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Use this guide to analyze lifetime value (LTV) by cohort (typically first purchase month) and compare cohort quality over time.

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Define LTV (before you chart)

Decide which revenue definition you want to use consistently:
  • Net revenue (common for LTV): order_net_revenue
  • Gross revenue: order_gross_revenue
If you include refunds/returns/cancellations, be explicit and keep the same definition across dashboards.

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Build the analysis (high level)

  1. Filter to SourceMedium-valid orders (is_order_sm_valid = TRUE).
  2. Determine each customer’s cohort (first valid order date).
  3. For each cohort, compute:
    • Total net revenue (or gross revenue)
    • Distinct customers
    • LTV = total revenue / distinct customers
  4. Add cohort aging (e.g., “months since cohort start”) if you want true cohort curves.

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Common pitfalls

  • Comparing cohorts at different maturity (newer cohorts are incomplete).
  • Mixing revenue definitions when validating against other reports.
  • Not filtering out excluded/invalid orders.

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Next steps