Customer Data Metrics That Matter
Your business success depends on the customer acquisition and retention. And in this process right utilization of the customer data plays an important role.
ClickZ contributor Tiffany Delmore has shared six important customer data metrics that you should care foe.
Delmore says, “Whether you consider yourself a customer whisperer or not, there are some customer metrics that are critical to monitor. Not only can they inform your customer success strategy, but they can provide key insights into product, investment, and departmental performance issues.
1. Customer lifetime value (CLV)
Although CLV can be tough to predict in a company’s early days, this metric can inform a huge range of business decisions.
How much, for instance, can the company afford to spend on customer acquisition? At what point do retention efforts become unprofitable? What separates a “loyal” customer from the rest?
To find your CLV, start by determining your average purchase value and subtracting from it average purchase frequency rate”.
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