What Is Customer Lifetime Value?
Customer Lifetime Value (CLV) is a prediction of the total worth of a client to a business over the entirety of their relationship.
CLV is a crucial marketing measurement for any business, but especially for relationship-driven businesses like dentistry.
Think about your ideal patient. They don’t just come in for one routine check-up and then disappear. Instead, these patients come to you for all their dental needs throughout their entire lifetime. They depend on you to maintain their healthy smile for years on end—and that can add up to some serious money.
What Is The Lifetime Value Of A Dental Patient?
No two dental practices are alike and, as a result, lifetime value will vary for each practice depending on location, the services offered and how effective their online marketing strategy is.
You’ll often hear $10,000 thrown around as the magic number for the lifetime value of a dental patient. Derek Naylor, a dentist practice consultant, claims a slightly more optimistic estimate at $22,000. At the top of the spectrum, True Dental Success believes that the CLV of a dental patient falls around $45,000 over a 20-year lifetime!