The Customer Movement Metric #1
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:
“The Customer Movement Metrics” 📈
Why Customer Movement Metric is Important? 📊
In the world of sales, there are only two ways to increase revenue: acquiring new customers and maximizing sales from existing ones. To put it in another way, the core of revenue growth lies in maximizing the value with existing customers while also expanding the market by serving more customers.
About:
Balwaan Krishi is India’s fastest growing agriculture equipment brand, that deals into Brush Cutter, Earth Augur, Agri machines and tools.
How Balwaan did it? 💹
Balwaan prepared the month-wise charts in a tabular format to track the number of customers billed each month. For all the focus products, they prepared separate reports and identified that many customers were billing regularly but not for all focus products.
This helped them to identify the gaps within existing customers and increase average revenue per customer by 17%. Also, they prepared the number of new customers acquired each month and their billing pattern every month.
They went one-step further by analysing the above for every segment and salesperson. Now everyone involved in sales, was aware of retention and churn ratios and data oriented working became a norm.
Consider this: your sales might be climbing, but are you truly tapping into your industry's growth potential? Often, we overlook the significance of analyzing how frequently existing and new customers purchase our key products.
These insights are goldmines lying within our current reach. With the right tools and techniques, you can truly understand your customers' movement metrics and use that information to fuel your growth.
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 more to gather customer movement data and translate it into actionable insights. 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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You'll receive One Metric for Growth (OMG) every week. 1 Actionable Metric that you can implement in your Business.