‘5 customer-centric metrics to implement today’ – Marketing Land
Jordan Elkind says, “Retailers are progressively striving toward customer-centricity, a strategy in which companies seek to maximize financial value by focusing on the needs of their most valuable customers.
While in theory, this sounds like every marketer’s dream, in practice, the nightmare of implementation stops many would-be customer-centric companies from becoming truly customer-centric.
Pursuing this strategy necessitates both an overhaul of organizational structure and new key performance indicators (KPIs). The organizational overhaul will not happen overnight, but by measuring these five KPIs, you will be on your way to putting the customer first and driving revenue.
1. Customer Lifetime Value (CLV)
Customer Lifetime Value, or CLV, measures the amount a customer will spend over the length of his or her relationship with a store. This should be thought of as an overall indicator of customer health, and it shows you whether everything the marketing team is doing, across all channels, is resulting in long-lasting, profitable customer relationships”.
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