In a digital-first world, tracking customer behavior across channels is a necessity. Omnichannel analytics in reality delivers insights for businesses to iterate and modify their strategies, delivering a seamless customer experience. With that in consideration, here are five metrics that every business should be tracking:
Customer Lifecycle Value (CLV): CLV measures the revenue business can make from a customer throughout the selling period with him. This would help businesses understand which channel gives them their most loyal and high-margin customers if measured across channels to mold their marketing accordingly.
Customer retention rate: Knowing how many customers keep engaging with your brand is vital. By tracking retention rates by channel, businesses can see which channels drive loyalty and can focus on boosting retention where needed.
Convert Rate per Channel: Not every channel converts equally. Keeping track of conversion rates allows businesses to optimize performing channels at one end and act to address issues on the other, strengthening one omnichannel approach.
CAC (customer acquisition cost): The cost to acquire a new customer across channels. When comparing CAC between platforms, businesses can make an informed decision on how best to allocate resources and fund activities that yield higher results while keeping an eye on more expensive channels.
Engagement Rate: Monitoring the frequency with which customers interact with content and products on all channels can offer insights into the preferences of shoppers. High engagement is a sign of interest and can be used to inform content and product strategies.
These metrics hold the key to omnichannel reporting and analytics for a business, and driving toward these metrics unlocks the business potential. Omnichannel data analytics by Elintom and other platforms offer detailed data and reporting to ensure that every touchpoint is primed for success.