Marketers Getting Long-Term Relationship Metrics Wrong
What a brand thinks they are doing right versus what they are actually doing right/wrong is often very different, as marketers can very easily focus their attention on metrics that don’t help them reach their goals.
This is what Yes Lifecycle Marketing recently found to be the case in its survey of nearly 250 marketers at the Direct Marketing Association (DMA) conference in Oct. 2014. The survey found that 33 percent of marketers sourced building long-term relationships as a main goal for 2015, yet most weren’t focusing on important indicators of loyal customers, such as:
• 17 percent of marketers measure the number of referrals/recommendations from existing customers
• 13 percent of marketers focus on customer complaint metrics
• 33 percent of marketers measure retention metrics and customer satisfaction ratings
The good news for marketers is that all of these metrics that are good indicators of long-term relationships are trackable online, and five of the top six channels that respondents use to interact with their customers are digital (email, websites, social media, online display advertising and paid search). The bad news is that with so many channels, it can be difficult for marketers to get a full understanding of who a customer is and where they are in their purchase journey.
Due to this, marketers may want to consider consolidating the number of vendors they use to manage the different channels. A DNN report found that marketers are drowning in tech - the majority using five or more discrete marketing technology solutions such as marketing automation software, CRM, email marketing and social media tools, etc. Despite this, Yes Lifecycle Marketing's survey found that only 12 percent of respondents said they have too many technology vendors to coordinate, and 15 percent felt they needed to consolidate their vendors to achieve their company goals.