From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
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Measuring customer profitability
From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
Measuring customer profitability
- No matter what size or type of company you have, we all make our money one customer at a time. That's why it's essential to track customer activities as part of your metrics dashboard. Here's how to do it. Now, as simple as this may sound, the first number you should track is how many actual paying customers do I have? You'd be surprised at how many marketing teams I come across that have no idea of their customer count. Hey, as a CMO, you should insist that your product and marketing teams know how many unique customers are contributing cash to the business. If they don't know that number, I'd question how well they understand their business. Of course, this number depends on how you define a customer in the first place. Now, that's completely up to you to decide, but once you define a customer, stick with it and make sure your entire team is using it. Now, here's a tip. You may be in a business where customers buy…
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