Using Member Lifetime Value to Improve Strategic Decision-Making
American Museum Membership Conference - May 2020
Abstract
In this session I introduce participants to customer lifetime value (LTV) as a metric, including what it is, how to calculate it, and how to use it. I start with a description of its benefits and limitations. We then calculate LTV using example data. I then discuss how to use this metric, particularly in acquisition efforts. I will end with a discussion of how to adapt for mission-driven organizations.
Key takeaways:
- Understanding of LTV and its benefits and limitations
- Basic idea of how to calculate LTV using organization’s data
- Understanding of how to use LTV, particularly in acquisition efforts
