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When sales fall off, you need to dig deep for the “why,” rather than just assuming the price needs to go down. Establish and evaluate metrics at multiple levels. In addition to total sales, you need to look at categories and trends at lower levels. Marty Zwilling First published on Inc.com on 07/15/2021.
For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees. Incentives should be a combination of metrics and recognition to highlight results. Marty Zwilling First published on Inc.com on 06/09/2021.
Switch your focus from product development to sales. Explosive growth to an enterprise normally requires a scalable sales model, a well-documented process with incentives, training, and metrics for tracking and management. Isolate marketing from sales for maximum customer focus.
You may be a product expert, but have little experience with running a business, or marketing, or sales. In the startup world, even the best-laid plans are probably wrong, so there is a need to be able to launch fast, have metrics in place to measure progress, learn from real customer feedback, and pivot as required.
Make sure that metrics and goals are set up front, and not modified as the project progresses. Unfortunately, I often see goal misalignments with teams, such as marketing measured on sales volume, or sales measured on customer retention. Marty Zwilling First published on Inc.com on 10/27/2021.
To keep you on a positive track with potential investors, I recommend the following logic principles, to balance your passion in presenting your vision of a new business: Make sure your plan includes some business metrics. Equity investors realize that they won’t see any real return until an exit occurs, such as a sale, merger, or IPO.
Obsessive sales – must meet revenue goals. Hypermetricemia – metrics for everything. My advice is to focus on a handful of high-level metrics that matter , and are simple and relevant to organizational objectives. Marty Zwilling First published on Inc.com on 09/28/2021. Make sure your vision is clear and communicated.
By some metrics, certainly not. TikTok’s sister company Douyin, for instance, which is also owned by ByteDance and mainly operates in China, has seen a 320% rise in sales between April 2021 and April 2022. Should Tech Giants Stop Trying to Make Social Commerce Happen?
You won’t need the multiple follow-ups and time to close new sales. Build a marketing plan with deliverables and metrics. Marty Zwilling First published on Inc.com on 04/27/2021. Give priority to prospect quality versus quantity. An approach which is coming back into vogue with the pandemic is consultative selling.
These show a focus on the business elements required for success, and metrics for ensuring accountability, management control, and feedback along the way. You need to show that you have a powerful team, and can attract and lead people with strong skills complimentary to yours for marketing, finance, sales, and operations.
Customers today quickly get beyond these, and put a competitive priority on the experience of others, reflected in reviews and social media, and their own total experience with your sales process, delivery, returns, and support on their schedule. Marty Zwilling First published on Inc.com on 05/20/2021.
No matter how passionately you believe that everyone needs one, and positive feedback from friends and early adopters (false positives), before you invest in scaling the business, make sure you set and meet good metrics in cost of customer acquisition, recurring sales, and margin.
Your goal must be to make every aspect of a customer interaction a joy to both you and them, starting from the shopping experience, to the sales close, to delivery and service. Use metrics to assess needs and growth economics. Marty Zwilling First published on Inc.com on 12/08/2021.
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