NEW YORK, July 2, 2018 /PRNewswire-iReach/
Lounge Lizard is globally recognized as a top New York web design firm within the web design and development industry. Lounge Lizard's brandtenders are creative, tech-savvy, and passionate in developing innovative strategies that drive conversion for both startup and established clients of all industries, making them the "best of breed since 1998."
Behavioral data has become extremely useful when it comes to gaining insights and information that will improve customer interactions and retention. You need to understand what motivates customers, what their actions are, the order they take those actions, and how separate groups react to the same scenario. That is why every business should be tracking an analyzing data about all of their customers. But what metrics should you be tracking and why? Today the NY based web design company, Lounge Lizard, shares the Top Customer Metrics to Track.
- Customer satisfaction. This might seem like a no-brainer yet plenty of people fail to track data about customer satisfaction. Customers should consistently be asked after interactions about how happy they were with the interaction. Over time you should inquire about how satisfied they are with your overall organization and if they would recommend you to their friends. Surveys are one of the best methods to obtain this information and should be done regularly yet also infrequently; i.e. not every transaction. By only asking a few questions each time you will increase your response rate and over time will develop a good understanding of how your brand is perceived.
- Average revenue per customer. This metric helps you understand the average recurring revenue your customers will provide monthly. Using this information, you can craft strategies for boosting existing revenue, generating new revenue, and find your areas of strength. To calculate this metric, take a specific period of time and divide total revenue by the average customers. You can compare the time period to product launches, marketing campaigns, and more to better understand how customers are reacting to specific events and strategies.
- Customer value over lifetime. Understanding how much total value a customer will provide over the lifetime of your relationship with them is another key metric. Sometimes a business mistakenly focuses too much on short-term gain and not long-term value. To understand the lifetime value, you need to track the average order, how often purchases are made each month or year, your customer retention rate, your annual cost of capital, and your customer acquisition cost.
- Churn rate. This metric is important in understanding the rate at which you lose business over time. Remember, for every customer that is lost you also lose the re-occurring revenue they could have provided. By boosting retention and reducing churn, even by a few percentage point, you can increase profits greatly. Churn is calculated over a specific time period in which you divide the customers lost during that period by the number of customers at the beginning of that period. Typically, this is measured monthly, quarterly, and annually.
Lounge Lizard is an award-winning, high-end design boutique specializing in website and mobile app development, UX/UI, branding, and marketing. Lounge Lizard excels in creating the ultimate brand strategy, fully loaded with expertly crafted visuals that work together to increase sales and effectively communicate a client's unique personality.
Media Contact: Ken Braun, Lounge Lizard, 631-581-1000, firstname.lastname@example.org
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SOURCE Lounge Lizard