Episode 198: Understanding Your Customer Lifetime Value (CLV)

What We Cover In This Episode: Introducing Lenzvu and our exciting partnership with them [0:50] Megan busts a common myth around today's topic [3:10] Defining customer lifetime value, or "CLV" [4:53] The big reasons why calculating the lifetime value of a customer is critical in your business [6:19] The ways in which you can continue leveraging fitDEGREE reports to understand the client value [11:35] Our quick wins of the week and a look at working with this concept of CLV inside of fitDEGREE [16:27] What to know about the personalized member check-in system [17:53] Our weekly challenge for you to set up your admin account for success [18:19]   Quotes: "We always want to be continuously evolving and understanding the lifetime value and coming back to that as a touch point, and not just assuming that since that bought in at a price that's where they live." [Megan, 4:14] "Every time you expand these people for more months, you don't have to work as hard to make as much money because you are retaining people. You're not working your ass off to get new people into the studio" [Nick, 8:04]  "I think one of the most valuable things that I could be doing as a business owner, you could be doing as a business owner, is talking to your clients. It is never a waste of time talking to your clients." [Nick, 15:57] "In order to have an accurate lifetime value per client report, you need to have these numbers filled in. So go back, review your memberships, review your intro offers and ensure that you have the value per use filled out." [19:09]   LINKS:   Learn About LenzVU's fitDEGREE Integration Plan Episode 197: Industry Tea with The Sales Arm - IN STUDIO SALES PROCESS (PART 1) Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here! fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q