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 the 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.

Need some help with your marketing? At e-nexus we offer a comprehensive range of services to help you achieve the results you’re after. 

Not sure what you need or want to discuss you requirements further? Get in touch so we can explain our range of services further and work with you to get the right mix and balance for you, your business and budget.

Let’s build something together. Get in touch

6 questions you should be asking 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.

Need some help with your marketing? At e-nexus we offer a comprehensive range of services to help you achieve the results you’re after. 

Not sure what you need or want to discuss you requirements further? Get in touch so we can explain our range of services further and work with you to get the right mix and balance for you, your business and budget.

Let’s build something together. Get in touch

How much is marketing contributing to your business. Do you know?

Given the availability of data and insight within all organisations, there has never been a better time to measure and regularly monitor the performance and impact of your marketing. Now is the time to identify what works, what could work better and what you should stop to ensure you get the most out of the marketing for your business.

So where to start?

In many cases simply planning ahead and identifying what you want to measure is a great starting point. Then thinking about how you could go about measuring and monitoring the the impact of the activity. Finally, consider what measurement actions and systems you need to put in place to gather the insight and data you need.

Need a place to start?

There are so many readily available systems and processes for you to use when measuring, monitoring and enhancing your marketing impact. Some examples include:

• Adding a web analytics tool e.g. Google Analytics to your website to track and monitor your website performance. Are you reaching the right audience and are they engaging with your site?

• Monitoring the performance of your keywords for your website to ensure your Search Engine performance is optimised. Do you appear high enough in google so that your customers will find you?

• Using an email based system e.g. Mailchimp that allows you to monitor your email open rates, click through rates, unsubscribes etc. Do your subscribers respond to your emails or one type of email campaign compared to another?

• Monitoring your social media demographics and engagement levels. Do your followers match your target audience? Which channel is more effective for brand building vs sales generation? What posts are more effective than other posts e.g. image driven vs video based?

• Conducting Net Promotor Score (NPS) research to understand your customers loyalty to your business. Are they willing to recommend your business to their family and friends?

• Adding UTM tracking codes to your digital advertising, social media activity or email campaigns. How do the different channels drive traffic to your website? Which channel is more effective? How does one advertising media e.g. Google paid ads compared to ads you run for example on Facebook?

• Using a CRM system to record and monitor customer engagement and sales. What approaches generate the most leads and which of these turn into paying customers?

• You can use the same CRM data to explore which customers are the most important to your business? What characteristics do this customers share and how can you find more businesses or individuals who share the same characteristics to help drive forward your business?

Need some help with your marketing? At e-nexus we offer a comprehensive range of services to help you achieve the results you’re after. 

Not sure what you need or want to discuss you requirements further? Get in touch so we can explain our range of services further and work with you to get the right mix and balance for you, your business and budget.

Let’s build something together. Get in touch