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How does your Net Promoter Score impact your Company?

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How does your Net Promoter Score impact your Company?

Auteur n°3 – Benjamin

  • Tags Net Promoter Score, NPS

Importance of Net Promoter Score

Net Promoter Score (NPS) is a critical metric for any business and measures customer loyalty and satisfaction. It gives you an idea about the number of your loyal customers.

NPS is important to understand why customers become loyal to your brand, like what are their reasons mostly. You’ll have proper feedback from your customers and will find out just how satisfied they are with your products or services.

Benefits of Calculating Net Promoter Score

Net promoter scores give you very good feedback. It can be analyzed very easily as well. Marketing, sales, and product development teams move forward with this information very quickly.

NPS not only provides you with feedback but also enhances the customer experience as well. Based on the information that NPS can provide you with, you can even start working on loyalty programs and develop strategies that will help you to increase customer lifetime value.

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How to Calculate Net Promoter Score?

In order to calculate NPS, you’ll need to conduct a survey as well. During the survey, you have to ask your customers, for example, on a scale of 0-10 how likely they are to recommend you to a friend. Based on the scores that you’ll get, you can put them in different categories.

People with the lowest scores, like 0-6 will be detractors. People who got 7-8 will be passives, and the ones who scored 9-10 will be promoters. Those categories will give you a better understanding of your customers and their loyalty to your brand.

After this you can use the formula for the Net Promoter Score – Net Promoter Score = (Number of Promoter Score/ Total Number of Respondents) – (Number of Detractor Scores/ Total Number of Respondents).

Net Promoter Score Impacts Your Team

Businesses that want to grow rapidly pay a great deal of attention to their resources and team members. Team members should work well together and have great motivation. Otherwise, there is a huge chance that whatever they are doing won’t be so good.

Explain the importance of NPS to them, and explain how they can be actively involved in different processes to increase customer loyalty. Trying to improve NPS should be another goal for them.

NPS Can Quantify Word-of-Mouth Traffic

Word-of-mouth marketing itself is very important for companies as another option for free advertising, but it’s mostly done by satisfied and happy customers. So it’s important to determine what gives you a satisfied customer and what makes them promote your brand on daily bases.

Most customers pay attention to what their friends or family members are recommending to them, so it’s important to develop a good word-of-mouth pipeline. Think about how you can improve the experiences of your customers and how you can make your brand more memorable for them.

NPS Measures Your Customer Loyalty

Customer loyalty is hard to measure because it’s constantly changing, but most customers pay greater attention to brands that they are loyal to. In order to have a better understanding of the loyalty of your customers, you can check the repeated purchases as well.

Also, determine what’s your average order value, this way you’ll know approximately how much your customers spend on your products or services. Also, check how many customers left your brand and canceled subscriptions.

To understand more about how to measure your customer loyalty, you can read one of our articles – “How to Measure Customer Loyalty”.

NPS Provides a Benchmark of Customer Quality

NPS can help you to understand more about your customers’ loyalty, quantity, and quality as well. NPS will help you to understand if certain customers are really the ones that you need and if they are suitable for your products or services. Use the information about other factors as well to get a more clear picture, like what’s your customer churn, conversion rate, etc.

NPS Can Identify Areas for Product Improvement

When you are creating a new product, it’s important to know what your customers think about it or feel about it. When you are monitoring everything with NPS you can understand more about the positive qualities of your products and about the negative aspects as well.

You can implement necessary changes from the beginning and don’t delay the improvement of your product. After your customers will provide you with scores, you can ask them additionally why they decided to give you a certain score and understand more about specific aspects.

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How to create a Roadmap for Value Creation?

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How to create a Roadmap for Value Creation?

Auteur n°3 – Benjamin

  • Tags Roadmap for Value Creation, Value Creation

Importance of Value Creation

Nowadays, businesses are more than just companies focused on making profits. They’re creating legacies, they are creating solutions that can improve people’s lives and change the world. The purpose of any business is to create value for customers, investors, and employees. Businesses solve their customers’ problems, that’s how they provide them with value. 

Creating value for customers will help you to sell more products, you can use the same tactic for shareholders as well to benefit more from future operations. You can open up numerous doors for yourself when you’ll have clearly defined steps for value creation.

Look at Value Creation More Broadly

Nowadays, value creation is related to almost everything, like brands, ideas, people, and innovation. So when it’s broadly defined, it can be seen as a better management tool and not for example just as a financial measure of business performance.

When you are creating value for your customers you’ll be able to provide them with products and services which will be very useful for them. While creating value for investors mostly involves delivering high returns on their capital consistently.

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Planning Value Creation Roadmap

First of all, you’ll need to document market requirements, understand more about specific aspects that have emerged there, and how you can use them to your advantage. You’ll need to have a better idea about your products and services as well, like their quality, usability, reliability, etc. Below you’ll see important aspects that will help you to develop a successful value creation roadmap.

Create Specific and Measurable Value Drivers

Value drivers will help you to see all the important aspects of value creation and how they are connected to each other. You can even create a “value driver tree” to see the chain of events that eventually lead you to increased business value. Also, keep in mind that a typical value roadmap always contains these three measures of value, which are growth, cost reduction, and risk mitigation.

Set Realistic and Achievable Targets

In order to have a value-creation roadmap, you’ll need to define what are your high-level goals. Determine where your business is right now and where would you like to be in the future. Your targets should be very clear and realistic as well in order to plan every aspect better. Also, add target dates as well to ensure that you’ll have everything done for a specific time.

Monitor and Measure the Performance of the Value-Creation Plan

You’ll need to monitor each step that you’ll take. See how you are performing and how your value creation plan helped you so far. Check the results after each stage that you’ll be overcoming. Share your plan with your team and always add feedback to make sure that everything is up-to-date.

Understand More About the Value Gap Analysis

Also, keep in mind that you’ll have to do a value gap analysis as well. Determining the value gap is important because sometimes customers expect different products or services, but then have to deal with a completely different reality. There are numerous occasions when products are thought to have better value, but the actual value is totally different.

Dealing with the value gap will help you to have more successful campaigns. You won’t be afraid of underperforming or not performing at all. Conversion rates will be higher and you will have better chances of growing your user base as well.

Executing Strategies for Value Opportunity

Think about at least nine or ten key opportunities, and think about specific programs to drive actions. Link your objectives and actions to the value chain. Develop objectives and strategies that will be able to support your value drivers. Write down everything in more detail.

A list of Supporting Competencies

In the list of supporting competencies, you can include every skill, technology, or process that you can use. Creating a roadmap isn’t easy but with an open-minded team, you’ll be able to clearly see the value that you are providing your customers with or could provide them with in the future. Also, it can become the foundation of your company’s strategies. 

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How to measure Customer Loyalty?

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How to measure Customer Loyalty?

Auteur n°3 – Benjamin

  • Tags Customer Loyalty, Measuring Customer Loyalty

Importance of Measuring Customer Loyalty

It’s one of the most important topics that companies should be interested in. However, there are a lot out there who don’t even know their rate of churn or retention. Not measuring the ROI of customer experience, upsells, cross-sales, or other metrics of customer loyalty could have detrimental results.

Measurement of important aspects is crucial. You should know why your customers like you, and why they are loyal to you. Loyal customers help you to achieve your business goals and help you to progress. There are several essential metrics that you could benefit from.

Customer Retention Rate

Customer retention is about the clients who remain loyal to you. They are very valuable and can help you to gain more customers. In order to determine more specifically what’s your customer retention rate, you can use a formula: [(E-N)/S] x 100 = CRR.

First of all, identify the specific time frame that you’d like to study. S is related to the number of customers that you had at the start of the specific time period. E is about the number of customers that you had at the end of that time period. N should be the number of customers that joined you during that time.

Using this formula will help you to determine what’s your customer retention rate, you can do it on weekly or monthly bases, or even daily depending on what kind of company you have and how frequently you go through changes.

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Customer Lifetime Value

You need to know what the average customer is worth to your business, and there is a formula that could actually give you more clear answers – Customer Lifetime Value = Customer Value X Average Customer Lifespan.

First of all, you need to know what’s the average purchase value and then multiply that number by the average number of purchases, this way you’ll determine the customer value. Then you can multiply customer value and average customer lifespan to discover what’s your customer lifetime value.

Net Promoter Score

Net promoter score is important in order to measure customer satisfaction levels and loyalty, and most of the majority of Fortune 1000 always pay great attention to it. The formula for Net Promoter score is – Net Promoter Score = (Number of Promoter Score/ Total Number of Respondents) – (Number of Detractor Scores/ Total Number of Respondents).

First of all, you need to do a survey. You can do it via social media polls, and emails as well. You have to ask your customers “On a scale of 0-10, how likely are you to recommend us to your friend?”.

Once you collect the answers, divide them into categories. Promoters will be people who scored 9 or 10, passives will be the ones who scored 7 or 8, and detractors are the ones who score between 0 and 6.

Customer Satisfaction

Understanding more about customer satisfaction (CSAT) is very important to have a better idea about customer retention as well. You’ll have a better understanding of the customers and the experiences that they had while interacting with your business, service, or product.

You can do the survey again and ask the customers simple questions. For example, ask them how would they rate their satisfaction with your company, your service, or your product. And then provide them with possible answers, like very satisfied, satisfied, neutral, unsatisfied, and very unsatisfied. Every response will have its own number value.

Customer Effort Score

With a customer effort score (CES) you’ll be able to determine how easily reachable you are for your customers, and how much time and effort they require to use your product and service or find the information that they need.

You can do the surveys again to understand more about this topic, but you’ll need to do it immediately after they purchase certain products from you or use your service to understand everything straight away. A high CES score is a good indication that your customers can reach you easily. It’s going to have a positive impact on your business.

Engagement Rates

When customers have high engagement levels they are most likely to stay loyal to your brand. You can monitor engagement rates by survey responses. Also, you have to know basically how frequently and well your products are used by your customers.

You can check your social media platforms as well to see the number of likes, comments, and shares. See who are more active users, some of them might be active on daily bases, but there are some customers who don’t appear on the radar frequently but are always following you.

Understand More About Your Customers’ Responses

Going through these metrics will help you to measure customer loyalty better. When you’ll ask questions during surveys, delve more deeply into the responses that you’ll be provided with.

If you’ll ask them if they are satisfied with your services and then they’ll answer yes/no, ask them why, or why they decided to give you a specific score. In this case, besides the statistics and actual facts, you’ll be able to get a better understanding of many important topics and will see once more, what your customers really think about you.

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What is MVP in Product Management?

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What is MVP in Product Management?

Auteur n°3 – Benjamin

  • Tags Minimum Viable Product (MVP), MVP in Product Management

The Concept of Minimum Viable Product (MVP)

MVP is a version of the product that has enough features to be used by early customers, who will be able to give you feedback for future product development. Focusing on MVP can help you to avoid unnecessary work, and be more focused on improving your products based on customers’ feedback.

MVP can help you determine what’s the demand for your product and generally how your idea will be welcomed on the market. Before putting too many resources into your work, you can use this solution to evaluate how much success your product can bring you.

The Purpose of Minimum Viable Product (MVP)

MVP can serve lots of purposes for your company. Your product team would need to use it when they plan to release the product on the market as quickly as possible. Also, when they want to test the product to get real feedback from customers and to understand generally what your target audience is thinking about it. After that you can decide how much you’ll invest in your product development process and what steps will you take next.

MVP in Product Management

MVP and product management have a very special connection. MVP is a solution that is cost-effective for you and gives you the possibility to see the bigger picture when it comes to your product.

Because of so many aspects that it can help you with, proper MVP product management is very important. In order to take successful steps, you need to focus on a couple of important topics.

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Start with Market Research

Before you start working on MVP you need to know more about the market. This information will help you to define important aspects of the product and will lead you to better decisions and results.

You can do the surveys to get as much information as possible. Also check the competitors, and what they offer to customers and determine how your product ideas can stand out.

Define Your Target Audience

Understand who could be interested in your product. Also, determine what needs and requirements would your product be fulfilling, and what is your product’s true value and purpose.

For example, if you want to create an app for fitness enthusiasts or veterinary technicians you need to consider what they really want from you and from your app. Also, how they want their data to be tracked, or what are they most interested in. You need to have answers from your audience to take the next steps.

Listen to Your Users

You shouldn’t guess what’s the need of your customer, in this case, they can tell you directly what they really think. Get feedback about specific aspects of products, they might even give you new ideas about how to improve the product. Compare different options, like different designs or features to determine which option seems to garner more attention from your customers.

It might seem early for you but try to work a bit regarding value proposition as well during this whole process. You’ll need it to show your customers why they need to choose your product.

Start with the MVP Roadmap

In order to reduce risks and make the whole process less chaotic, you’ll need to plan everything. Create a plan where you’ll have a detailed description of what you want to achieve with MVP. Create a detailed product roadmap that will have all the necessary aspects that are related to your goals.

Keep the Focus

Creating a product that will be perfect is something that most companies would be interested in. But it’s important to not lose focus and be concentrated on aspects that need more time and resources. The main thing has to stay the main thing, it’s a crucial part.

In this case, your goal shouldn’t be to create perfection. You need feedback and testing of your assumptions in order to improve your product. Just find the most important aspect and focus on it.

Brainstorm to Find the Best Solutions

Brainstorm to find the best solutions. Every product needs specific ways to improve, so it’s essential to have a better understanding of its unique features. Be flexible and learn from your mistakes. Try to find solutions that will help you to improve your product according to market needs and your future goals.

Acknowledge the Power of Product Design

Most of the time MVPs are very minimalistic, but it doesn’t mean that you should put less effort into the design. You can improve it in the future but still, the first impression decides a lot. You need an MVP which will be seen as something great for your customers.

You need to know what are the most important details, from a user and business perspective as well, in order to understand what kind of design would be most suitable in certain cases. Well-designed products are more competitive on the market and have better chances of success.

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How to do a Competitive Market Analysis?

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How to do a Competitive Market Analysis?

Auteur n°3 – Benjamin

  • Tags Competitive Market Analysis

Importance of a Competitive Market Analysis

Conducting competitive market analysis helps you to understand more about your major competitors, like what are their products, how successfully they sell, and what are their marketing tactics.

You’ll have a chance to ward off your competitors and implement stronger business strategies. You’ll know more details about your environment and how you can become the leading company in your industry.

Benefits of Competitive Market Analysis

There are several factors that you should know about. Keep in mind that Competitive Market Analysis can help you identify your products’ unique features and value. You’ll understand what your competitors are doing right and where they are wrong.

Also, you’ll learn through customers what certain products are missing which will generally help you to improve your business and measure your success better.

Determine Your Competitors

First of all, you have to know who are your competitors and gather accurate data about them. No matter how similar some businesses are, using certain strategies the same way isn’t beneficial for everybody.

You can “divide” your competitors into two groups, like “direct” and “indirect”. Indirect competitors will have similar products to yours and will be in the same geographical area, while indirect competitors will have products that satisfy the same customer needs as your products.

For example, Adidas and Oxford are in the same industry but their style is totally different, so you have to determine links between different companies, see the unique aspects of brands and determine what kind of competitors they are and how can you overcome them.

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Determine the Products of Your Competitors

Products and services are the core of any business, so you have to know more details about them. Try to determine their pricing strategy, find out if they are working on volume sales or one-off purchases, and what is their market share.

Knowing the target audience is very important. In this case, you have to determine what kind of target audience they have, and what are their customers’ needs and requirements. It’s interesting to know how they compare themselves to competitors, why they think that they are different, and how they showcase those traits. Also, check how they distribute their products or services.

Research Your Competitors’ Sales Tactics

You need to know more about your competitors’ sales tactics and what kind of results they have. It’s a little bit tricky task but you need to ask the right questions to get the right and useful answers.

See what their sales process looks like, and what channels they use for it. They might be operating from numerous locations, check these kinds of aspects as well, and evaluate their growth. You could use their success stories to strengthen your strategies, but you need to know about their losses as well.

Check Any Additional Tactics They Are Using

Check your competitor’s prices, and what they offer to their customers. They might be doing discounts frequently, or using giveaways. Determine why they have specific prices. For example, if your product has better quality or better features you can sell it at a higher price, but you have to explain to people why.

Understand why customers are interested in you and in your competitors. Sometimes some customers might stay with you, then with your competitors, and vice versa. You need to understand more about specific reasons. Also, they might be more active on social media platforms, have more visibility for a wider audience, might have used viral marketing, etc.

Competitive Shipping Costs

While conducting a competitive market analysis look through shipping costs as well. Most of the customers aren’t happy with the expensive shipping costs. Nowadays, customers are happier when they don’t have to pay money for that at all and often prefer to deal with brands that have free shipping.

If most of the competitors have free shipping think about that option, at least try to not have too much shipping price. Also, if you don’t feel comfortable with free shipping, try to find different solutions, like holiday discounts or giveaways on social media platforms.

Analyze How Your Competitors Market Products

In order to understand more about their marketing strategies, see if they have a blog or any e-books. They might be offering customers videos or webinars as well. See if they have an FAQ section and what kind of visual content they have. Also, check if they have case studies and generally what online and offline advertising campaigns they have.

Check Your Competitors’ Content Strategy

In order to understand more, check how frequently they are posting their blogs, you can do the same with e-books as well, it depends on what you’ll understand after you’ll analyze how your competitors market their products.

Check the quality of their content and generally how accurate it is. See if their content is free and available for everybody, understand who is writing the content, and generally if it’s interesting and how much in-depth it really is.

Understand What Technologies Your Competitors Use

Understand more about technologies that are used by your competitors. It could help you to become more productive as well. Like numerous companies are using digital solutions right now in order to improve themselves and their services, so it wouldn’t be a surprise to understand that, for example, a company that is well-known for excellent customer service, is interested in the customer service software.

Observe How They Promote Their Marketing Content

Check the content again and see approximately how many keywords are used by your competitors, and how many internal links are they using. They might be using certain keywords which are successful for them but you haven’t used them yet.

Check which social media platforms are frequently used by their customers, what content of theirs is most liked by the target audience and generally look at more details of their accounts, like the number of followers, frequency of posting, etc.

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How to do a Market Analysis for a Business Plan?

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How to do a Market Analysis for a Business Plan?

Auteur n°3 – Benjamin

  • Tags Business Plan, Market Analysis

Importance of a Business Plan

A business plan is a crucial part of growing and developing your business. First of all, it gives you direction, it guides you through every necessary step that you have to take. It’s your tool, your map that can take you to the most favorable destination for your company.

It can help you to reach your business milestones, and help you determine the most important aspects of your company which will always aid you with the decision-making process. Your business plans must meet your needs. How you’ll write or create them is up to you, you just have to make sure that it will work for you.

What You Can Understand from Market Analysis?

Good market analysis will clarify several important aspects for you, which will in turn help you to devise a better business plan. First of all, you’ll be able to minimize investment risks, you’ll be able to identify more opportunities and risks, you’ll be able to understand more about your competitors as well, you’ll spot emerging trends, determine how successful could you be, etc.

Core Components of Market Analysis

Market analysis has several core components. Industry analysis lets you know more about the industry environment where you are operating and competing against others. Target Market analysis is related to the customers that you will be targeting. As for competitive analysis, you’ll be able to identify your competitors and how you can win against them.

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Determine Your Purpose

First of all, before you start conducting market analysis, you need to define your purpose. A clearly defined purpose will give you direction and will help you to determine the most important aspects of your business plan.

Try to understand if your purpose is internal or external. The internal purpose will be related to your company directly. Like you could be trying to understand how to increase cash flow or how to improve business operations. External purposes can be related to business loans for example.

Research the State of the Industry

Find out more about the current state of the industry and what aspects could be beneficial for you. You should understand where the industry is heading, what could change in the future, and how those changes could affect you. Also, you’ll see what are the current trends and elements that could be good for your company. It will help you to set up the aspects of your business plan which will be rewarding for you in the future.

Identify Your Target Customer

The business plan should contain information about your target audience and how you can interact with them because they are the ones who help you to achieve success. Consider demographic aspects while discovering them, like what’s their location, profession, interests, education, needs, etc. You could create a customer profile during this process which will help you to determine the most suitable customers for your business.

Understand Your Competition

It’s hard to move forward when you don’t have a clear image of what’s happening around you. You might know a lot about what going on in your company, but you need to understand what’s happening beyond your walls. In order to have a successful business plan you need to go through your competitors as well and understand what they have while you don’t and use all of their benefits and disadvantages to your advantage.

Gather Additional Data

When conducting market analysis for your business plan, information is your biggest friend. The information that you are gathering should be credible and useful. Go through reputable business data resources as well to ensure that you’ll have accurate information. Check valid local commerce sites, market surveys, and statistics.

Analyze Your Data

After gathering information it’s important to analyze it. Your research should most definitely include important aspects of your industry, its size and growth rate, an industry outlook, customer buying trends, what’s the potential of your company and your growth in the current environment and how much customers would pay for your products and services.

After analyzing your data think about how you can use it and make it work for your company. Look through your research and determine how you can improve your company. Your findings could be very valuable and help you with your long-term plans as well.

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What role does Optimization play in your Conversational Growth Strategy?

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What role does Optimization play in your Conversational Growth Strategy?

Auteur n°3 – Benjamin

  • Tags Conversational Growth Strategy, Optimization and Conversational Growth Strategy

Benefits of Conversation Growth Strategy

Adopting a conversational growth strategy is very important and beneficial for numerous reasons. You can increase customer satisfaction levels and turn anybody into a loyal customer. You’ll be able to interact with them faster, more easily, and more productively.

You can have increased revenue through increased market share, brand awareness, and renewals from your loyal customers. You’ll be able to determine which software or tools you need to use and give your brand a more human and attractive image.

Benefits of Optimization

Optimization can be a game-changer for any organization. One of the biggest benefits is that it can help you grow and evolve at rapid speeds. The benefits of search engine optimization (SEO) are well-known and its implementation in conversation growth strategy is crucial.

You’ll be able to drive high-quality traffic to your website, measure your success with real numbers, promote your company on daily bases successfully, increase brand awareness, reach more members of your target audience, etc.

You can also read one of our articles “What are the steps for implementing Conversational Growth Strategy?” to have a better understanding of this topic.

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Determine Your Conversion Rate

Organic traffic is important, but you have to know as well how many people from there can be converted into paying customers. The higher your conversion rate, the more successful you are.

Find out how many people benefit from your services and products and how many of them make purchases or fill out contact forms, and apply for newsletters. Check the number of visitors with your tools.

Create Compelling Content

Compelling content is very important for attracting customers. You’ll need the kind of blog posts or social media posts which will match the reader’s interests. Make clear and valuable offers that will be attractive to them.

Businesses improve the conversion rate when they optimize several important elements. In this case, following SEO guidelines will be very beneficial.

Make the Purchase Process Easy

In order to make the purchase process easy and generally help the customers to find you more easily, you’ll need optimization. You can sort out various payment methods, and make sure that navigation on your website is easy and understandable for customers, but again the rules of SEO which can be used for your content, website, and various SERP aspects are very important to consider.

Importance of SEO for Conversational Growth Strategy

SEO can help you to rank higher in search engine results pages (SERPs), that’s why it’s so important to follow SEO’s guidelines. Your conversation growth strategy can be beneficial for you, but people need to see you more and hear from you more.

With the aid of SEO, you’ll be able to increase conversion rates, have more high-quality content, increase your visibility, and generally help your business grow.

Create Keyword-Rich Content

While using conversation growth strategies you’ll be communicating with your customers via multiple channels, like emails, social media platforms, etc. While using important keywords you’ll be able to attract the attention of your target audience better.

You’ll be able to attract organic traffic with this solution and increase the success of your conversational growth strategy. With this strategy, you’ll be able to deal with your customers better and more efficiently as well.

Optimize Title Tags and Meta Descriptions

While talking about SEO, websites, and visibility, it’s important to mention title tags and meta descriptions as well, because they help you to describe the content of your webpage better and help you to become easily reachable for the audience who is interested in your company or just companies which are similar to yours. So those aspects have to be very effective.

SEO and Content Go Hand-In-Hand  

It’s impossible to deny the connection between those two. You need SEO-friendly content no matter what you are doing, and it needs to be relevant, valuable, attractive, and engaging. Your customers should come back for more.

You have to know that when you are trying to reach more customers and create valuable and productive connections with them you’ll need to be armed with optimization as well, to be more visible to them and to show them the high quality of your products and services.

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How can you shorten the Sales Cycle and Accelerate Sales?

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How can you shorten the Sales Cycle and Accelerate Sales?

Auteur n°3 – Benjamin

  • Tags Accelerate Sales, Shorten Sales Cycle

How Sales Cycle Can Help Your Team

A sales cycle is a framework that consists of detailed steps or stages which are necessary to close deals and make sales. This framework could be unique in certain ways based on the company and what they are selling, but there are several important steps that should be considered in every framework.

When everything is done well, you can provide your team with the tool that will help them to achieve maximum results, and also help them to shorten the sales cycle and close more deals as well.

Understand Where Your Business is Today

Before you start working on any strategy you have to know your current place in the market and generally where you are standing. Also, determine what are your strengths and weaknesses. Your team might have some pain points; they might be going through some setbacks.

They are participating in the most vital aspect of your company, they are selling for you, so you have to know more about them and your general environment before you take your next steps.

Embrace New Tools and Technology

Resisting new technology will only lead you to a passive sales strategy because most companies are trying to implement more digital aspects into their companies and benefit greatly from it.

You have to use those chances as well because implementing different technologies will help your sales team to track data, better deal with tasks, and increase sales. You can look through our articles about Software Engineering as well, to understand more about different options.

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Set Up Goals

Your team needs to know what are your company’s goals because it will help them to communicate with potential and existing customers. The sales cycle isn’t only about selling something, closing deals, etc.

Behind those actions is always a specific goal that needs to be achieved. Goals are like directions for your team members which help them to measure everything better.

Explore Prospect Objections

Besides having clear goals and being confident while communicating with customers, it’s important to be prepared with other aspects as well. You need to be original and natural in your approach.

You have to deal with objections in a more helpful and accurate way. Using phrases that convey empathy but have no real feelings in them is very easy to see for the clients. So make sure that you know what are their requirements and which solutions you can help them with.

Singing Contracts from Any Device Should Be Easy

What every customer wants right now in this busy and hectic world is to get immediate results, especially when it comes to customer service or sales, and all customers use different devices to reach you, like mobile phones, tablets, etc.

If you want to be the top performer in your field, you need to constantly improve your sales technique based on your customers’ requirements. For example, online contracts that can be signed from any device are very comfortable for customers.

Highlight Social Proof

Your prospects might not trust you straight away but their peers’ opinions will have some kind of influence on them. Numerous buying decisions are made with recommandations from peers.

You can send the prospect case studies, show them how others benefit from your company, and build trust. Because the importance of social proof theory is great and mostly is about how people tend to adopt the beliefs that their trusted group has.

Take Care of CRM

Always check the CRM contact list, determine who is more interested in your products and services, and make sure that you’ll reach the right people at the right time. Check emails as well and determine generally who is more active and who doesn’t respond to you at all.

You can create a “cold” list where you’ll have people who don’t respond to you or don’t seem interested and pay more attention to others. Just because somebody was moved into a “cold” list doesn’t mean that you can’t work with them in the future, you can start working on different strategies that will be more suitable for them.

Create a Personalized Experience for your Prospects

Prospects always feel everything and sometimes have to deal with thousands of emails on daily bases, receive calls about new products, etc. It’s hard to impress them with anything, so it’s crucial to make their experience more personalized. To show them that they aren’t just random numbers on names on your list.

Call them by their names and use them in messages and emails. Offer them solutions, not products. Listen more than you talk, use their language and terminology while speaking with them, and remind them of your value time after time, like for example send them regular emails which will update them about interesting news.

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What is the Difference between Customer Acquisition and Retention?

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What is the Difference between Customer Acquisition and Retention?

Auteur n°3 – Benjamin

  • Tags Customer Acquisition, Customer Retention, Difference between Customer Acquisition and Retention

Importance of Customer Acquisition and Retention

It’s impossible to exist in the business world without challenges. Like often there is a challenge of getting new customers, then you might lose existing customers, also you might have to solve your problems with limited resources. This s just a very small list.

However, there are several important factors that are crucial for companies, like customer acquisition, which is related to getting new customers for your company, and customer retention, which is about keeping existing customers in your business. Business without customer acquisition is stagnant and without customer retention, it’s stuck on a treadmill, where it’s running nonstop without going anywhere.

Customer Acquisition as Your Priority

When customer acquisition is your priority you actively work on sales and every aspect related to it. You have a chance to get numerous customers who will buy from you or use your services. It’s beneficial for you, but it’s interesting what will happen in the future. Will they keep buying from you or is it just a one-time thing?

Customer Retention as Your Priority

Customer retention is vital for long-term business success. In today’s world there is a lot of competition, so just closing the deal isn’t always working, and even when it works it’s not enough. You can think that selling your software to one client is okay, but what really happens when there are numerous software out there and all of them are better than others?

Companies are giving customers chance to try out free trials, to show them what they can offer and also to get their loyalty. They need somebody who will stay with them and will be interested in other products that they have or will develop because of the huge competition on market. That’s why customer retention is important, you need to keep your customers in your company.

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Customer Lifetime

There are numerous customer acquisition strategies, you can even read one of our articles “What are the Best Customer Acquisition Strategies” to have a better understanding of this topic. Besides attracting customers it’s important to keep them as well.

Keeping customers that you acquired gives you more financial benefits and gives your company a better name. Long-term customers are great for referrals as well, they will recommend you to other people with great pleasure.

Customer Acquisition and Retention Drive Growth

Customer acquisition and retention are like two wings of a bird, and if one of them has problems, flight becomes impossible. Both of those elements are very different from each other, but you need both of them to be successful.

The acquisition grows your customer base, and retention grows your customer lifetime value. The acquisition could cost more for the company, but with a good retention strategy, you’ll be able to generate significant returns.

Determine What Are Your Goals

Customer acquisition and retention as well are very important for companies, so ideally it would be great to focus on both of them. You need to determine which one is more beneficial for you or how could you use both of them. For example, many SaaS companies focus on retention. But you need to keep in mind that customer acquisition and customer retention are like two sides of the same coin.

Companies Using Different Strategies

Based on how big and popular they are, companies use acquisition and retention strategies differently. It’s important to use both strategies for a successful future, but the process can be very creative and original.

For example, Coca-Cola has a great history of customer engagement. Their customer retention strategies give people fun memories that aren’t easily forgettable. The “Share a Coke” campaign was a very successful retention strategy. They just changed their brand’s names with actual names and the reactions of people were phenomenal.

Amazon is another great company for whom successful retention strategies are related to giving their customers chance to have personalized experiences, and also they have a good return policy as well. So you can use many options, like personalized services, customer feedback, social media platforms, and many others to bring success to your company.

 What We Offer

For more similar articles, make sure to scroll through our Publications on Edana. Your Swiss Digital Agency is ready to provide you with Expert-Level assistance built on customer loyalty, progressive ideas, and dedication. Our expertise includes Digital Strategy and Audit, and many more.

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Digital Consultancy & Business (EN)

How do you have to prepare for a Telemarketing Campaign?

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How do you have to prepare for a Telemarketing Campaign?

Auteur n°3 – Benjamin

  • Tags Preparing for Telemarketing Campaign, Telemarketing Campaign

Benefits of Telemarketing Campaign

Telemarketing as the direct marketing of goods or services to potential customers over the phone or the internet is an effective way for companies to increase sales and their visibility. It’s a very good option to find new customers and sustain good relationships with your old customers as well.

You can provide them with more information and increase their interest in your company, you can generate leads and set up appointments, sell from distance, reach more customers, and generally achieve better results.

It Starts with Target Audience

First of all, you have to know whom you’ll be reaching and what they’re interested in. So you have to choose and study your target audience. You need to have a database of target prospects with accurate data. After that, you can start researching their general requirements, and their previous interests and determine how you can approach them and help them.

Create a Strategy and Set Your Objectives

You need a clearly defined strategy that will help you to get hold of quality leads and also will help you to close the deals. You need to know more about your target audience because, in the telemarketing world, nobody cares about what you know before they won’t understand that you care.

“Pitch” that is frequently used in such cases isn’t only about product description, you need to implement more empathetic aspects in your conversation when you are dealing with your customers and show them that you are really interested in solving their issues and helping them with different options. You need to know how to introduce yourself and think about the basic structure of conversation that could work with your customer.

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Identify the Right Message

Working on strategy and setting up your objectives will help you to clearly define your message. It’s something that will be used in every part of your pitch, your emails, etc. It’s something that has to reach your audience and leave an impression. Identify their needs and let them know how you can fulfill them, otherwise, you won’t be able to make them interested in you.

For example, people seldom like how washing machine looks, but it has benefit, it can wash your clothes, that’s the only reason why you’re buying it. Your customers have to understand that the benefit of your product can fulfill their needs and they will forget everything else.

Systems are Crucial

Besides the aspects that your team has to consider about communication with customers, you need to work on systems as well. A good CRM system will be crucial for you in order to improve your marketing and customer relationships.

Since this is a very important factor for telemarketing and generally for lots of companies when they deal with numerous clients, you can read one of our articles about “How to Create a Good CRM Strategy for Your Company” in order to have a better understanding of this topic.

Provide Other Stimuli

It’s not strictly necessary to only call your clients and wait for their response. Most of them might be very busy and not have enough time for you no matter how great news you have for them. But not getting an answer isn’t the end. You can use other communication channels as well to get their response and check if they are truly interested in you.

You can use email marketing to reach the target audience and tell them everything. Also, besides that, you can send them follow-up emails as well and maintain contact with them. Just because they couldn’t answer you once or didn’t like the first offer, doesn’t mean that it will happen again.

Measure and Report

First of all, your team needs proper CRM to reach the customers better and keep important information there. Also, it’s important to measure the success and results of your teams, for that you can start daily reporting, benchmarking, monitoring the right KPIs, etc.

You should measure the number of calls, and how many of them were successful or could give you good results in the future. By comparing results on daily bases you’ll see your progress and also what could be changed.

Be flexible and pay attention to details while measuring and evaluating everything. Train your team on regular bases to improve their skills and help them progress. Sales progress and change all the time, so it’s important to keep up with those changes.

What We Offer

For more similar articles, make sure to scroll through our Publications on Edana. Your Swiss Digital Agency is ready to provide you with Expert-Level assistance built on customer loyalty, progressive ideas, and dedication. Our expertise includes Marketing Strategy and Plan, and many more.