Customer lifetime value is the total revenue a business can expect from a single customer over the entire duration of their relationship. For field service businesses, CLV includes all recurring services, one-time jobs, upsells, and referrals attributed to that customer. Understanding CLV helps businesses decide how much to spend on acquiring new customers and which customer segments to prioritize.
A lawn care company calculates that their average residential customer stays for 3.5 years, pays $180/month during the 8-month season, and refers 0.7 new customers — putting the lifetime value at approximately $5,040 in direct revenue.
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