Increasing the customer base for SchemeX involves targeted strategies to optimize key performance indicators such as Customer Acquisition Rate, Cost Per Acquisition, and Conversion Rate. Enhancing digital marketing, improving user experience, and refining advertising tactics are vital steps toward achieving steady growth. For instance, hosting webinars can attract new prospects, while effective SEO optimization ensures better visibility.
Cost Per Acquisition is another essential metric, focusing on minimizing expenses by leveraging social media and negotiating advertising rates. Additionally, monitoring Customer Lifetime Value and Churn Rate helps assess long-term customer relationships. Maintaining low churn by enhancing customer service is crucial, as satisfied clients are more likely to stay and generate higher lifetime value.
Top 5 metrics for Increase customer base
1. Customer Acquisition Rate
Percentage increase in the number of new customers compared to the total number of potential customers over a specific time period.
What good looks like for this metric: 10-20% monthly growth
How to improve this metric:- Enhance digital marketing strategies
- Offer referral incentives
- Optimise SEO on your website
- Host webinars or free demos
- Expand network partnerships
2. Cost Per Acquisition (CPA)
Total cost of acquiring a new customer, obtained by dividing total marketing costs by the number of new customers acquired.
What good looks like for this metric: $50-$150 per customer
How to improve this metric:- Utilise targeted advertising
- Leverage social media platforms
- Refine email marketing campaigns
- Negotiate better rates with advertisers
- Utilise cost-effective content marketing
3. Conversion Rate
Percentage of potential customers who become actual customers, calculated by dividing the number of conversions by the total number of visitors.
What good looks like for this metric: 2-5% for software services
How to improve this metric:- Improve website user experience
- A/B test landing pages
- Address customer pain points clearly
- Use strong call-to-action buttons
- Provide personalised follow-ups
4. Customer Lifetime Value (CLV)
Predictive metric indicating the total revenue expected from a customer over their entire relationship with the business.
What good looks like for this metric: 3 times customer acquisition cost
How to improve this metric:- Enhance customer service
- Offer loyalty programmes
- Upsell and cross-sell products
- Engage through email marketing
- Regularly update and improve the solution
5. Churn Rate
Percentage of customers who stop using the service during a given time frame, calculated by dividing the number of lost customers by the total number of customers at the start.
What good looks like for this metric: 5-7% annually for SaaS products
How to improve this metric:- Conduct exit surveys for feedback
- Implement retention strategies
- Address customer complaints promptly
- Regularly update and personalise service offerings
- Build a community around the product
How to track Increase customer base metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
