Is it possible to attach a monetary value to each of your customers? Netflix believes you can. As impersonal as this sounds, knowing customer value is incredibly useful to any business.

Knowing how much money a customer spends on your products over time is essential to your company's budgeting. It allows you to justify spend on things like marketing or product improvement, because you can estimate the return that you will get on this investment through customer retention and new customer acquisition. Without understanding the concept of lifetime value, Netflix may never have given us original content like: Orange is the new black, Daredevil or Stranger things.

Ducere Global Business School is a recognised leader in university and enterprise collaborations, to design and deliver degrees that have real career impact. We partner with major universities across four continents, global corporations, government departments and NGOs to ensure that our programs are current, relevant and industry connected.

With offices in the United States, Australia, the United Kingdom and Africa, we constantly strive to promote equity and access in education globally.

We have a mission of both business and philanthropy. Ducere has funded and supported the activities of the Ducere Foundation across 27 African nations.

Interested in learning about how to run your own business? Or maybe it's time to upgrade your resume with an MBA.

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