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Transform Your Business and Maximize Profits by Focusing on This Customer Retention Factor
28 Jun 2024
News
Whatever business you're in, repeat customers are your best and most profitable customers. That's true if you're a retailer or restaurant, or a franchisor looking to expand your locations. For restaurants and retailers, it means re-defining success. With so many options available to customers, year-over-year sales growth is too short-term to just the overall health of a business. What really matters is repeat business from customers, what is called Guest Lifetime Value (GLV).
Guest Lifetime Value
In its e-book, "Guest Lifetime Value, The Real North-Star Metric for Restaurants," Olo defines it as the revenue generated from each guest throughout their relationship with a brand. It estimates that the top 5% of GLV drives about 30% of restaurant revenue. Repeat guests over the previous six months ordered 2.2 times more than the average guest! Earning a customer's loyalty will result in more repeat business and higher checks.
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