Firstly if you understand what an average customer is likely to be worth to your business over the long term, you have an idea of what you can afford to spend on advertising to attract them in the first place.
Not only this, but when you understand that an average customer is actually worth in the hundreds if not thousands of dollars, it highlights the importance of looking after and staying in touch with them.
That's why – in 2017 – we published the results of a study we undertook looking at the average CLVs of 20 small business niches that Web Genius works in.
The values came out higher than most participants expected. The average customer lifetime value across the 20 industries come out at $12,284, ranging from a low of $780 for locksmiths to a high of $31,198 for earthmovers.
Here is the entire list of the 20 niches and their corresponding CLVs.
Aluminium Joinery: $22,801
Catering: $12,813
Concrete Contracting: $29,931
Earthmoving: $31,198
Carpet Cleaning: $1,320
Commercial Cleaning: $11,118
Curtains & Blinds: $4,247
Flooring: $8,037
Garage Doors: $10,381
Joinery: $25,271
Locksmiths: $780
Pest Control: $1,103
Roofing: $12,950
Tree Services: $5,181
Glazing: $4,919
Landscaping: $29,373
Painting: $17,465
Plumbing: $8,023
Tiling: $5,289
Upholstery: $3,480
