Measuring and analyzing data is undeniable in building an effective marketing strategy. However, focusing on a limited number of quantitative metrics alone can lead to shortcomings in understanding the operation of the business. For example, only caring about the conversion rate in the acquisition phase may overlook potential customers due to not emphasizing their experience after using the product (activation). This reflects the limitation of applying the Activation and Customer Lifetime Value theories.
On the other hand, solely focusing on retaining customers without ensuring they generate profit for the business can also miss growth opportunities. This indicates the limitation of the Retention and Churn Rate theories.
Therefore, to optimize marketing strategy, combining multiple quantitative metrics from important areas of the business is necessary. Each metric provides a unique and crucial perspective on the overall health of the business. For example, combining the Conversion Rate and Customer Lifetime Value ensures not only attracting customers but also creating long-term value from them.
In the future, to enhance the efficiency of marketing strategy, strengthening knowledge and application of diverse quantitative metrics is essential. Only through this combination and diversity can new businesses truly achieve their goals and develop sustainably in the increasingly competitive environment of the industry.
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