Marketing is about engaging. It’s about meeting customer needs and delivering an experience.
But, there is a science behind marketing and that is where Data-Driven Marketing comes in.
Metrics like net present value (NPV) and customer satisfaction (CSAT) are a good starting point, but don’t forget customer lifetime value, return on dollars spent, and transaction conversion rate (TCR).
Does this sound familiar or like a foreign language?
These are the type of numbers you need to have in order to answer questions such as, “When will we see a return?“, “Is this worth doing?“, and “What are your assumptions?”
In total, Mark Jeffery covers 15 essential marketing metrics, that you need to know, in the book. If it has been some time since your last finance or statistics course, not to worry. The book not only goes over the formulas, but also provides case examples to see how they would work in the real world.
But what if your company doesn’t do Data-Driven Marketing? You are not alone. In his research, Jeffery found that 80% of companies don’t use these metrics to drive their marketing efforts. However, the ones that do have a greater chance of capturing more revenue and meeting their financial goals.
What’s not to like about that?
Image credit: artnoose