Stop thinking about them as two separate goals. Average order value is just one part of the lifetime value calculation, and LTV is the only one that really matters for building a sustainable business.
Focusing too much on AOV alone can lead to short-term thinking. You can absolutely use tactics to bump AOV, like offering discounts on multi-item orders as Lachezar Voynov detailed on the 2X eCommerce Podcast. But if your post-purchase upsells or bundling strategies feel aggressive, you might secure a higher first order value at the cost of ever getting a second order. Mussayab Ehtesham explained on Honest Ecommerce that LTV is a combination of AOV and purchase frequency. Without repeat purchases, the LTV is just the AOV from that one sale, which is a fragile way to grow.
The most important nuance is that you shouldn't even be looking at a single, blended LTV metric for your whole business. An episode of The Bottom Line makes this point clearly: you have to run a cohort analysis. You need to know your LTV by the channel that brought the customer in, by the first product they bought, and by the time of year they made their first purchase. Some channels might bring in customers with a high initial AOV who never return, while others attract customers with a lower AOV who become fiercely loyal. That's the data that lets you make smart decisions for long-term growth.