Marketing Numbers That Are Good to Know
August 28th, 2006
From a February ’06 Customer Experience Management Study by Strativity Group:
(via Fast Company 9/06)
Do you know the average annual value of a customer to your business?
Know: 12.9%
Don’t know: 87.1%
Do you know the cost of a customer complaint to your business?
Know: 9.7%
Don’t know: 90.3%
Do you know the cost of acquiring a new customer?
Know: 8.6%
Don’t know: 91.4%
People, people, people. While I don’t think marketers need to become mathematicians to figure out the exact numbers per say, I do think it would be good to at least have a rough idea to the answers for the above questions – ESPECIALLY that last one. If you have your finger on the pulse of how you’re spending your marketing dollars and how those dollars are – or are not – working for you, then you have the knowledge you need to make your plan flexible. Add to it. Take away. Change this nuance. If you’re not, then you’re another exec blindly doing what your predecessor did….because “that’s the way we’ve always done it.”
Other posts by Spike.
Chris Ray says:
Unreal…makes you wonder what they are measuring.
August 28th, 2006 at 9:22 amMarketing Numbers That Are Good to Know « Building Better Restaurants says:
[...] Source: http://brainsonfire.com/blog/marketing-numbers-that-are-good-to-know/ [...]
August 28th, 2006 at 11:32 ampatmcgraw says:
They’re measuring the size of their paychecks and bonuses in order to buy those larger homes, cars and boats. Remember that something like 97% of businesses in America are classified as ’small’ which is a nice way of saying ‘the owner’s personal retirement plan’. That’s why books like ‘Don’t Sweat the little Stuff’ are so popular.
August 30th, 2006 at 7:53 amMcGraw on Marketing™ » Dell: How to alienate the customer (ignore them) says:
[...] Now, after reading about Dell, I stumble across this post at Brains on Fire regarding a study done by Strativity. More than 87% of the businesses that responded admited that they didn’t know the annual value of their customers. More than 91% didn’t know what it cost them to attract a new customer. [...]
August 30th, 2006 at 8:41 amLothar Fritsch says:
corporations provide jobs for the people that want to make money in a relatively safe career environment instead of an entrepreneurial setting of their own device
February 19th, 2007 at 7:12 am