Next month the Search Engine Strategies 2010 Conference & Expo will take place in London again. One of the keynote speakers is Jim Sterne.
Back in 2000, Sterne developed, together with Matt Cutler, the five steps in the customer life cycle: reach, acquisition, conversion, retention and loyalty.
In a recent interview on social media, web analytics and customer intelligence, Sterne said there are three ultimate business metrics: revenue, costs and customer satisfaction.
As the customer is more and more online, it’s tougher to engage with him in face-to-face contacts.
However, that should not be a problem for businesses. As Sterne says: “ the customer is now more visible than ever”.
Response, engagement and advocacy
Surprised? Sterne explains: “We can see them by following, listening, measuring, etc. We should capture as much data as we can, and if we use it unwisely, customers will vote with their wallets and run away or vote with their legislation and shut us down. Yes, we should participate and set up dialogues and join the conversation. Those who invest and do it well will enjoy a serious competitive advantage”.
Given recent evolutions in marketing, where the traditional monologue is replaced by a dialogue, Sterne also developed seven elements in reaching customers and engaging with them: awareness, opinion, response, engagement, conversion, retention and advocacy.
Sterne: “These apply along a timeline with each customer. Company functions should be assigned based on these areas rather than on specific technologies”.
Jim also gives his view on the evolutions in the market of web analytics, social media monitoring, business intelligence, customer intelligence and so on.
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