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Don’t fail to develop the proper comprehensive metrics for assessing how you and any partners are doing in terms of value creation. It is vitally important to leverage your efforts to maximize all key constituents, including customers, team members, partners, and other stakeholders. Not having a means to measure holistic impact.
Test specifics and potential on friends, advisors, and potential customers. To succeed in business, every passion and purpose has to be translated into real products, services, customers, and impact on the community. Measure customer value perception at every stage. Marty Zwilling First published on Inc.com on 06/06/2023
We all have our favorite metric and our passion, but keeping up with real-world changes and trends seems to be always just out of reach. In my experience, all business metrics are still used too often for people management and accountability, rather than business management. Marty Zwilling First published on Inc.com on 08/02/2023
These are necessary to attract customers, investors, and give you a line of defense with competitors. Test your plan to get feedback from real customers. Use social media or reward target customers to volunteer for a feedback session. Define key metrics to measure progress and success.
Potential customers these days rely more and more on name recognition for credibility and new brand adoption. These days, customers are drawn to support worthy causes, such as saving the environment or feeding the hungry. Focus on a customer pain that your solution satisfies better than any competitor.
Develop metrics to monitor work intensity. Work intensity could be anything from number of meetings in a day, to number of production line emergencies, to number of angry customers during a shift. These metrics are also the best way to gauge when your team needs more help, and identifying strong and weak contributors.
Everyone in the company must adopt the principles of customer-first focus, agility in responding to change, and constant innovation to improve your processes as well as the solution. Measure progress through metrics on sales, revenue, and penetration. Seek customer feedback on ways to improve value and satisfaction.
It’s all about contributing and being connected to team and company values for improving the lives of customers, or possibly a higher-level purpose, such as saving the environment. Make sure you know what is really happening, through metrics and feedback from others. Marty Zwilling First published on Inc.com on 04/18/2023
Thus they are blindsided and try to react quickly when a new competitor starts stealing customers. For example, we all remember when Blockbuster realized too late that Netflix was stealing customers by offering videos online rather than via DVDs, but even then they were unable to adapt their processes and their thinking.
These relationships must be nurtured over time, balanced against your personal life, and grow to include major customers, competitors, and potential acquirers. You may be comfortable driving your future based on vision and emotion, or have long been a stickler for details and metrics. You make decisions from data, or from the gut.
And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. In those years I learned to properly build product, price products, sell products and serve customers.
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