Monday, February 18, 2013

Retention Marketing : working out the value of your efforts

We are currently working on a project to improve the retention marketing efforts for a client. But before we are able to sit down to finalise the deliverables, the client has asked us for some Key Performance Indicators that they can expect to measure our work against.
This is a sort of 'chicken and egg' situation, as until we have worked out what we are specifically trying to achieve and how we are going to do this, we can't decide on our actual goals and what the success criteria are. However, given I've done this sort of thing before I felt I could 'short circuit' the process and pulled together a few examples of some of the metrics I would expect to measure as part of a digital customer retention plan. Based on the assumption that the digital marketing activity is mainly going to be via email, the ones I gave were:
1. Bounce rates (site visitors and emails)
2. Share of overall website traffic
3. Conversion rates
4. Share of total conversions
And finally... I suggested measuring ROI (return on investment) from this activity as calculating the cost per site visit and cost per conversion generated.
Can anyone else suggest anything else?
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