As we all saw this past year, things can change and change quickly. Customer Satisfaction metrics can be an early warning system of the health of our business. Before you see it in the other metrics like churn, retention, customer lifetime value.
A cookieless future is still in the future? Will you be ready when third-party advertisers can’t target and track as well? Can you change your perspectives of how we handle our customer data and privacy?
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.
Customer journey mapping or funnel optimization? They are different perspectives of the same thing. One is the the view from the customer’s perspective. One is our gated internal process. We need both in our business.
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?
Marketing OKRs are a simple and effective way for companies to state and track their goals. We can then plan programs and drive initiatives towards achieving the key results. As a strategy tool, it then can steer where we put our energy. What campaigns we will run. How we spend our budget.
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.