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2020 has brought many unexpected changes to businesses of all sizes around the globe. Now comes the time to summarize, review, and evaluate your efforts throughout the whole year. By analyzing your data regarding key performance indicators (KPIs), you’ll learn what has been working for your business, what has not, how to optimize and grow your business in 2021. If you’d like some help with the analysis, please keep reading … these marketing and sales metrics will help you prepare your end of year report and strategize for the new year!
Customer Lifetime Value
Customer lifetime value (CLV or CLTV), also known as lifetime value (LTV), predicts how much revenue that a customer will bring in during the whole future relationship with that customer. The measurement aims to assess the financial value of each customer.
A basic formula of customer lifetime value is:
or
Related articles & case studies:
Lifetime Value (LTV) Model- How And Where To Invest In Customer Development?
Optimization Models: How To Predict Conversion Rate And Net Revenue Effectively
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Customer Loyalty
Measure your loyal customers and plan to increase business loyalty in the coming year. Remember to thank your customers for fueling your business growth in 2020!
Related articles & case studies:
Prospect Response Model For Customer Acquisition: How To Bring New Customers More Effectively?
Distribution Channel Optimization: How To Grow A More Active Online Customer Base
Customer Churn
Customer churn, also known as customer attrition, customer turnover, or customer defection, is a phenomenon that clients or customers of a business no longer make purchases or maintain partnerships.
Customer churn rate or customer attrition rate is the mathematical calculation of what percentage of customers stops making another purchase from a business.
A basic formula of churn rate is:
You can also measure churn rate regarding the starting or ending number of customers:
Related articles & case studies:
All You Need To Know About Customer Churn
Churn Model: How To Effectively Retain The Spending Of An Attriting Customer
Revenue Churn
Revenue churn, also known as MRR churn rate, is the mathematical calculation of the lost monthly recurring revenue (MRR).
A basic formula of revenue churn is:
Related articles & case studies:
Propensity To Buy (P2B) Model: How To Target The Audience Most Likely To Buy
Revenue Growth Rate
You can also use MRR to measure the monthly revenue growth rate.
A basic formula of monthly revenue growth rate is:
Related articles & case studies:
Revenue Per Click (Rpc) Model: How To Generate More Revenue Per Click?
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