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Casual Articles - Marketing That Measures Up
All organisations need great team leaders; no leadership, no great organisation. We will be answering the question, "How can I be a great team leader, and how can I produce leadership in others?" We will explorekey aspects of Leadership as well as givin
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
What is the best way to inform employees when you sell your business? Wait until the transaction is a done deal.After many years of representing people who want to sell their businesses, experience has taught me that complete confidentiality abou
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
Being passed over for a promotion can certainly leave you wondering what to do next and where your place in the company really is.If you've been passed over for a promotion, you have several options available to you. Before you do anything rash –
• 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
The most important ingredients to successfully manage change in an organization are: executive sponsorship, effective communication, and accountability. All of these are direct responsibilities of management. Thus, unsuccessful change initiatives are mo
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
IBM, which registered 3248 patents last year, has decided that sharing technology can sometimes be more profitable than jealously guarding its property rights on patents, copyrights and trade secrets (Herald Tribune, April 11 2005).International
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
In the beginning, Yellow Pages ads were, well, yellow. With black type. Then, in an effort to jump start sales, the clever people who invented Yellow Pages in 1886, the Reuben H. Donnelly Corporation, figured an inexpensive way to add red to 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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