If you are about to develop a marketing plan, a promotional plan or a social media plan, you should start with a Customer Relationship Management Audit and Plan. You need to answer these basic questions and determine some basic metrics including:
- Customer Lifetime Value (CLV)
- Share of Wallet (SOW)
- Segmentation by CLV and SOW- Execute a customer decile analysis
- Acquisition Costs
- Retention Costs
- Brand Image
- Brand Loyalty
- Competitive Image
- Competitive Loyalty
- Purchase Intentions
My research indicates the following best practices lead to higher profits.
- Develop a customer research panel
- Measure customer satisfaction
- Determine customer communication preferences.
- Determine customer needs for technology (usage and support)
- Segment by CLV and SOW
Accomplish the above and then develop your social media plan.
