How to ACCURATELY Predict Customer LTV

In this episode of the Chew on This podcast, hosted by Ash Melwani and powered by Smile, Mike from Smile and Roger, the co-founder and CEO of Novel, discuss the psychology of customer loyalty and retention strategies for DTC, retail, and other businesses. They explore the shift from acquisition to retention-focused strategies, emphasizing the complexity and unique approaches required for each brand to build lasting loyalty. The conversation covers various tools and incentives, such as loyalty programs, wallet passes, and exclusive rewards, to decrease customer acquisition costs, increase first-order profitability, and extend customer lifetime value. They highlight the importance of creating brand experiences, leveraging exclusivity, and understanding customer behavior to foster deeper connections and drive sustainable growth.