance for companies because they ensure that there is constant demand. At the same time, it is a well-known fact that it costs more to acquire new customers than to keep them. That’s why most brands strive to keep their ties with existing customers strong and current.

There is another profit-driven concept built on loyal customers: customer lifetime value. This value is calculated as follows: The estimated revenue to be generated from the customer’s lifetime relationship with the company is subtracted from all the expenses to be incurred for the same customer. Thus, it is possible to measure the profit of keeping this customer “loyal” to the brand for life.

Here are a few statistics to help you understand the importance of customer lifetime value. For example, if we consider that it costs 5 to 10 times more to acquire a new customer than to retain one, we realize how important loyal customers are. Considering the added value that these very valuable customers will add to us throughout their lifetime, it is of great importance to take action in order not to lose them.

The first step is, of course, to establish a strong customer service infrastructure. In other words, it is very important to satisfy customers not only in the sales and pre-sales process, but also afterwards. Creating an environment where they believe that they will not have any problems with the product or service they buy from you, and even if they do, that you will follow a solution-oriented and customer-oriented path is one of the biggest factors in adding lifelong value to your customers.