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Answer You - Marketing That Measures Up
Do you know which type of entrepreneur you are? I didn’t until recently until a fellow entrepreneur asked me the question. She asked me, are youA) a planned orientated person who concentrates solely on a single business model and will not rest un
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensur
The Hospitality and Lodging Industry in the United States is booming with strong growth in overall revenues and average price per room. Notwithstanding external factors such as international terrorism and the rapid rise in fuel costs, most industry for
For smaller organizations, there are two key areas that I believe you must track:
• Customer acquisition
• Customer retention
Customer growth rate helps you measure acquisition, while customer longevity as well as frequency and recency of purchase are metrics of retention and customer value.
But before you can measure, you have to know a few facts. Who are your best customers? In each organization, the answer will be a little different. How do you define a "best" customer? Are they the ones who buy the most and cost the least to service? Are there other parameters that tell you they are "best?" Do they refer more business to you? Are they brand ambassadors?
How did you acquire them in the first place (special offers, referrals, newspaper ads, DM)? What is your customer growth rate/attrition rate? Which customers did you keep/lose? Why?
Then you need to define what the best ones look like demographically. Are they 35 - 45, married couples with children and a mortgage, or 18 - 24-year-old singles who live in condos? Urban or suburban? Readers or radio listeners?
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensure
This article relates to the Compensation and Benefits competency, commonly evaluated in employee satisfaction surveys. It tells the story of a company that offered a new benefit to its employees, solved the problem of lagging productivity, and boosted m
• Customer acquisition
• Customer retention
Customer growth rate helps you measure acquisition, while customer longevity as well as frequency and recency of purchase are metrics of retention and customer value.
But before you can measure, you have to know a few facts. Who are your best customers? In each organization, the answer will be a little different. How do you define a "best" customer? Are they the ones who buy the most and cost the least to service? Are there other parameters that tell you they are "best?" Do they refer more business to you? Are they brand ambassadors?
How did you acquire them in the first place (special offers, referrals, newspaper ads, DM)? What is your customer growth rate/attrition rate? Which customers did you keep/lose? Why?
Then you need to define what the best ones look like demographically. Are they 35 - 45, married couples with children and a mortgage, or 18 - 24-year-old singles who live in condos? Urban or suburban? Readers or radio listeners?
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensur
You will always have more people that turn down your offer than actually buy. They might not have bought because of your price, payment options, or any other possible reason. You will just end up loosing all these potential lifetime customers. Howe
How did you acquire them in the first place (special offers, referrals, newspaper ads, DM)? What is your customer growth rate/attrition rate? Which customers did you keep/lose? Why?
Then you need to define what the best ones look like demographically. Are they 35 - 45, married couples with children and a mortgage, or 18 - 24-year-old singles who live in condos? Urban or suburban? Readers or radio listeners?
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensur
Calculating Billable Hours Myth Vs. Reality We all know there are 52 weeks in a year and 40 working hours in a week. Therefore, we can bill 2080 hours per year, right. Wrong. Too often this is the trap that many new service businesses fall into.
How did you acquire them in the first place (special offers, referrals, newspaper ads, DM)? What is your customer growth rate/attrition rate? Which customers did you keep/lose? Why?
Then you need to define what the best ones look like demographically. Are they 35 - 45, married couples with children and a mortgage, or 18 - 24-year-old singles who live in condos? Urban or suburban? Readers or radio listeners?
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensur
Hunting for the best printer online can be a daunting task, but always rewarding. There are additional aspects pertaining in an online printer, from rate quotes to flexible payment options. You need to get familiarized with them to make sure you get the
Once you have a picture of them, it is easier to develop a strategic and tactical plan to acquire and retain more of them and fewer of the bad ones. Additionally, it becomes more apparent what you need to measure to ensure you are making headway and spending your marketing dollars correctly.
RESOURCES
• Marketing Metrics White Paper
• Marketing NPV, a website devoted to marketing measurement
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