Customer Lifetime Value helps us understand a typical customer journey. Watching trends, or deviations from trend, can highlight points in time to improve engagement. Improving the value we both give and gain.
In the pre-industrial days when people were more in tuned to agricultural practices where you could literally see the fruits of your efforts better. Farmers focused on all the tasks that needed to get done to insure a great harvest. In the end, it wasn’t doing these tasks that they celebrated. They celebrated with feasts where they shared and consumed all the great foods produced.
Measure both, even though you are looking for different things and do it different ways. We use metrics and KPIs to measure the performance of outcomes. We often track and evaluate how we execute on objectives.
We get muddled at times over actions and outcomes. It can happen because often both are activities and we get caught up in cause and effect. We want to focus on the outcome. When our focus is better spent on the actions we take that provide the outcomes they enable.
I think these are two very different things and both are equally valuable to business. When we are looking for business insights that are answers we often have some hypotheses or at least an idea in mind when we look at it. We are considering an aspect of the business and we are looking for facts and figures to prove something or find something out.