25 Jul

Notebook Thoughts – Measuring the Customer Journey

There are many types of marketing measures that can be applied to a customer’s purchase and experience journey. However, what’s important is that these measures can both determine the effectiveness of specific marketing campaigns and predict the likelihood that a customer will move from one stage of the journey to the next.

Here is a sample of some of methodologies and/or measures that can be used in the different stages of the journey:

NEED

Market Analysis – Determine market needs

Experience Analysis – Determine prospective customer needs and/or opportunities to improve customer experience

RESEARCH

Awareness – Determine level of brand and product awareness

Segmentation – Segment customers to the smallest groupings feasible

Addressability – Level of addressability for each segment

SELECT

Media Mix Modeling – What are the optimal media channels we should use to reach our audiences

Multi Touch Attribution – How are channels performing for given audiences and campaigns

Brand Preference – What is the consumer brand preference within our category

Qualified Leads – Are we getting the desired level of marketing and sales qualified leads

PURCHASE

Propensity to Purchase – What is the likelihood that our audience will purchase our products

Cart Abandonment – Are prospective customers dropping off before completing a purchase

Conversation Rate – What is the conversation rate for our desired actions

Time to Purchase – What is the timeframe from first touch to purchase

Up-Sell / Cross-Sell – Are we able to up-sell and/or cross-sell to our customers

Share of Wallet – What is the share of wallet

Basket Size – How much are our customers spending per purchase

RECEIVE

Propensity to Return – Are our products being returned at unacceptable rates

EXPERIENCE

Sentiment Analysis – How do customers feel about our brands, products, services and delivered experiences

Customer Effort Score – What is the level of effort required by a customer to resolve an issue

Customer Satisfaction – What is the level of customer satisfaction

Respond and Resolution Time – how much time does it take to respond to and resolve an issue

RECOMMEND

Net Promoter Score – What are our customer’s willingness to recommend

Brand Mentions – Is our brand being mentioned positively and at the right level

Revenue Referrals – How much revenue are we generating from referrals

REPURCHASE

Repurchase Rate – Are our customers returning

Frequency – What is the time between purchases within a specific time period

Recency – How many days since the last purchase

Redemption Rate – What are the number of rewards that are being redeemed

Customer Lifetime Value – What is the estimated lifetime value of our targeted segments

OVER TO YOU!

As always, your thoughts and comments are welcomed. What else could we measure at each stage of the journey? What is your approach?