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Definition
-Identify the proportion in the population
-Find the proportion in the data
-Multiply either variable by “weighting factor” to match proportion |
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Match the proportion in your data to proportion in the population…on an important attribute
-Variance
-Saliance |
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| what is marketing metrics? |
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| An additional kind of decision making information |
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| ...the voice of the customer |
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| T/F: Metrics are internal diagnostics |
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Integrates various disciplines around shared “truths”
just the beginning of good decisions... |
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| marketing metrics must be put into context... |
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Definition
how is it measured?
when? |
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| marketing metrics is evaluated against... |
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| marketing metrics can compliment... |
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Definition
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| Like in research method bias (business discipline) marketing metrics... |
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| ...will often determine metric used |
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| Like in research triangulation, marketing metrics... |
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| ...is usually the key to surrounding the truth |
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| Mastering marketing metric terminology will... |
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Definition
| ...improve your entry-level job prospects |
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| Two ways to look at profitability... |
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Definition
1) Corporate profitability
2) Customer lifetime value |
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| “The ultimate goal is to develop highly committed customers who not only make repeat purchases and generate revenue streams, but also require minimal maintenance along the way.” (You know how) |
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Definition
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| Corporate Profitability = |
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Definition
-Total expected value of 1 customer during lifetime minus acquisition costs…discounted
-Customers segmented based on CLV…different needs, different treatment |
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