MKT metric and its usage. A case of restaurant industry
Marketing
Steps that company follow to achieve customer preference and its own goals
Link
Mkt metrics, future customer value and firm performance
. Mkt strategy and financial outcomes
Metric
measure system that quantifies a trend, dynamic or characteristic
traditional aproach
Financial metrics
Monetary based, financial ratios, readily converted to monetary outcomes such as ROI, target volume
mkt metrics
Based on customer or mkt mindset such as awareness, satisfaction and market share
MKT and finance
Related to financial outcome
Brand value metrics, customer value metrics, WOM and referral value metrics, Retention and acquisition metrics, Cross/buying and up buying metrics, Multichannel shopping metrics, Product return metrics
Customer value increases shareholder value
Backward looking metrics
satisfaction in past purchases, service quality on experiences, perceived loyalty
Doesn’t include competitor action or potential customer prospects
Restaurant metrics
Related to customers
Measurement of customer behavior
Related to finance
Metrics related to outcomes
website traffic. Repeated visitors
Inbound sources
Average response time on social media and review sites
Number of customer contacts
Lifetime value of a customer
ROI profit/mkt spent
ROMI return on mkt investment
AVC average variable cost
ASP average selling price
Contribution margin
CPA cost per acquisition. Mkt spent/new customer