Creating a successful marketing strategy requires a combination of creativity and analysis. Marketing isn’t static, so metrics need to be constantly adjusted and analyzed.
While all metrics provide some insight into marketing efforts, some are more valuable than others. Below, six members of Business Journals Leadership Trust discuss the customer success metrics that provide the most invaluable insights into marketing efforts.
We measure client satisfaction through both quantitative and qualitative metrics. While numbers never lie, neither does a client’s active engagement. It’s important to review how engaged clients are and continuously build a relationship that is not transactional. This balance of meeting both numbers and needs has proven to be invaluable. – Kathleen Lucente, Red Fan Communications
2. Customer retention rates, employee attrition.
We focus on customer retention rates along with employee attrition. Sharing these positive metrics with our target audience has provided immeasurable value. – Jared Knisley, Fizen Technology
3. Repeat business from existing clients.
Repeat business is an important metric. Every time you get a new assignment from an existing client, take it as a sign that you are doing things right. – Jerry Ramos, LJA Program Management, LLC
4. Returning customers, if and how soon.
A natural customer service metric is if and how soon someone becomes a returning customer because lifetime value is the key to any customer acquisition. – Jessica Hawthorne-Castro, Hawthorne Advertising
5. Net client retention, net growth.
One difficult to measure but highly impactful success metric for us has been net client retention or net growth. Client retention is a leading and lagging indicator of revenue and business success. Net growth is an important metric to understand how effective your client services team is at building relationships, with a goal of more than 10% of growth across all accounts at our agency. – Kent Lewis, Deksia
6. Customer lifetime value, cost efficiency.
Customer lifetime value is key. One of the main factors in marketing is keeping the cost efficient, so you should know that your cost of acquisition for each marketing channel is below your customer lifetime value. Otherwise, you are just throwing money down the drain rather than growing your customer base and expanding your business in a profitable way. – Peter Abualzolof, Mashvisor