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Measure for Success

Boosting the performance of your marketing

Month

September 2018

Quote of the day

“Measure what can be measured, and make measurable what cannot be measured.” Galileo Galilei

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Who are your top customers by Profit or Life Time Value?

Have you ever stopped and calculated who are your best customers?  It sounds simple but how often do you identify and rank the customers who drive the most profit for your business?

Ranking these customers from highest to lowest by Profit or Life Time Value lets you see which individuals or groups drive an outsized portion of your business results.  When you can look at a single list and see your main customers you have the power to identify the unique characteristics of your customers and work hard to attract more.  Is it who they are, where they live, or what they buy?

Knowing that answer can be more valuable than just making a sale. By focusing your customer service, marketing, promotions and sales offers you can build the long-term value of these customers.  You can also find more existing and new customers who share the same characteristics as well as empower these customers to become advocates of your business.

Measure4Success is the blog for e-nexus Ltd.  We are a Bournemouth based Marketing consultancy specialising in Strategic Marketing Planning and Performance Measurement.  Learn more about what we and get in touch by visiting our website at www.e-nexus.co.uk

Supporting & nurturing business in Bournemouth

We are delighted that our MD & founder of e-nexus Richard Milton has been invited to speak at the next New 2 Business Networking event in October.  Taking place on Wednesday 17th October at the Marsham Court Hotel in Bournemouth, Richard will be speaking about how to use Web Analytics to grow your business.

Why not come along and join us for some great networking as well as hear Richard speak.  To book your place visit:

https://www.eventbrite.com/e/new-2-business-networking-sponsored-by-outset-tickets-41308021404?aff=ebdssbdestsearch

Measure4Success is the blog for e-nexus Ltd.  We are a Bournemouth based Marketing consultancy specialising in Strategic Marketing Planning and Performance Measurement.  Learn more about what we and get in touch by visiting our website at www.e-nexus.co.uk

6 questions to ask your marketing team

As a business owner, what are the key questions you should be asking those responsible for your marketing? What should you ask to get a better understanding on how marketing is contributing to the success of your business?

1 – How are we measuring the performance of our activities?
Show me the results. How many leads or sales were generated from each marketing campaign and how were they were tracked. If the question can’t be answered because the tracking is non existent or isn’t accurate, you can’t be confident that your campaign was a success.

2 – Who are we targeting in our marketing?
Sales and marketing go hand in hand as marketing leads to sales. If your marketing audience e.g. visitors to your website or your followers on social media are different from your target customers then your efforts may be wasted and you will be missing opportunities to reach out to future clients.

3 – How are we retaining existing customers?
Many marketing strategies focus on gaining new customers at the expense of keeping existing ones. Both are important, but keeping current customers engaged with the business is just as essential as building new clients in order to generate sales for the business.

4 – Who are our top customers?
How are you identifying the customers that drive the most profit for the business. How do you rank them and how impactful are they for the business? You want to find out which individuals or groups drive an outsized portion of your business results. When you can look at a single list and see your main customers you have the power to identify the unique characteristics of this group and work hard to attract more.

5 – What should we stop doing?
It’s far to easy to get into a marketing routine and do things just because you’ve done them in the past. By reviewing data and challenging your marketing efforts it is possible to identify those things you should stop doing and those efforts you should do more of to provide a greater return to your business.

6 – What metrics are we monitoring to measure success?
There are so many different metrics that you can measure. The rule when deciding what to measure is:
• Does this metric help me make a decision?
• When I view this metric does it help me understand how to get closer to my business goals?
• If you answer ‘No’ to both questions you are looking at a vanity metric and need to ignore it and repeat steps to identify better metrics to monitor.

Measure4Success is the blog for e-nexus Ltd.  We are a Bournemouth based Marketing consultancy specialising in Strategic Marketing Planning and Performance Measurement.  Learn more about what we and get in touch by visiting our website at www.e-nexus.co.uk

Quote of the day

“Connect enthusiastically. Give relentlessly. And lead bravely. Do that, and the future is yours!” Ted Coined

Quote of the day

If you can’t explain it simply, you don’t understand it well enough.  Quote – Albert Einstein.

Quote of the day

The price of light is less than the cost of darkness.
Arthur C. Nielsen, Market Researcher & Founder of ACNielsen

#Lovenetworking

Another great evening spent networking with the Bournemouth Chamber of Trade & Commerce at their September BHBanter event.  Thanks to the Chamber for allowing us to present at the event where we focused on how web analytics can help grow businesses.  It seemed to be enjoyed by all!

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