Bloom Intelligence is here to assist your gym, restaurant or retail outlet get the most out of your marketing efforts. We provide tools and analytical reports to supplement your marketing activities with tracking that translates into financial projections and great outcomes. It all starts with a W-Fi connection at your establishment. Parts I, II, and III of this four-part series about the information available on the Bloom Intelligence Dashboard explain the bulk of the analytical data provided. Part IV dives into the final section, the Business Metrics Group. Here's where the rubber meets the road. The dashboard includes four key metrics.
Average Customer Churn Rate
Churn happens when a customer stops visiting your shop. Data is captured about each unique device in range, in other words, each customer. The visitation patterns of customers are used to develop customer profiles. Deviations from these profiles feed into an estimated likelihood that customers have stopped coming to your establishment. The churn rate reported in the dashboard is an average of this loss rate across all customers.
Projected Customer Lifetime Visits
Once an average customer churn rate is estimated, the dashboard calculates an estimated number of times customers will visit your establishment over their lifetime. This is important information because when incorporated with a few other metrics you can make informed financial projections.
Average Value of a Customer
A data-driven platform allows you to accurately estimate the average value of a customer. This metric considers the spend of the customer in your retail outlet and the cost to acquire the customer. The dashboard reports a dollar figure for average customer value and tracks the trend over time. Stay tuned for an exciting new software release in 2017 when sales data will be tied to your visitor's records, allowing you to identify top customers and target specific marketing campaigns accordingly.
Lifetime Customer Value
This metric uses the others in this section to determine a lifetime value of the customer. It is simply the product of the two previous metrics, customer lifetime visits and average value of a customer. Lifetime customer value is important for marketers because when it is high, increased marketing spend is typically justified. (Download KISSmetrics' case study on calculating customer lifetime value.)
The notable business philosopher Jim Rohn said, "One customer, well taken care of, could be more valuable than $10,000 worth of advertising." The Bloom Intelligence Dashboard provides the complete metrics to put your money where your mouth is. We look forward to talking with you about it soon.
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