Forget about likes and shares.
If you truly want to improve your businesses’ revenue and profit, here are the marketing numbers to keep an eye on.
In no particular order, they are:
- Average lifetime customer value.
- Cost/ allowable cost per new customer acquired.
- Cost per lead (by lead source).
- Average order value.
- The percentage of sales and revenue that comes from best customers (the top 20%).
AVERAGE LIFETIME CUSTOMER VALUE
On average, how much does a customer spend with you during the entire time they are a customer?
COST PER NEW CUSTOMER AQUIRED
When you tally up all the costs – including sales and customer service staff’s time and follow up efforts – how much does it cost you to get a new customer?
COST PER LEAD (BY LEAD SOURCE)
Ultimately, which sources of leads/enquires/website traffic are the most effective and profitable?
AVERAGE ORDER VALUE
When a customer buys from you, on average, how much do they spend each time?
% OF SALES FROM YOUR BEST CUSTOMERS
What percentage of your sales and revenue comes from the 20% of customers who are either he biggest spenders or the most profitable or refer other customers to you?
To improve your businesses’ performance its marketing strategies should focus on how to either:
- Get these number up.
- Or get these numbers down, as relevant.
Because, while likes and shares play their part, they aren’t how you track what really matters…
… the $$$.
P.S.
If this is something you are open to exploring further, Max Marketing can help.
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