Tracking customer engagement gives you visibility into where your customer is now and helps predict what they might do in the future. So that you can encourage and nurture even more engagement.
Customer satisfaction is a key indicator of the health of your business. Both an early warning system and a validation of your efforts. It can be a key guidepost all along the customer journey and demonstrate the impact that your marketing efforts are having on your business objectives.
Data silos can happen in a company for many legitimate reasons. It can also be a symptom of a bigger problem – people silos. Tackling one can help to get at the root of the other.
While we may want to have an easy formulaic answer to how to track LTV, it really depends on your business and your customers. How and why your track it can be unique to your business. So, what do you need to consider when making decisions around it?
Sales Velocity is a metric that measures performance of both Marketing and Sales because it is influenced by both. So can be a bridge for discussion on how and what to optimize. Not a bad job for a lagging indicator.
I found myself in discussion this week with some people that were creating their first sales page. They were making making decisions about the roll out of that were based on beliefs they held. Yet bigger providers in their field were doing contrary things to achieve marketing outcomes. I believe in doing what is known to work, instead of what your cognitive bias wants you to do.
Some people would ask, as a data scientist are you upset that the data actually failed you. Not really. Because I know in data science gaining insights from data is a combination of what the data tells you as well as a business person’s intuition and experience. It is a failure to rely too heavily on one or the other. You need to question everything. The data as well as our cognitive biases.
If we want to see your data impact trends, then we need to look at metrics rather than just tracking data. The thing is that we have to track the data to produce the metrics. But it’s seeing the trends in metrics that really drives business outcomes and behavioural change .