Reading and answer: The Importance of Customer Lifetime Value (CLV) and How to Calculate It

I need an explanation for this Marketing question to help me study.

Answer Questions in 1 page:

1. How often would you recommend calculating CLV scores? Monthly, yearly, etc.? Please explain your decision; it could vary by type of industry such as package goods or hospitality.

2. In addition to the variables listed in the article in the “Formula” section, suggest three additional variables for each of the following industries you might consider for CLV calculations:

a. Retail

b. Automotive

c. Restaurant chain

Please explain your choices.

3. The article lists “9 Ways to Increase Your Customer Lifetime Value”. Which of the recommendations would CLV have the biggest impact on? Please explain your selection.

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