What is a strategy for increasing customer lifetime value?

Implementing a customer loyalty program directly increases customer lifetime value (CLTV) by encouraging repeat purchases and fostering long-term relationships. These programs reward customers for their continued business, making them more likely to choose your products or services over competitors. Expanding into unrelated product categories might diversify revenue but doesn't inherently increase the value of existing customers. Reducing customer retention rates is antithetical to increasing CLTV, as it means customers are leaving sooner. Offering low-priced products and services can attract new customers but often decreases the average transaction value and profit margins, potentially lowering CLTV unless sales volume dramatically increases.