Essential marketing metrics workshop 1
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Our CEO would like us to make marketing decisions based on four essential non-financial metrics: test drive take rate, churn, customer satisfaction (CSAT), and net promoter score. These metrics provide important information about customer interest, loyalty, and satisfaction that can help increase conversion rates and revenue while reducing customer attrition. Data-driven marketing using metrics should guide budget allocation among demand generation, branding, customer relationships, and market development.
Essential marketing metrics workshop 1
- 2. How would our CEO like us to make marketing decisions? How should we make marketing decisions?
- 3. Four Essential Non-Financial Metrics
- 4. Test Drive Take Rate Churn CSAT & Net Promoter
- 5. Test Drive Signals Interest Leads to commitment Higher conversion rates Allows customer to evaluate you Can calculate probability of purchase
- 6. Test Drive Signals Interest Leads to commitment Higher conversion rates Allows customer to evaluate you Can calculate probability of purchase
- 7. ?How could you design a test drive?
- 8. # of Accepted Offers Take Rate # of Offers Made Measure of campaign effectiveness
- 9. Purchases Test DrivesFree Downloads
- 10. ?How could you measure Take Rate?
- 11. Churn Essential Loyalty Metric Easier and cheaper to keep a customer than create a new one % of existing customers who stop purchasing in a given period (30 days, 90 days, year)
- 12. ?How could you measure churn?
- 13. ?How could you affect your company’s churn rate?
- 14. ?How would reducing churn affect your company’s revenue?
- 15. % of Promoters – % of Detractors Net Promoter Score Measure of loyalty or satisfaction On a scale of 1-10, how likely are you to recommend ______ to friends? (9-10) (1-6)
- 17. Thinking About Your Marketing Budget
- 19. LeadersLaggards Shaping Markets 14% Branding 7.5% Customer Rel. 11% Demand Generation 58% Infrastructure and Capabilities 10% Shaping Markets 9% Branding 13% Customer Rel. 14% Demand Generation 48% Infrastructure and Capabilities 16% From Mark Jeffrey’s book, Data-Driven Marketing
- 21. Data-Driven Marketing: 15 Metrics Everyone in Marketing Should Know This is a great book to help you think about marketing metrics. Jeffrey focuses on 15 specific metrics and demonstrates how they can be used to save money or increase revenue. The best feature of the book is that it comes with downloadable spreadsheets that you can use for your company. Marketing Metrics: The Definitive Guide to Measuring Marketing Performance (2nd Edition) This is a good reference book to have around. It’s an encyclopedia of business metrics that may be used in a variety of scenarios. The authors define the metric, discuss how it is typically used, and list the pros and cons of implementing it. Book Recommendations