How Do You Measure the Success of Long Term Relationships?
1. Customer Retention Rates: High retention rates indicate strong long-term relationships. 2. Customer Lifetime Value (CLV): This metric estimates the total revenue a business can expect from a customer over the duration of the relationship. 3. Net Promoter Score (NPS): This measures customer loyalty and satisfaction by asking how likely customers are to recommend your business to others. 4. Repeat Purchase Rate: The frequency of repeat purchases can be a strong indicator of customer loyalty.