Increase in sales revenue and profitability are the two most common objectives for every business. Businesses measure month on month, quarter on quarter, year on year growth in sales. However, it is important to segment the growth data for actionable insights. How do you measure business growth? Do you look at the overall trend? Do you segment customers into groups and monitor trend for each group?
“For a report to be actionable, it must demonstrate clear cause and effect”. Eric Ries made this argument in his bestselling book “The Lean Startup”. He is right to stress on the importance of monitoring actionable metrics. Quite often we get into the trap of vanity metrics. Either these vanity metrics look good or the data is easily available. However, as the name suggests, these do not lead to any action as cause and effect are not established. Have you identified actionable metrics for your business? What metrics do you monitor?
Our judgement, reactions and actions are influenced by our instincts and bias. Our experiences and learnings influence our instincts and bias. In life and at work, perception bias affects our judgement. Most of the times, we do not realize the implications of perception bias. Here are 3 tips to minimize the effects of bias.
Profitability and sustainability for most businesses depend upon customer loyalty. Repeat transactions from customers is what every business aims for. You may have heard about the concept of measuring customer life time value (LTV). There are several strategies and tactics businesses use to lure customers into repeat and more frequent transactions. Delivering a great customer service is one of these and is a zero cost strategy.
Average job tenure now ranges between 2 years to 3 years. If we were to plot global average job tenure in the last 2 decades, it certainly would be a skewed distribution. Switching a job in less than a year or two is no longer considered a taboo. Let us share 6 tips for succession planning for your organization.
I am sure I need not stress on the importance of customer satisfaction. It is tied to the overall business success and scalability. As one of the most critical KPIs for any business, it needs to be measured. Surveys are considered to be the best method to measure customer satisfaction. However not all businesses use surveys. Some cannot while some don’t. This post is for businesses that for some reason cannot use surveys. So how to monitor customer satisfaction without surveys?
The focus of this article is people management. What are the key skills for effective management? I will share three skills you can develop and master for managing your people and earning their trust.
When you have a goal in mind, strategy is about how you would reach that goal. In this post, we will understand strategy in terms of value. Business is all about delivering value to the consumer. A similar product manufactured by two different companies may have varying price points. How do you create value?
Sales is less art and more science. The skills to excel in sales can be taught. However, there are lots of common misconceptions and sales myths you should avoid. You would have heard some or all of these 6 sales myths.
What is the most influential lever for employee retention at your workplace? Creating an employee value proposition helps your meet business objectives.