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According to the study, 63 percent of respondents frequently feel overwhelmed with the number of technologies available to run their business.Furthermore, small business owners are split 50-50 as to whether it's riskier to adopt new technologies quickly and possibly compromise return on investment (ROI) or to wait and potentially give their competitors an advantage.In marketing, customer lifetime value (CLV) is a metric that represents the total net profit a company makes from any given customer.

"It's important to remember that technology simply cannot make up for poor processes." Wandishin talked with Business News Daily about the findings of the survey and how small businesses can meet the challenges that come with choosing and adopting new technologies.

The CLV can affect many different areas of the business since it is not focused on acquiring many customers or how cheaply those customers can be obtained but, instead, emphasizing efficient spending to maximize customer acquisition and retention practices.

Customer segmentation can affect CLV in that some groups of customers might be more highly valued than others.

As a small business, choosing which types of technologies to adopt can be tough.

Not only are there so many types of technologies from which to choose, but making the wrong decision can result in additional problems instead of fixing those the technology was designed to solve.

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