Glossary
Lifetime Value (LTV)
Lifetime Value (LTV) is a calculation of how much a new customer will be worth to your company over their entire lifetime.
This calculation can alter other calculations, such as the acceptable cost of acquiring a new customer. The initial value of that customer may be too low to justify a particular cost, but their LTV could justify the advertising cost to acquire them.
Related Terms
Glossary
Customer Relationship Management (CRM)
Customer Relationship Management refers to software tools that help to collect, maintain and parse user databases and related information. The most elaborate CRM systems include numerous integrated marketing options that will interface with a company’s database. Popular CRM systems include Salesforce, Hubspot and ServiceTitan.
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Glossary
Boutique Web Design Agency
Website design group that creates custom, more personalized websites for their clients. Many organizations choose to work with boutique agencies because it’s easier to develop an ongoing relationship with them and craft a unique website that separates a company from their competition. Conversely, some boutique agencies are small enough that they cannot provide comprehensive web and marketing services, but rather specialize in a small subset of project types.
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Glossary
API
API stands for Application Programming Interface. It’s used most frequently to refer to how two pieces of software or databases can “talk” to one another. Any plug-in you’ve used for a website or integration between a software application and an internal database would be an example of two interfaces interacting with one another.
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