Episode E.022 Marketing & Sales Measures

Introduction
This week we continue our focus on the post pandemic re-opening of business. Other than dealing with customer and employee fears, there is nothing different or special about today's show except urgency. Unlike other expansions at the end of a contraction, this was not a structural - it was imposed. Normally a contraction (recession) is a result of over supply and decreasing demand awaiting a unplanned event to prick the bubble. In this case the demand still exists with diminished supply and we have sufficient information to predict the beginning of an expansion. The purpose of IBGR programming this month is to prepare the entrepreneur for the turnaround. it will require acting with urgency over the next 4 months.
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Show Objectives
Given our previous Shows: Show A.022,  Show B.022, and Show C.022, the objective now is to pull it together and close out the Marketing & Sales topic except for Friday's Show E.024 on The Plan and Budget.

What You Need to Know
Customers (Customer Enthusiasm) + Production (Lowest Cost Producer) +
Talent (Discretionary Performance) = Financial Results

Episode B.020

Marketing Processes

1. ​​Creating the Desired Brand Identity with Targeted Customers
2. Making the Company's Offer Known and Part of the Customers Buying Decisions
3. Creating Interest and Building a List of Qualified Leads

Sales Processes

1. Establishing Initial Contact with Qualified Leads
2. Making the Customer Fully Aware of Your Entire Offer
3. Bringing Qualified Leads into the Sales Funnel

Service Processes

1. Establishing a Long Term Relationship
2. Measuring their Experience
3. How to Upsell Current and Former Customers 

What You Need to Do

Episode E.010

Marketing Metrics

• Frequency of Contact - how often do we reach out and touch prospective customers (qualified leads) with new information that provides value – this measurement is used to determine how many touches are required to initiate action by them;
• Open Rate - what percentage of our outreach efforts are opened (read) or reach prospective customers - it measures the power of an email subject line or the title and graphics of a social media post, actions taken from an outreach to potential customers;
• Balance of Communications - what is the balance of contacts initiated by us and initiated by our target customers; used to measure the quality of your leads list and the power of your ad copy.

Sales Metrics

• Close Ratio - percentage of closed sales to qualified leads - used to determine how many leads are required to meet revenue objectives;
• Time to Close - the amount of time between starting the sales process and closing the deal - used for sales forecasting;
• Average Sales Price - the average sales price per product, service, project, etc. - used to identify the level of price integrity.

Service Metrics

• Deliver on Promise – on-time, right first time delivery - used for establishing a reliability score, it is the only thing that matters until you fail;
• Recover from Failure – consistently dealing with unhappy customers because of unreliable delivery - when you fail does the customer feel like they have won;
• Front Line Authority – the existence of clear role descriptions that ensures authority equals responsibility - recovery must be handled on the spot by intelligent and caring people, not the owner or management.

Next Show: Episode ​E.023 People Measures