There's been a spike in the demand for customer metrics recently. Firstly, an increasing number of CEOs are recognising that non-financial measures such as customer satisfaction are as important to their investors as traditional financial figures, a fact emphasised in Deloitte's study 'In the Dark'.
What CEOs and marketers may not have realised until this point, however, is the enormity of the task. Put simply, companies don't necessarily know what to do with the customer data they've got, never mind what customer metrics to apply to it.
Marketing teams are similarly unacquainted with customer metrics. A study by VisionEdge Marketing revealed that a third of the marketing professionals questioned omit customer metrics from their marketing plans altogether.
Without a doubt, the sheer volume of customer data that is out there presents a daunting task. It's little wonder that firms are asking themselves what customer metrics they should – and shouldn't – be focusing on.
Neil Davey looks at the methodology behind selecting the right customer metrics
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