IT is Today’s Business Differentiator for 360 Customer Engagement
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Key Metrics
While there are a number of minor metrics that can be followed, there are four major ones that business executives should be measuring and trending. Top of the list is the average customer acquisition cost followed by the average lifetime value of a customer (spend per year for company products and/or services times the number of years the average person or entity remains a customer). The other two metrics are margins and risk. Executives should know these numbers on an ongoing basis and how they are trending.
Summary
Companies that expect to grow their businesses and retain their customers will need systems of engagement and insight. Which and how many channels work best will depend upon the firm’s targeted audience and buyers. However, incorporating these solutions into the corporate environment requires a big investment in funds and resources. Therefore, any engagement and/or analytics initiatives should be part of a corporate strategy and not just a marketing whim. Business and IT executives should understand their goals and objectives, targeted markets, the value drivers, and shoot for realizing a return on their investment within one year.
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