Changing Trends Metrics #5
Welcome to our series, OMG : One Metric for Growth where we dive deep into real-life example of how one metric helped an organization to grow their business.
Welcome to our series, OMG : One Metric for Growth where we dive deep into real-life example of how one metric helped an organization to grow their business. Today's Metric for Growth is :
“Changing Trend Metrics”” 📈
Why is it important to look at the Changing Trends Metric? 📊 We all know the only constant thing is change. And those who take proactive actions in identifying trends and taking corrective actions are generally the leaders in their industry.
About Silverline IT Hub!
Silverline is into IT Hardware business for more than 3 decades with 100+ Cr yearly turnover. Mr Navdeep Goyal, who is a pioneer in the IT Hardware industry in Gujarat, has also contributed in various capacities to strengthen the IT association.
How Silverline is taking advantage of Trend Metrics?
Early on Mr Navdeep realized that regular visit to different types of channel partners is the key to understand the changing dynamics of market. He also realized that visits backed with data about their changing buying patterns will give him the real picture and discourage customer churn.
First, they structured the data by defining categories and sub- categories for all items. Then they segmented customers into Traders, System Integrators, Corporates, End Users etc. By taking care of these 2 elements, majority of their data got structured.
This helped them to prepare trends for products across different segments of customers. They were able to understand much faster, which products were on the verge of becoming obsolete. This insight was again verified with different customers and vendors.
Also, as they had divided customers into various groups, the changing trends of different products in different customer groups was clearly visible to them. Vendors also started appreciating the data as it helped them to identify gaps and opportunities for their products.
Every month now, they have a system of liquidating stock based on the insights from trends and also the purchase from vendors is also based on the trend data. These helped them to rotate the stock faster and keep on investing on new trending items.
Whenever You are Ready! 🔑
"Your metrics don't just reflect the past; they lead the future."
At Magenta, we specialize in turning these metrics into actionable steps.
Our Business Intelligence software seamlessly integrates with ERPs like Tally, Busy, SAP, and can provide you with real-time analytics around trends and patterns for all key elements of your business. If you haven't already signed up for Magenta Insights, now is the time!
Stay tuned for next week's edition of "One Metric for Growth" as we delve into another crucial aspect of business. Until then, seize the opportunities that lie within your data!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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