It’s no secret that the business world runs on leads, opportunities and sales. But sales managers, sales reps and support staff now have AI-powered CRM tools to do a lot of the heavy lifting. With so much rich information at our fingertips, businesses can confidently look to the future more accurately than ever before, confidently projecting future financial activity. One of the most powerful tools in a company’s arsenal is sales projection. In a nutshell, sales projection is simply using your CRM’s real data to develop realistic financial or performance-based predictions. Why is Sales Projection important? One of the key reasons to employ sales projection as a planning tool in your business is to empower your management team. Sales projections place your decision makers in the driving seat, ensuring they’re well equipped to effectively plan for day-to-day operations such as KPIs (key performance indicators), budgets and staffing. When prepared correctly (and we’ll get to that soon), the most significant role your sales projection plays is to describe your potential sales performance and how it aligns with your revenue projections. Sales projections also give your business a glimpse into the future (crystal ball, anyone?) to see and monitor your business health, productivity and growth metrics. You can see how your business is tracking against target performance, which is reassuring in the best-case scenario. If performance isn’t meeting objectives, real-time sales data can be the powerful nudge you need to investigate what’s not working and make necessary tweaks and adjustments. This can be due to any number of factors such as pricing, inventory problems or underperforming team members. The difference between Sales Projections and Sales Forecasts Sales projections are a little different to sales forecasts. Both are important to use but it is good to know what sets them apart. Sales projections use current ‘real’ data to gain an understanding of future sales activity. Using the data in your CRM, you can test multiple hypothetical scenarios to examine sales potential, leading to strategic decision-making. By contrast, sales forecasts use historical data to predict future results or, in other words, they tell us what we expect to see based on past performance. Advantages of Sales Projections Sales projections impact all areas of operational business, and really help to gauge the difference between where companies are now, and where they want to be. Bringing sales projections into your strategic planning can provide advantages such as: Data-driven decision making. Once your company has examined multiple possible scenarios, you will have a clear idea of what your organisational priorities will be. For example, if you’re looking to expand into a new market and the sales projection figures support this move, you can confidently plan the next tranche of actions to activate this goal. Goal setting. Setting the right goals equates to setting your team up for success. Being able to chart potential sales performance outcomes means you can set realistic and achievable goals. Taking your team on the journey to understand the data behind these targets will hopefully inspire them to hit the ground running! Staffing predictions. Time really is money, and that statement is never truer than when you’re talking about onboarding the right team. If your sales projections have shown a need to increase or change your staff footprint, the sooner you have this intel, the more chance you have to create the right team and attract the right talent. Financial planning. This is probably the holy grail of what accurate sales projections can do for your business. Once your sales projections have supplied the numbers, you can allocate your budgets accordingly to support your organisational objectives. Managing product stock. We’ve already discussed how sales forecasting can pinpoint budget and personnel requirements, and this includes managing product inventory. When you can clearly estimate product sales over the coming financial period, you can ensure you have sufficient (but not too much) stock on hand. Inventory control streamlines expenditure against planned sales. Optimising customer service quality. Harnessing the power of your sales team is a key benefit and really leverages the value of sales projections data. Arming your sales team with sales projections gives them the opportunity to prepare for all interactions with their customers and to convert those sales. Sales team performance. Sales projections provide rich benchmarking and reporting capabilities. Once your sales period has closed, you will be able to measure results against projections. In a perfect world, your results will resemble the projections and meet or slightly exceed them. If actual results fall short, this could mean the sales projections data wasn’t quite accurate or it could reveal barriers to success such as a sales pipeline issue or a staffing dilemma. Sales Projection optimisation Now that we know how helpful sales projections are, let’s move onto sales projection optimisation. Broadly speaking, optimisation is simply monitoring and refining through regularly reviewing your sales data, proactively managing your sales pipeline and constantly evolving your sales forecasting. As your day-to-day business progresses, you will amass solid quantities of sales data. This is going to become one of your best friends in preparing sales projections. Keeping your data as clean and accurate as possible through your collection and organisation process processes will set you up with a solid foundation to start predicting future sales. Good pipeline management refers to proactively reviewing each stage of the pipeline from leads to opportunities and then to quotes, conversions and sales. Regularly reviewing your pipeline gives you the opportunity to check in on customer progress, to measure results to date and to ensure the data is up to date. Lastly, you should be constantly examining your sales forecasting model and making amendments and refinements as you go. Your sales predicting process should evolve and grow with your business. Types of sales projections There are multiple sales prediction techniques you can apply to get the tailored insights you need, but generally sales projection types generally fall into these categories: Historical sales projections. Looking in the rear-view mirror allows you to make predictions based on past sales performance. If you’re tracking year-on-year trend lines and observing an average growth of 12% each year, it is reasonable to apply this business growth estimate for coming years. Multivariable sales projections. You can access more nuanced and tailored insights based on a customised view. You can toggle in different factors such as average sales value per customer, current leads and opportunities data, and other sales data can be plugged in to customise the projections. Length of sales cycle sales projections. Using length of sales cycle sales projection as technique focuses on who your customers are, what their buyer journey looks like and how they buy your product. You can use your understanding of how long your opportunities generally take to convert and apply this data to your planning. Point-in-time sales projections. You can use this sophisticated approach to analyse how your open opportunities are tracking towards conversion. Using a point-in-time approach, you can review factors such as the length of time the opportunity has been open, the number of interactions and cost per opportunity data to predict when opportunities will close (or not). Pipeline sales projections. This is where your CRM will really come into its own by providing you with clear insights into expected sales revenue at any given moment. Using the data at your fingertips, pipelines sales projections home in on where your opportunities are at in their customer stage and how likely they are to commit. Calculating annual Projected Sales Your company’s financial sales targets are high on any commercial entity’s hit list, so it is crucial to get this right. This is usually the lynchpin upon which everything else hinges so ensuring accurate projections are in place will set your business and your team up to succeed. Once you have your annual sales forecasting lined up, this baseline data will provide you with the decision-making power you will need to make strategic plans for the year ahead. It will also give you a strong base to lean on through the financial year as unexpected highs and lows unfold. For example, say one of your suppliers is suddenly unable to fulfil an order you need for production. Your CRM can tell you immediately which of your opportunities may be affected. This knowledge will put your team on the front foot to be able to proactively manage this challenge. Sales Projection formula To calculate sales at a high-level, you’re looking at the quantity of goods, products and services sold and multiplying this by its selling price. Annual sales = quantity sold x price per unit It is also good to consider your revenue. Revenue is any stream of income into your business, including sales. Sales is just one metric of revenue. Annual revenue = sales + other income streams Once your annual sales and annual revenue figures have been determined, you can then continue to consider other financial planning calculations that take operational factors into account such as gross profit, net profit and operating margin. How to create a sales projection Creating a sales projection is as simple as following a few simple steps: Understand your prospective sales opportunities. When you’re undertaking revenue planning, a key consideration is who your customers are. Knowing what they buy, how often and how they pay for your product (one-off or subscription model) becomes the cornerstone of your sales strategy. Review past performance. Looking back at the past few years of sales and revenue performance against targets will set the scene on what is realistic and achievable. Remember, SMART goals! Specifically speaking, delve into metrics to understand your pipeline results. That is, how many leads did you get? How many became opportunities and how many became sales? What about opportunities lost – how many were there and why were they lost? Environmental scanning. Your business doesn’t operate in a vacuum! Understanding your environmental factors, market trends and external pressures will provide a layer of depth to your sales projections (and to your financial planning). Being aware of your macro environment in your strategic sales planning will contribute to achievable goals. Talk to your people. Your sales team is also a wealth of knowledge you can tap into to get a sense of what it’s like in the trenches. Working collaboratively with your staff can assist in setting realistic sales targets and timeframes, as well as comprehending their capacity to deliver on KPIs. Set sales targets. You should now be able to set sales targets based off the research you have conducted. These goals can include anything from number of opportunities, number of sales, year-on-year growth and total sales. Common sales projection mistakes to avoid While sales projects are unquestionably useful, there are some pitfalls to avoid. Here are the mistakes we see most often: Sales projection data error. Not getting your data right the first time can let you down when reporting against your sales projections. The key takeaway here is to ensure your KPIs align to organisational objectives – you want to ensure your hardworking team knows exactly what they need to achieve. On the bright side, your sales projections can be living data. If you spot something is incorrect early on, there is time to reset and move on. Low quality data management. Quality data and data management is almost as important as getting your CRM software! Keep in mind that your CRM is only as powerful as your data management so this is vital to get right. Train your people to ensure data management quality control practices are embedded and upheld. Sales projection and LIKE.TG Sales Cloud If you’re champing at the bit to start work on your sales projections, consider investing in a sales CRM such as LIKE.TG Sales Cloud – this is where the rubber really hits the road. LIKE.TG allows you to combine AI, your customer, and lead data with CRM capabilities in a single location. Your customer’s privacy is safely protected, but you get the insights you need.LIKE.TG Sales Cloud has a rich app-based network of tools ready for you to access and leverage including LIKE.TG Einstein AI Solutions scoring to triage your leads, generative AI to get ahead of communication and it can even connect into Slack, increasing connectivity between people and pipeline! Frequently asked questions What is a sales projection plan? A sales projection plan is a comprehensive and strategic approach to setting revenue planning goals for your business. You should consider your customer, your product, your sales history, the sales market and external factors and your staff to assist you in setting achievable sales projections. Why are sales projections important? Sales projections are important for financial planning, business growth estimates, resource and staff planning purposes. Once your business has a clear sales projection set for the year, sales managers and decision makers can confidently support these goals. How do you make accurate sales projections? The best way to deliver an accurate sales projection is with CRM software such as LIKE.TG Sales Cloud. This CRM is the number #1 on the market and with good reason – powered by AI, LIKE.TG Sales Cloud can slice your lead, opportunity and sales conversion data within seconds to provide you with customised projection data for your business.

Accenture established its LIKE.TG practice in the Philippines in 2012 with a small team of CRM specialists. Today, the practice comprises 1,900 employees who work across Advanced Technology Centres in Cebu and Manila. It has also been awarded the highest number of accredited practitioners within the country. I met with the team to discuss the development of the practice and how they are driving customer and employee success. Here are the key takeaways, including best practices for building and maintaining LIKE.TG talent. Practice achieves 44% increase in LIKE.TG certifications In 2023, Accenture’s team in the Philippines increased its number of LIKE.TG certifications by 44%. The number of certified individuals in the practice has also increased by an average of 24% year on year over the last four years. LIKE.TG and Accenture have worked closely together to upskill the team and build new capabilities. Our joint LIKE.TG Days are just one example. The most recent event saw more than 200 people come together for learning and inspiration. We discussed our roadmap, priorities for growth, and new opportunities for collaboration. We also presented a deep dive on our AI-driven solutions and shared product demos. Accenture also held onsite certification exams during the event with 115 consultants taking part and a high number passing their exams. In addition to LIKE.TG Days, we’ve partnered with Accenture to run several industry-specific enablement sessions. These sessions have been aligned to Accenture’s key practice areas, including education, financial services, public sector, and utilities. On top of all this, Accenture launched the first LIKE.TG Developer Group in the Philippines back in 2016 and it has continued to host learning sessions, meetups, and campus programs for those interested in sharpening their LIKE.TG skills. Get articles selected just for you, in your inbox Sign up now Growing a diverse pipeline of talent Bringing net new LIKE.TG talent into its business is just as important as upskilling existing talent. That’s why Accenture works with universities to teach students LIKE.TG and other job-ready skills. The business has established the Accenture Technology Academy which is open to students at several universities in the Philippines. The academy not only enables students to learn new skills, but fast-tracks their applications to join Accenture after graduation. More than 800 students from across different universities have participated to date, with around 25% going on to secure placement within Accenture. Another program designed to nurture new talent is Accenture’s Near Hire Training (NHT) program which helps marginalised and unemployed individuals become entry-level voice and data encoding agents. A free training program, NHT is designed to give everyone an equal opportunity to build new skills and gain employment in a call centre or business process role. Accenture is also a proud supporter of the For the Women Foundation which helps upskill and secure job placement for working mums and other women. Through all these initiatives, Accenture has been able to grow its pipeline of talent and create a diverse and inclusive workplace. Capturing new opportunities onshore and offshore Accenture’s practice in the Philippines has largely existed to support customers in other regions. However, local demand for LIKE.TG skills is growing and presents an exciting opportunity for consultants to work with customers face to face. To capture these opportunities and grow onshore and offshore, Accenture is continuing to expand its capabilities. Building generative AI skills is a particular focus as it will help Accenture deliver more value for customers in areas like customer service and business process outsourcing. Marvin Bonifacio, Cebu Tech Lead and LIKE.TG Technical Architect at Accenture in the Philippines, has also become the first in the country to be certified as a Sales Champion for LIKE.TG. This represents the team’s ongoing commitment to its partnership with LIKE.TG and helping more businesses harness the benefits of the platform.

Starting a small and medium-sized business (SMB) involves planning, making key financial decisions, and understanding what it takes to succeed. The good news is, that you have the potential to make a big impact if you can learn what it takes to be successful as an SMB.These tips will help you realise that small businesses make big bucks. But first, let’s be sure to define SMBs and why they are so important to our economy.What are small and medium-sized businesses?A business with 1-20 employees is defined as small, while businesses with 21-100 employees are considered medium-sized.That’s the standard definition for SMB, of course. The term SMB, which stands for “small and medium-sized business,” is a useful one for analysts and researchers tasked with defining the difference between the IT needs of large enterprises and the challenges faced by smaller companies.The second attribute used to define an SMB is annual revenue: small business is usually defined as organisations with less than $50 million in annual revenue; midsize enterprise is defined as organisations that make more than $50 million, but less than $1 billion in annual revenue.SMBs collectively have the power to shift entire industries, define new requirements for enterprise software, and essentially change the way all of us work.Why are SMBs so important?MBAs and economists will tell you that their power comes from the fact that the economy can only support a limited number of large enterprises, creating a long-tail market for SMBs. That market consists of many small and medium-sized businesses that (in aggregate) carry almost as much market power as the bigger players.Large enterprises have room for fluff — they swell and slow down if they aren’t careful. SMBs don’t have that luxury, and as a result, they are built for speed. The only way to thrive as a fast-paced organisation is to fill your team with people with heart, and then feed their passion for what you do. Which makes the customer their number one priority.In fact, 65% of customers expect companies to adapt to their changing needs and preferences. But 61% of customers say most companies treat them as a number. As a small or medium-sized business, you have the ability to treat every customer as an individual.What are the benefits of an SMB?The global economy relies on small and medium-sized businesses for job creation, economic growth, and innovation. Governments are now recognising the importance of small and mid-size businesses and are allocating resources and programs to support them.Small and medium enterprises play a large role in driving competition in both local and global markets. They benefit local economies by creating employment opportunities, generating tax revenue, and contributing to the success of other businesses. Additionally, these businesses make significant contributions to global exports and distribution.What are the challenges for smaller organizations?Small and medium businesses do have challenges that can hinder growth and success. One major challenge is keeping up with the increasing preference for digital interactions among customers. Failure to have the right tools for the job can leave these businesses lagging.Cybersecurity poses a growing threat to small and medium businesses as well. SMBs are particularly vulnerable to ransomware attacks due to inadequate antivirus software. Upgrading to a robust security solution designed for enterprises can safeguard their data, applications, and devices.Expanding into new markets is another hurdle for SMBs. Limited resources often prevent them from performing thorough market research, making it difficult to make informed decisions. Additionally, disruptions in supply chains can disproportionately impact mid-size businesses, as larger companies have more leverage in negotiations.SMB = Speed-Maximising BusinessesB2B brands hoping to sell into the bustling SMB market can shift their understanding of the term to a new acronym that fits their unique profile better. SMBs are not just small and medium-sized businesses — they are speed-maximising businesses.Under this new acronym, anyone hoping to land the business of an SMB needs to understand three core tenets of the way they work.1. SMBs have a need for speed. They need to move quickly, and can’t stomach your request for a six-month deployment. They want you to move fast or get out of the way. If you don’t, they’ll drop you — fast.2. Motivations vary for SMBs. If they wanted to be pencil-pushers or cogs in a wheel, SMB personnel would have joined large enterprises. Consider what motivates your prospects before you make introductions. When you do, you’ll spark more interesting and highly motivated conversations.3. Different SMBs are different. Shocking, right? But you’d be surprised by how many sales representatives try to run the same play against vastly different companies. Each SMB is unique, so take the time to learn about your prospect’s business before making sale-stalling assumptions.How do you help your SMB grow?To foster growth, SMBs should focus on investing in capabilities that support growth including improving business automation and administrative tasks. By leveraging technology and collaboration tools, they can drive growth by streamlining operations, reducing costs, and increasing efficiency.Cloud-based solutions that integrate people, finance, and payroll functions enable SMBs to access real-time data and analysis, which all help informed decision-making.As small businesses transition into mid-size companies, employee engagement platforms can play a crucial role in enhancing employee satisfaction and retention, contributing to overall growth.SMBs may be small, but they have big heart and can make a huge impact. With the right tools, people, and strategy, they can help our economy as a whole.

Sales promotion is a marketing strategy that businesses use to boost sales, create brand awareness, and drive customer loyalty. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action. In this article, we will delve into the world of sales promotions, exploring its definition, uncovering its benefits and drawbacks, and examining different types of sales promotions. We’ll also provide insights on how to effectively plan, execute, and measure your sales promotions, and how LIKE.TG can assist you in optimising your sales promotion efforts. What is sales promotion? Sales promotion is a marketing strategy designed to increase the sales of a product or service. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action. Unlike advertising, which focuses on creating awareness and building brand recognition, sales promotion is more action-oriented and aims to drive immediate results. Sales promotions can be used for a variety of purposes, including: Introducing a new product or service: Sales promotions can help create excitement and generate buzz around a new offering, encouraging potential customers to try it out. Increasing brand awareness: Sales promotions can help increase visibility and recognition of a brand, especially when they involve unique or creative offers. Generating leads: Sales promotions can be used to capture contact information from potential customers, providing businesses with valuable leads for future marketing and sales efforts. Benefits of sales promotions Sales promotions can be used to achieve a number of benefits, including increasing brand awareness, generating leads, boosting sales and revenue, building customer loyalty and repeat business, and clearing out old stock or inventory. Increasing Brand Awareness Sales promotions can help to increase brand awareness by introducing new products or services to potential customers. They can also remind existing customers of your brand and encourage them to make repeat purchases. By offering discounts, free samples, or other incentives, sales promotions can attract new customers and get them to try your products or services. This can lead to increased brand recognition and loyalty. Generating Leads Sales promotions can also be used to generate leads for your business. By offering a free consultation, a white paper, or other valuable content, you can capture the contact information of potential customers who are interested in your products or services. This information can then be used to follow up with these customers and nurture them into becoming paying customers. Boosting Sales and Revenue Sales promotions can also be used to boost sales and revenue. By offering discounts, rebates, or other incentives, you can encourage customers to make purchases that they might not have otherwise made. This can lead to increased sales and revenue for your business. Building Customer Loyalty and Repeat Business Sales promotions can also be used to build customer loyalty and repeat business. By rewarding customers for their purchases, you can show them that you appreciate their business and encourage them to continue to buy from you. This can lead to increased customer loyalty and repeat business, which can help you to grow your business over the long term. Clearing Out Old Stock or Inventory Finally, sales promotions can also be used to clear out old stock or inventory. By offering discounts or other incentives, you can encourage customers to purchase products that are not selling well. This can help you to free up space in your warehouse and make room for new products. Drawbacks of sales promotions Sales promotions, while effective, are not without their drawbacks. One potential downside is the risk of cannibalising sales from other channels. For instance, if a product is heavily discounted during a sales promotion, customers may be more inclined to purchase it during the promotion rather than at its regular price. This can lead to a decrease in sales at full price, offsetting the gains from the sales promotion. Another challenge lies in accurately measuring the effectiveness of sales promotions. While some promotions may result in an immediate boost in sales, it can be difficult to determine the long-term impact on customer behaviour and brand loyalty. Additionally, tracking the ROI of sales promotions can be complex, as it involves considering various factors such as the cost of the promotion, changes in sales volume, and customer acquisition and retention rates. Furthermore, sales promotions can potentially trigger price wars among competitors. When one business offers a significant discount or promotion, other businesses in the same industry may feel compelled to follow suit to maintain their market share. This can lead to a race to the bottom, with businesses continually slashing prices to outdo each other, ultimately eroding profit margins for all involved. Finally, if not executed properly, sales promotions can damage a brand’s image. Offering excessive discounts or promotions too frequently can cheapen the brand’s perception in the eyes of consumers. This can make it challenging to restore the brand’s value proposition and premium pricing once the promotion ends. To mitigate these drawbacks, businesses should carefully consider the objectives, target audience, and potential impact of sales promotions before implementation. Balancing the benefits and risks, setting clear goals, and continuously monitoring and evaluating the results are crucial to ensuring the success of sales promotions while minimising any negative consequences. 10 types of sales promotions There are many different types of sales promotions that businesses can use to increase sales. Some of the most common include: Price discounts: Price discounts are one of the most common types of sales promotions. They involve offering a product or service at a reduced price for a limited time. Price discounts can be effective in generating leads, increasing brand awareness, and clearing out old stock. Loyalty programs: Loyalty programs are another popular type of sales promotion. They involve rewarding customers for their repeat business. Loyalty programs can help to build customer loyalty and repeat business, and they can also be used to collect valuable customer data. Free samples: Free samples are a great way to introduce new products or services to potential customers. They can also be used to generate leads and build brand awareness. Buy-one-get-one (BOGO) offers: BOGO offers are a type of sales promotion that involves offering two products or services for the price of one. They can be effective in generating leads, increasing brand awareness, and clearing out old stock. Rebates: Rebates are a type of sales promotion that involves offering a refund to customers who purchase a product or service. Rebates can be effective in generating leads, increasing brand awareness, and clearing out old stock. Contests: Contests are a fun and engaging way to generate leads, increase brand awareness, and build customer loyalty. Contests can be held online, in-store, or through social media. Referral programs: Referral programs are a type of sales promotion that involves rewarding customers for referring new customers to a business. Referral programs can be effective in generating leads and building customer loyalty. Flash sales: Flash sales are a type of sales promotion that involves offering a product or service at a deep discount for a very limited time. Flash sales can be effective in generating leads, increasing brand awareness, and clearing out old stock. Social media promotions: Social media promotions are a type of sales promotion that involves using social media platforms to promote a product or service. Social media promotions can be effective in generating leads, increasing brand awareness, and building customer loyalty. Email marketing promotions: Email marketing promotions are a type of sales promotion that involves using email to promote a product or service. Email marketing promotions can be effective in generating leads, increasing brand awareness, and building customer loyalty. How to prepare your sales force for a sales promotion To ensure the success of a sales promotion, it is crucial to adequately prepare the sales force. This involves setting clear and achievable objectives for the promotion. These objectives should be specific, measurable, achievable, relevant, and time-bound. For instance, a sales promotion objective could be to increase sales of a particular product by 15% within a two-week period. Providing comprehensive training is also essential to equip the sales team with the knowledge and skills necessary to execute the sales promotion effectively. This training should cover product knowledge, sales techniques, and communication skills. Role-playing exercises and simulations can be incorporated into the training to enhance the sales team’s preparedness. Furthermore, it is important to ensure that the sales team has the necessary resources to support the sales promotion. This may include marketing materials, such as brochures, flyers, and social media graphics. Additionally, the sales team should have access to customer relationship management (CRM) systems and other relevant technology to facilitate their tasks. Motivating the sales team is crucial to driving their performance during a sales promotion. This can be achieved through various incentives and rewards, such as commissions, bonuses, and non-monetary recognition. Setting up friendly competitions among the sales team can also foster a sense of healthy competition and motivation. By following these steps and ensuring that the sales force is well-prepared, businesses can increase the likelihood of a successful sales promotion. A well-prepared sales team is more likely to effectively communicate the value of the promotion to customers, drive sales, and achieve the desired objectives. Where to hold your sales promotion When choosing a location for your sales promotion, there are several key factors to consider to ensure its success. The first is the location of your target market. Your sales promotion should be held in a place that is easily accessible to your target audience. If your target market is local, consider holding the promotion in a central location within your community. If your target market is broader, you may want to consider holding the promotion in a larger city or region. The size of your sales promotion is also an important factor to consider when choosing a location. If you are expecting a large number of attendees, you will need to find a location that can accommodate the crowd. This could include a convention centre, a large retail store, or an outdoor space. If you are expecting a smaller number of attendees, you may be able to get by with a smaller location, such as a conference room or a restaurant. The cost of the location is another important factor to consider. Some locations may be more expensive than others, so it is important to set a budget before you start your search. Be sure to factor in the cost of renting the space, as well as any additional costs, such as parking, catering, and security. The accessibility of the location is also important. Make sure that the location is easy to get to, both by car and public transportation. If possible, choose a location that is close to major highways or public transportation hubs. Finally, consider the atmosphere of the location. The atmosphere should be conducive to the type of sales promotion you are holding. For example, if you are holding a product launch, you may want to choose a location that is modern and stylish. If you are holding a customer appreciation event, you may want to choose a location that is more relaxed and informal. How to make sales promotion effective To make sales promotion effective, it is crucial to follow a strategic approach. Here are some key steps to ensure the success of your sales promotion: 1. Define Your Target Audience: Clearly identify your target audience and tailor the sales promotion specifically to their needs, preferences, and buying behaviour. Understand their pain points, interests, and motivations to create a promotion that resonates with them. By targeting the right audience, you increase the chances of your sales promotion being successful. 2. Set Clear and Achievable Goals: Define specific, measurable, achievable, relevant, and time-bound (SMART) goals for your sales promotion. Determine what you aim to achieve, whether it’s increasing brand awareness, generating leads, boosting sales, or building customer loyalty. Having clear goals helps you measure the success of your promotion and make necessary adjustments. 3. Choose the Right Sales Promotion Type: Select the most appropriate sales promotion type based on your product or service, target audience, and business objectives. There are various options available, such as discounts, loyalty programs, free samples, BOGO offers, rebates, and contests. Choose the promotion type that aligns best with your goals and resonates with your target market. 4. Promote Your Sales Promotion Effectively: Once you’ve chosen the right sales promotion type, effectively communicate it to your target audience. Utilise multiple channels to promote your sales promotion, including social media, email marketing, website, in-store signage, and paid advertising. Create a sense of urgency and excitement to encourage customers to take advantage of the promotion. 5. Track and Measure Results: Continuously monitor and measure the results of your sales promotion to assess its effectiveness. Use key performance indicators (KPIs) such as sales volume, website traffic, lead generation, customer engagement, and conversion rates to evaluate the success of the promotion. Analyse the data to identify what worked well and what needs improvement for future promotions. How LIKE.TG can help with sales promotion LIKE.TG is a powerful customer relationship management (CRM) platform that can help businesses with sales promotion in various ways. It offers a range of tools and features designed to streamline and enhance sales promotion campaigns. LIKE.TG enables businesses to track and manage sales promotion campaigns effectively. With its robust reporting and analytics capabilities, businesses can gain valuable insights into the performance of their sales promotions, including metrics such as campaign reach, engagement rates, conversion rates, and revenue generated. This data-driven approach allows businesses to make informed decisions and optimise their sales promotion strategies for better results. LIKE.TG also facilitates the creation of personalised sales promotions for customers. By leveraging customer data and preferences stored in the CRM, businesses can tailor their sales promotions to meet the specific needs and interests of individual customers. This personalised approach enhances customer engagement and increases the likelihood of conversions. LIKE.TG streamlines sales promotion processes through automation. The platform allows businesses to automate tasks such as sending promotional emails, generating coupons, and tracking customer interactions. This automation saves time and resources for sales teams, enabling them to focus on building relationships and closing deals. LIKE.TG enables businesses to measure the success of their sales promotions accurately. With its advanced analytics tools, businesses can track key performance indicators (KPIs) such as sales volume, revenue, customer acquisition, and customer retention. This data helps businesses evaluate the effectiveness of their sales promotions and make necessary adjustments to improve future campaigns. Additionally, LIKE.TG integrates seamlessly with other marketing and sales channels, providing a unified platform for managing sales promotions. Businesses can connect LIKE.TG with their website, social media platforms, email marketing tools, and point-of-sale systems to create a cohesive sales promotion experience for customers. This integration ensures consistency in messaging and enhances the overall customer experience. In summary, LIKE.TG offers a comprehensive suite of tools and features that empower businesses to execute successful sales promotion campaigns. By leveraging LIKE.TG, businesses can track and manage campaigns effectively, create personalised promotions, automate processes, measure success, and integrate sales promotions with other marketing and sales channels.

Starting a small and medium-sized business (SMB) involves planning, making key financial decisions, and understanding what it takes to succeed. The good news is, that you have the potential to make a big impact if you can learn what it takes to be successful as an SMB.These tips will help you realise that small businesses make big bucks. But first, let’s be sure to define SMBs and why they are so important to our economy.What are small and medium-sized businesses?A business with 1-20 employees is defined as small, while businesses with 21-100 employees are considered medium-sized.That’s the standard definition for SMB, of course. The term SMB, which stands for “small and medium-sized business,” is a useful one for analysts and researchers tasked with defining the difference between the IT needs of large enterprises and the challenges faced by smaller companies.The second attribute used to define an SMB is annual revenue: small business is usually defined as organisations with less than $50 million in annual revenue; midsize enterprise is defined as organisations that make more than $50 million, but less than $1 billion in annual revenue.SMBs collectively have the power to shift entire industries, define new requirements for enterprise software, and essentially change the way all of us work.Why are SMBs so important?MBAs and economists will tell you that their power comes from the fact that the economy can only support a limited number of large enterprises, creating a long-tail market for SMBs. That market consists of many small and medium-sized businesses that (in aggregate) carry almost as much market power as the bigger players.Large enterprises have room for fluff — they swell and slow down if they aren’t careful. SMBs don’t have that luxury, and as a result, they are built for speed. The only way to thrive as a fast-paced organisation is to fill your team with people with heart, and then feed their passion for what you do. Which makes the customer their number one priority.In fact, 65% of customers expect companies to adapt to their changing needs and preferences. But 61% of customers say most companies treat them as a number. As a small or medium-sized business, you have the ability to treat every customer as an individual.What are the benefits of an SMB?The global economy relies on small and medium-sized businesses for job creation, economic growth, and innovation. Governments are now recognising the importance of small and mid-size businesses and are allocating resources and programs to support them.Small and medium enterprises play a large role in driving competition in both local and global markets. They benefit local economies by creating employment opportunities, generating tax revenue, and contributing to the success of other businesses. Additionally, these businesses make significant contributions to global exports and distribution.What are the challenges for smaller organizations?Small and medium businesses do have challenges that can hinder growth and success. One major challenge is keeping up with the increasing preference for digital interactions among customers. Failure to have the right tools for the job can leave these businesses lagging.Cybersecurity poses a growing threat to small and medium businesses as well. SMBs are particularly vulnerable to ransomware attacks due to inadequate antivirus software. Upgrading to a robust security solution designed for enterprises can safeguard their data, applications, and devices.Expanding into new markets is another hurdle for SMBs. Limited resources often prevent them from performing thorough market research, making it difficult to make informed decisions. Additionally, disruptions in supply chains can disproportionately impact mid-size businesses, as larger companies have more leverage in negotiations.SMB = Speed-Maximising BusinessesB2B brands hoping to sell into the bustling SMB market can shift their understanding of the term to a new acronym that fits their unique profile better. SMBs are not just small and medium-sized businesses — they are speed-maximising businesses.Under this new acronym, anyone hoping to land the business of an SMB needs to understand three core tenets of the way they work.1. SMBs have a need for speed. They need to move quickly, and can’t stomach your request for a six-month deployment. They want you to move fast or get out of the way. If you don’t, they’ll drop you — fast.2. Motivations vary for SMBs. If they wanted to be pencil-pushers or cogs in a wheel, SMB personnel would have joined large enterprises. Consider what motivates your prospects before you make introductions. When you do, you’ll spark more interesting and highly motivated conversations.3. Different SMBs are different. Shocking, right? But you’d be surprised by how many sales representatives try to run the same play against vastly different companies. Each SMB is unique, so take the time to learn about your prospect’s business before making sale-stalling assumptions.How do you help your SMB grow?To foster growth, SMBs should focus on investing in capabilities that support growth including improving business automation and administrative tasks. By leveraging technology and collaboration tools, they can drive growth by streamlining operations, reducing costs, and increasing efficiency.Cloud-based solutions that integrate people, finance, and payroll functions enable SMBs to access real-time data and analysis, which all help informed decision-making.As small businesses transition into mid-size companies, employee engagement platforms can play a crucial role in enhancing employee satisfaction and retention, contributing to overall growth.SMBs may be small, but they have big heart and can make a huge impact. With the right tools, people, and strategy, they can help our economy as a whole.

The potential role of artificial intelligence (AI) in banking is massive. Predictive AI already supports many standard banking practices, such as chatbots managing routine inquiries or call centre agents’ dashboards. As generative AI continues to evolve, we expect lots of time-saving opportunities around rote tasks that improve the customer experience due to AI’s ability to produce natural language content, images, and coding. McKinsey estimates that banks could add $1 trillion in value annually through strategic use of AI. To take full advantage of AI’s now-and-future potential, banks must take steps to clean up their data, analyse their existing systems, and identify process challenges that could benefit from the technology. Here are four ways we expect forward-thinking banks will use AI to improve both the employee and customer experience. Data: Safeguard privacy, security, and trust with financial AI Nearly nine in 10 analytics and IT leaders are making data management a high priority in their AI strategy. Banks are laser-focused on keeping their data secure: It’s fundamental to building trust with customers. Yet nearly half of executives say they believe AI introduces security risks, while 59% of consumers say they don’t believe AI is secure. Banking regulators are concerned as well, especially when it comes to generative AI, which relies on large language models (LLM) to generate responses. “Getting your data in order is fundamental,” says Amir Madjlessi, Managing Director and Banking Industry Advisor at LIKE.TG. “You need to evaluate the quality and quantity of your data and, if necessary, upgrade data collection and management processes. Without those steps, your AI won’t be able to extract relevant and accurate insights from your systems.” Once you’ve prepped your data, deploying AI in banking requires further unique data management, with varying access rights for different functions. For example, to follow fair lending practices, banks must hide demographic information like religion or country of origin from lending officers. But that same information must be available to regulators as evidence of fair lending. Data management is even more complex when it comes to generative AI, which relies on LLMs to learn how to properly respond to prompts. Leveraging solutions that have built-in data integrity like ethical guardrails can help banks address data challenges and meet compliance rules. LIKE.TG, for example, has a zero data retention policy for LLMs — we don’t share client data with external LLMs. Sales: Discover opportunities faster AI can act like a personal assistant, helping relationship managers improve their lead and opportunity scoring across all kinds of services and products — from checking bundles to secured loans. AI improves forecasting by predicting likely performance outcomes for different business lines, whether investment, commercial, or retail banking. In a single dashboard, predictive AI can surface relevant insights to deepen existing relationships or capture new clients for the bank. Generative AI can integrate data from third parties as well as internal sources to make suggestions in the flow of work, which increases the accuracy and relevance of those recommendations. With the power of both predictive and generative AI, the relationship manager can understand the best channel to reach the client, with a relevant and compelling offer. These functions help reduce the time relationship managers require to fully understand customer needs across the bank while improving their experience. Marketing: Scale next-level personalization Creating marketing segments and subsegments used to take weeks, and results could be lacklustre and generic. Generative AI is changing that, enabling marketers to create segments within the client database using natural language prompts — and the results are available in just seconds. These tools help marketers quickly build the most relevant offers or promotions, then test and learn from each, to further refine segmentation. For example, marketers using Einstein Copilot can target customers with low savings coverage by creating an offer recommending products or services that improve financial security. The marketers can then use generative AI-powered, prebuilt email templates to share that offer with the targeted customer. Over time, the messaging gets refined as the AI engine learns how customers respond to the content. The net result: Offers become super-personalised and conversion rates improve. One bank testing Einstein Copilot has seen engagement jump three to four times. The reason? The messaging is rooted in real-time customer behavior and actions, making the recommendations connected and authentic. Service: Improve agent training and customer satisfaction Turnover among contact centre agents is an industry-wide problem. Continuously training and onboarding an endless queue of new employees is expensive and ineffective. Using AI to improve the training experience and the day-to-day workflow enables agents to onboard faster, which can contribute to better retention rates. It also makes the service experience more pleasant for the customer. Generative AI can help surface the precise information contact agents need to quickly resolve issues, by populating content for known answers based on the actual language the customer uses to describe a problem. This empowers agents to make smart decisions, and that’s important in cases that require judgment calls — like whether it’s OK to reverse a charge for an unhappy customer. Plus, AI provides smarter tools for spotting fraud and verifying identity, which helps agents understand their next best actions. LIKE.TG, for example, now has an out-of-the-box, know-your-customer (KYC) protocol for identity verification and credit scoring. PenFed Credit Union plans on adding Einstein to internal (and eventually customer-facing) processes with generative AI. Einstein will act as a virtual assistant, suggesting chat and email responses service agents can use to answer questions faster and reduce queues. The assistant will propose responses to a chat or member question, beginning with PenFed’s internal employee support line before it expands to its members. AI in banking is just getting started AI in banking has the potential to help banks offer customers more while streamlining costs and effort behind the scenes. In the back office, AI has the potential to shave an estimated 6%–10% off operating budgets spent on compliance by making customer identification, verification, and risk screening more efficient. And, when it comes to clients, AI can help your commercial bankers or wealth managers turn chats into actions — like calendar invitations, automated emails that summarise conversations, and even suggestions for new engagements. To take advantage of that potential, you need to be laying the groundwork for success now. That means determining your goals for your institution and then getting your data ready for all that AI can do for you in the world of banking.

If you asked any customer service professional to describe how the last few years have been, they’d probably say “intense.” With budgets in flux and customers expecting more, service teams are constantly figuring out how to answer an important question: how do you actually do more with less? The answer is AI in customer service.Since the pandemic, customer service has been a rollercoaster ride. Customer expectations are higher than ever — 72% of consumers say they will remain loyal to companies that provide faster service. And 78% of service agents say it’s difficult to balance speed and quality, up from 63% since 2020. All of these pressures have led to a turnover rate of 19% in service organisations.While predictive AI is not new to customer service, generative AI has stepped into the spotlight just a year ago. With the powerful potential of this new technology, business leaders need a generative AI strategy, while remaining mindful of budgets. And service professionals and customers alike are curious how AI-powered customer service will impact their experience. Let’s dive into what AI does, its benefits, and how you can get started.What is AI in customer service?There are many different ways you can use AI in customer service. For example, you can embed AI-powered chatbots across channels to instantly streamline the customer service experience. Beyond answering common questions, these chatbots can greet your customers, serve up knowledge base articles, guide them through common business processes, can send out a field technician for field requests, and can route more complex questions to the right person.Imagine this from the customer perspective: you want to return a pair of shoes and you need some help. You start an online chat with an agent, but then wait 30 minutes for a response.With customer service AI, you get a personalised response in seconds. Think of it like a virtual buddy who’s not only knowledgeable, but also understands your exact needs and preferences. All you have to do is tell it what you need help with, and it will take care of the rest. No need to find your tracking number, provide your email, or explain the details of your purchase, it already has all that information and knows exactly what to do.So many organizations are already using AI for customer service. In fact, the share of service decision makers who report using AI has increased by 88% since 2020 — up to 45% from 24%.What are the benefits of AI in customer service?Let’s look at six ways AI in customer service can help your team, especially if you’re interested in getting started with generative AI:Higher productivity: An AI tool like Einstein Copilot can empower service teams to get work done faster — for example, AI can act as an assistant built directly in an agent’s flow of work. In fact, recent research shows that 84% of IT leaders believe AI will help their organisation better serve customers. Case in point: AI-based conversational assistants can increase productivity by 14% for support agents.Better efficiency: Manual processes can be a heavy lift for service agents. This includes tasks like swivelling back and forth between systems and screens to view customer history, searching for knowledge articles, routing field workers to service locations, and manually typing responses — all of which tend to be error-prone when done by a human. AI in customer service can give customer service workers intelligent recommendations across knowledge bases, conversational insights, and customer data. Our recent research found that 63% of service professionals say AI will help them serve their customers faster.A more personalised service interaction: For AI to be useful, it needs to understand your customer, which means it needs access to your company’s data. When a customer initiates a conversation with a chatbot, AI can populate important information — such as the customer’s name, location, account type, and preferred language in real time. If the request requires a field service technician, AI can send all of the important information to the field worker so they can provide personalised service the moment they walk in the door.Optimised operations: AI in customer service makes customer service operations smoother and more efficient. You can use AI to analyse customer calls, emails, and chatbot conversations to determine the signs that a customer is likely to escalate an issue, the time it will take to resolve an issue, and more. These insights help find new ways to improve the customer experience. For example, if customers often ask for an agent when they want to return a product, a chatbot can proactively share a knowledge base article to minimise escalation.AI can also analyse your company’s case history and identify the top reasons your customers contact customer service. If a knowledge article doesn’t exist to address one of these reasons, you can use generative AI to draft a knowledge article or update an existing one. Once your team approves the article, it then helps agents to provide quick and exceptional support and can be used to deflect cases in a self-service portal or with a chatbot.Less burnout and improved morale: AI allows agents to eliminate repetitive, time-consuming work and focus on situations that require creative problem solving, social intelligence, and complex critical thinking — activities that will move the needle on overall customer experience. It’s not a surprise that 79% of IT leaders say generative AI will help reduce team workload and thereby reduce burnout.A proactive service experience: AI can draw info from your customers’ contracts, warranties, purchase history, and marketing data to surface the next best actions for agents to take with your customers — even after the service engagement is over. For instance, AI can let customers know that it’s almost time to renew their subscription, remind them when it’s time to book a maintenance appointment, or that a product upgrade or discount is available. And taking that to the next level, generative AI can even summarise customer conversations and produce knowledge base articles for future reference.8 examples of AI in customer serviceWhether you’re in the contact centre or in the field, AI in customer service can transform the customer experience. Here are a few examples:1. Content Generation: Generative AI can analyse customer conversations, extract relevant details, and generate human-like replies to customer questions, improving response times and overall customer satisfaction. This is especially true when the AI pulls from CRM data and knowledge.2. Chatbots: AI-powered chatbots can handle basic customer inquiries, provide instant responses, and assist with tasks such as order tracking, product recommendations, and troubleshooting. They are available 24/7, reducing response times and improving customer service accessibility.3. Natural Language Processing (NLP): NLP is a technology that enables AI systems to understand and interpret human language. It helps in analysing customer sentiment, identifying customer needs, and providing relevant responses. NLP can also facilitate unstructured search — which allows systems to understand and respond to more flexible and conversational queries (versus a structured keyword search). This capability enhances the effectiveness of chatbots, voice assistants, and sentiment analysis tools. This helps businesses provide a more intuitive and personalised customer experience.4. Sentiment Analysis: AI-powered sentiment analysis tools monitor and analyse customer feedback, reviews, and social media interactions to gauge customer sentiment. This helps companies identify areas of improvement, respond to customer concerns, and provide personalised experiences based on customer preferences.5. Recommendation Systems: AI-driven recommendation systems analyse customer behaviour, purchase history, and preferences to provide personalised product or content recommendations. By understanding individual customer preferences, companies can enhance cross-selling and upselling opportunities.6. Predictive Analytics: AI-based predictive analytics uses customer data to anticipate customer needs, behaviour patterns, and potential issues. This helps companies proactively address customer concerns, optimise resource allocation, and personalise customer interactions.7. Self-Service Solutions: AI-powered self-service solutions, such as knowledge bases or FAQs, leverage natural language processing to understand customer queries and provide relevant information or troubleshooting steps. This allows customers and agents to find answers quickly without requiring human assistance.8. Intelligent Routing: AI-based intelligent routing systems analyse incoming customer inquiries and route them to the service representative or department with the most relevant experience or knowledge. This ensures that customers are connected to the right person who can address their needs efficiently.How to use generative AI to improve customer serviceHere are a few ways that AI can help organisations provide even better service to their customers:Increase productivity by acting as a trusted assistant: With a generative AI tool like Einstein Copilot, agents can quickly generate personalised replies to service inquiries. And the generated responses aren’t one-size-fits all: AI can create trusted, natural language responses based on relevant customer data, knowledge articles, or trusted third-party data sources on any channel.Create work summaries and mobile work briefings: Customer service AI can drive agent productivity by automating the time-consuming but crucial task of writing wrap-up summaries based on case data and history. This is especially helpful in the field. You can summarise the most relevant data to start the job — saving your frontline workers time.Preserve and share knowledge across your business: You can connect a generative AI tool to your service console and have it create the first draft of your knowledge base article based on conversation details and CRM data for your experienced agents to review. This will save you time and help you get your articles out faster. An extra bonus: you can also use these knowledge base articles to help customers find their own answers to questions in a self-service portal.Search for answers: As your agents or customers are looking for answers to a question, AI in customer service can surface a generated answer from your knowledge base, directly into the search page — saving everyone time.3 things to consider when implementing AI in customer serviceDespite the benefits of AI in customer service, there’s still a ways to go in terms of adoption. According to recent research, less than half (45%) of service decision-makers told us they’re using AI. So what’s holding organisations back?1. Impact on the workforce: Since AI, especially generative AI, is a new field, service leaders are struggling with a skill gap. For example, 66% of leaders believe that their team doesn’t have the skills needed to handle AI. And similarly, service professionals are concerned that AI could take over their jobs, which can make them apprehensive about embracing the technology. As you bring AI into your service organisation, communicate how AI will help your teams get more done and that their human-skills are still very much needed to provide a great experience for your customers.2. Trust and reliability issues: AI technology, although rapidly advancing, is not perfect. For one, most learning language models are trained on data that’s almost two years old. Similarly, there may be concerns about the accuracy of AI systems in understanding and resolving complex customer queries or handling sensitive information. Similarly, concerns around privacy and trust should be taken seriously — and must be managed carefully to keep your business and customer data secure. When the data for AI is grounded in your trusted CRM data and knowledge base, you can solve this challenge.3. Investment and implementation: Depending on whether or not you decide to develop your own AI or bring in customer service software that includes AI, it may require significant investment in technology infrastructure and training. Small businesses or organisations with limited resources may find it difficult to fund AI implementations or lack the technical expertise to deploy and maintain such systems.The future of AI in customer serviceAs AI in customer service rapidly evolves, more use cases will continue to gain traction. For example, generative AI will move from the contact centre into the field. This technology will ensure frontline field service teams have the right customer, asset, and service history data for the job at hand. Through AI in customer service, field service teams will offload more of the mundane work — through automated work summaries, knowledge articles, and more.How to get started with AI in customer serviceAI in customer service doesn’t have to be difficult to understand — or implement. The first step is learning more about what it can do for your business.Begin by learning more about how generative AI can personalise every customer experience, boost agent efficiency, and much more. Then check out how you can make the most of AI in customer service.Then you can start small. For example, deploy an AI assistant using a set of standard actions (like find, summarise and update records or answer questions using knowledge articles inside LIKE.TG) that pull from data that already exists in LIKE.TG.You can then extend Copilot to fit your business needs with Copilot Studio. Here, you can build and deploy custom actions using existing flows and apex code. Actions can be customised using technology that you already have with LIKE.TG.

Artificial intelligence (AI) news is everywhere! Whether you’re baffled by AI or becoming increasingly knowledgeable each day, one thing is for sure: AI is the future of work, and we’re here to help you learn AI skills on Trailhead, LIKE.TG’s free online learning platform. As you hear about how new advancements in AI will enhance your life, naturally, you might have fears about what the future holds or even whether you might lose your job to AI. However, the outlook is much more optimistic. Successful AI means enhancing — not replacing — the human workforce. IDC predicts the LIKE.TG economy, powered by AI, will generate a net gain of $2.02 trillion in worldwide business revenues and 11.6 million jobs worldwide between 2022 and 2028. AI is the future of workLearn AI skills on TrailheadMachine Learning and AI FundamentalsGenerative Artificial IntelligenceEthical and Responsible Use of AIData ManagementCritical Thinking and Problem-SolvingDiscover generative AI innovation at LIKE.TGBecome a LIKE.TG Certified AI AssociateBe a Trailblazer with AI Skills Quest Trailblazers who commit now to learning the skills needed to work collaboratively with machines will weather the coming AI revolution across markets and industries. They will also be more likely to realise the massive opportunities AI will bring. AI is the future of work There’s so much potential for using AI in the workplace, and 60% of global workers reported excitement about the prospect of using Generative AI for their jobs. Can you imagine how productive you could be with AI assisting you with menial tasks? Executives surveyed estimated that 40% of workers will have to reskill in the next three years due to AI. And 62% of workers say they don’t yet have the skills to effectively and safely use AI. For many, the challenge is determining which tools and skills to focus on. If it hasn’t become clear yet, AI is not just for developers or data scientists. Utilizing today’s AI technology, salespeople can write stronger prospecting emails, service reps can solve issues with fast-track case swarming, and marketers can create increasingly personalised journeys for their customers and prospects. AI isn’t for someone else. If you’re in business, AI is for you. Learn AI skills on Trailhead As more companies recognise the value of AI, they are scrambling to take advantage of all it has to offer. To realise ‌gains in efficiency, automation, and increased personalisation, they need people to help implement AI-based systems. This technology is so new that there aren’t many existing experts. We’re here to help you skill up and position yourself as the AI hero your company needs. Now is the time to skill up on AI, but with so many complex pieces and a finite amount of time to spend learning, where should you focus your efforts? We’ve identified the five areas of AI expertise that employers are looking for. Here’s where to focus if you’re looking for a new job, working toward a promotion, or focused on being the absolute best you can be at your current job. Machine Learning and AI Fundamentals Machine learning — designing and using intelligent machines to mimic human-like cognitive functions — is the foundation of AI. Start your learning by learning what deep learning and natural language processing are. Content we recommend: Artificial Intelligence Fundamentals Artificial Intelligence for Business Natural Language Processing Basics Large Language Models Model Fine-Tuning Machine Learning Predictions: Quick Look Generative Artificial Intelligence Generative Artificial Intelligence focuses on machines generating content, like text or images, based on existing data. This is the most recent AI advancement and the buzzy topic in 2023. It’s what allows DALL-E to make an image or LIKE.TG to write a sales email based on prompts. You’ll want to skill up on what GPT and Generative Adversarial Network (GAN) are and dedicate a good amount of time to prompts and prompt engineering. Good prompts will distinguish successful AI practitioners from casual users. Content we recommend: Generative AI Basics Generative AI for Organisations Prompt Fundamentals Prompt Builder: Quick Look Generative AI for Images Prompt Builder Basics Ethical and Responsible Use of AI Employers are increasingly seeking professionals who can develop AI systems responsibly and ethically. Skill up on the ethical implications of AI, including bias mitigation, fairness, transparency, and accountability. Content we recommend: Responsible Creation of Artificial Intelligence Ethical Data Use Best Practices: Quick Look Artificial Intelligence and Cybersecurity The Einstein Trust Layer Data Management Data management isn’t new, but it has never been more important. AI does all its work by analysing your data, so the data needs to be complete and accurate. If clean data is something your organisation could improve upon, now is the time to invest here. It may be the most important thing your company can do to prepare for using AI. Study up on managing an organisation’s data through data governance, architecture, integration, and quality. Slightly more advanced, though still extremely important, are data mapping and data migration. Content we recommend: Data Quality Data Literacy Basics LIKE.TG Data Cloud: Quick Look BYOL Data Shares in Data Cloud: Quick Look Improve Data Quality for Your Sales and Support Teams Data Management Critical Thinking and Problem-Solving AI is excellent at answering questions and creating what we ask of it, but it still requires someone to ask the right question. Finding just the right prompt requires thinking critically and creatively. Practice innovation, troubleshooting, and analytical skills to excel in this skill. Content we recommend: Critical Thinking and Decision Making with Data and AI Innovation Basics Best Practices for Troubleshooting Change Management for AI Implementation No matter which topics you spend your time on, learning about AI will be time well spent. We’re at an inflection point where nearly every organisation knows they want to use AI, but few have people who understand what’s behind the scenes. By learning more, you’re making yourself even more of a unique asset to your company, and that’s always a smart career move! Discover generative AI innovation at LIKE.TG In addition to preparing yourself and your org for AI solutions, you should also understand what technology is available to power your company. LIKE.TG is bringing trusted generative AI technology to its apps, platforms, and workflows. Discover how generative AI and GPT are transforming the future of business in these quick bite-sized units called Trailhead Quick Look modules: Einstein Generative AI: Quick Look LIKE.TG Data Cloud: Quick Look Sales AI: Quick Look Service AI: Quick Look Marketing AI: Quick Look Commerce AI: Quick Look Tableau AI: Quick Look Slack AI: Quick Look Become a LIKE.TG Certified AI Associate As your AI knowledge base grows, be sure to market your skills in this highly sought-after area. We recently launched the new LIKE.TG AI Associate Certification to help you validate your foundational AI skills. This certification is designed for individuals from all backgrounds, including business leaders and professionals who may or may not have prior knowledge of AI. This certification will validate foundational skills in the ethical and responsible handling of data as they apply to AI in CRM. Be a Trailblazer with AI Skills Quest Trailhead is all about making learning fun, so let’s crank up the fun-meter another notch! Join the Be a Trailblazer with AI Skills Quest to learn AI fundamentals, become an AI whiz, and be entered to win* a voucher for the LIKE.TG AI Associate Certification exam And be sure to spread the word with your friends and colleagues—everyone can learn AI skills on Trailhead.

Generative AI is changing … well, everything. And it’s causing commerce leaders to ask the hard questions as they plan for 2024: With a fixed budget, where should we invest? How do we drive loyalty without driving up costs? If we implement AI, what resources will we need and how do we make sure the technology is powered by secure data? To succeed in the future of commerce and adapt quickly to all the changes, it’s critical to be strategic and methodical. Here’s what to expect in the world of ecommerce over the next few years — and how you can stay ahead. Customer trust will take center stage Today, 68% of customers say advances in AI make it more important for companies to be trustworthy. Customers want to know that their data is used responsibly, their privacy is respected, and that businesses use AI ethically. As AI becomes more advanced and widely adopted, trust will be paramount. This means your company (and those you partner with) should have ethical guardrails in place to address how data is collected and how AI for commerce is implemented. AI can personalise prices, offers, and products in real time. It can help you automate tedious manual tasks and save teams hours per day. But this all requires a thoughtful approach to mitigate risk and keep data safe. Always get customer consent to collect and use data, and ask your technology partners how they avoid AI pitfalls like hallucinations, inaccuracies, biases, and toxicity. The future of commerce isn’t just about leveraging AI to move fast and drive revenue; it’s about building trust and customer loyalty.How you can stay ahead: Most customers (71%) are more likely to trust a company with their personal data if its uses were clearly explained. Build trust by creating transparent guidelines and sharing them with your customers. Businesses will make moves to harmonise data The average business uses over 1,000 different apps to run their organisation — that’s a lot of data from disparate sources. Before you can use all that data to create truly connected, personalised experiences, you need to harmonise it. Data harmonisation is key if you want to uncover insights fast and implement AI in a meaningful way. The first step to harmonisation: a customer data platform (CDP). This powerful tool unifies your data, creates a singular view of each customer, and opens up a new realm of possibilities for your business. That’s why 73% of business leaders say a CDP will be critical to their customer experience efforts. Once you harmonise data from across your organisation, you can apply AI (including generative AI), automation, and machine learning to help you market, serve, and sell to customers more efficiently. If you want to take advantage of all the new AI capabilities in the future of commerce, data harmonisation should be a top priority.How you can stay ahead: Make sure your data is clean. Remove duplicates, outliers, errors, and other things that can negatively affect how you make decisions. Personalisation will get better, easier, and faster It’s no surprise: Customers expect personalised experience on every channel and at every touchpoint. However, more than half (56%) still say they’re treated like a number. That’s a huge opportunity for improvement. Fortunately, generative AI and other new solutions make it easier to create hyperpersonalised experiences at scale — no matter where or how your customers shop. As AI trains on large, rich datasets and continuously learns more over time, businesses will be able to create increasingly impactful personalised experiences. And as customer behaviours change, new commerce tools for sales and service teams will help businesses adapt by offering new ways to shop and pay. Here’s what personalisation and user experience will look like in the future of commerce: Dynamic product descriptions: Imagine the lift in your conversion rate if you could tailor your product descriptions to each customer. Now, it’s possible. In an instant, generative AI can use behavioural, demographic, and attitudinal data to whip up personalised product descriptions that speak to each shopper’s specific needs and preferences. Metatags are also instantly updated for each product detail page. AI can also analyse return reason codes, product reviews, and comments to create more accurate, helpful descriptions and reduce returns. Hyperpersonalised promotions: With generative AI, personalisation is no longer reactive — it’s predictive. Based on ecommerce data like order and search history, you can anticipate customers’ needs, generate content, and tailor promotions to meet the moment. Transactions on any touchpoint: Personalisation also lets customers shop how and where they prefer. Today, both consumers and B2B buyers want to be able to make purchases outside of a digital storefront. More and more, they’re buying on social media, through messaging apps, with QR codes, and in live-stream videos. To give your shoppers this freedom, you need the right tools. With embedded commerce for sales and service teams, any agent can send Pay Now links across any touchpoint. How you can stay ahead: Create a segment of your highest-value customers and focus on making their experience shine. Customer acquisition can be costly, and prioritising loyal customers can help you drive more revenue, fast. Commerce teams will skill up for AI Contrary to many fears, AI isn’t eliminating jobs — it’s making people more productive. When you train AI on secure customer data from across your business, your merchandisers, marketers, and ecommerce teams gain a trusted, whip-smart advisor. Consider a merchandiser tasked with increasing average order value (AOV). In the past, she’d spend days (or even weeks) tracking down behavioural data for specific customer segments, details about which items are often bought together, and the success of past promotional strategies. Now? AI can help her quickly reach her goals. She can use generative AI to build a plan, receive step-by-step guidance, and track progress with data-powered insights. This turns weeks of work into a few simple clicks. More than half of retailers already use generative AI to boost commerce productivity. Creative teams use it to produce assets for ads, emails, social media, and websites. In-store associates use it to generate product recommendations. And technical teams use it to create conversational digital shopping assistants that help customers find the right product or service. As teams are asked to do more with less, the future of commerce will be a rush to automate growth and implement AI in a way that makes every employee’s job more efficient and effortless.How you can stay ahead: Before you implement new AI tools, clearly define the business value they will bring, create a detailed plan for training and change management, and determine how you’ll measure success. Are you ready for the future of commerce? The landscape is changing fast and competition is heating up, but companies with the right tools and strategies will find success. As you plan for 2024, focus on the areas of your business that will increase customer trust, boost productivity and revenue, and garner customer satisfaction. First, make sure your data is harmonised and complete. Then, prioritise productivity and personalisation to boost revenue and loyalty.

With over 8.5 billion searches performed on Google globally each and every day, your pool of potential customers is massive. It’s no surprise, then, that you need to make sure your content ranks high in Google and reaches the people most likely to take an action with your brand. That’s where doing keyword research, and choosing the right SEO keyword, comes in. It’s an art and a science. As a search engine optimisation (SEO) marketing manager at LIKE.TG, I know what works, and how to get eyeballs on your content. Let’s say you’ve been tasked with writing a page around “customer service.” Since it’s a broad and often complex topic, you might think that a long-form guide would be the best type of content. But how do you know for sure? Are you certain there are enough potential customers searching for this term? Is the audience large enough to justify creating the page? Are searchers even looking for long form content on this topic? Are they using the same terms to search for content? Do you know what kind of content Google is ranking for your target term? Proper keyword research can answer these questions and help you create content that’s user-focused and SEO optimised. Follow these six steps to develop better content, and get better search results. 1. Verify search volume Start by entering your topic or keyword idea into a SEO research tool such as BrightEdge or SEMRush. These paid tools show the average monthly search volume for your keywords. When verifying keyword search volume, look for terms with an average monthly search volume of 100 searches or greater. However, keep in mind that terms with the highest monthly search volume may not be the most relevant or focused terms to target. You should research and explore all options to find the term with the highest volume and most relevant search results. 2. Research related terms Always ensure that the term you are targeting is the same your audience is using to find content. SEO keyword research tools can help you identify similar or semantically related terms to see if there is greater search volume with another keyword variant. For example, “customer service best practices” returns 590 monthly searches versus “service best practices” with only 30. Additionally, using related terms throughout the copy in addition to your target keyword can help your SEO rank by preventing keyword spamming or stuffing. Remember to write naturally, so Google does not penalise your SEO efforts by hurting your ability to rank well on the first page. Don’t feel that you need to cram the keyword into every other sentence. Google itself warns against it with this example: “We sell custom cigar humidors. Our custom cigar humidors are handmade. If you’re thinking of buying a customer cigar humidor, please contact…” You get the idea. Not only is it open to penalisation by Google —and less likely to be discovered by searchers — it’s a bad experience for the reader. 3. Explore long-tail keywords Longer, more specific keywords often indicate searchers who are closer to taking an action. The specificity of the search lets you know they have a specific need or problem. While these terms may have lower search volume than their broader counterparts, they will often lead to more qualified conversions. For example: “customer service” vs. “customer service best practices” or “what is customer service?” Additionally, some of these longer tail keywords may help land you in one of the coveted “People also ask” answer boxes in Google, especially if used in the page title or a sub-heading. Google search “People also ask” example: 4. Beyond keyword research: Identify search intent So you’ve found a high volume, relevant keyword. But do you know what types of content Google is presenting on the first page? Based on your keyword research, what types of content are searchers looking for? Do they want guidance, how-to articles, a list of nearby shops, or something else completely?To quickly check, we recommend opening an incognito browser window and searching your keyword to see what Google reveals on the first page. You’ll want to open an incognito or private browsing window so your previous searches and browser cookies don’t influence the presented search results. Based on what’s ranking, will your page topic address the same first page search intent?In the example below, you’ll see that most of the top ranking first page content around the term “customer service best practices” is in listicle format (i.e. “X Best Practices for Customer Service…”). Given these results, it’s best to target your topic in a similar way to increase your chances of ranking on page one. Search intent example: 5. Study your competition Are any of your competitors ranking on the first page? If so, what terms are they targeting? What types of content are they creating? How long is their content? What makes them successful? Identifying this will help inform the content strategy for your page, and give you an opportunity to expand on their success. 6. Don’t cannibalise yourself Always ensure that there are no existing web pages on your own site ranking for or targeted to your selected SEO keyword. Check with your internal SEO team to confirm, or if that’s not an option, perform a site search on Google by typing site:[your website domain] [search query/keyword]. This will bring up a list of pages currently on your site with the target keyword in the copy.If you find a page targeting the same term, you should determine if that page should be optimised further or removed. Before removing any pages, work with your analytics or marketing team to identify the business impact of removing a page. This could consist of traffic loss or a drop in form completes and leads. If you must remove an existing page, always use a 301 redirect to automatically send the searcher to the newly created page. These redirects pass more of the SEO page equity from the page being redirected to the new page. If you follow these tips you’ll be on your way to finding the right keywords for SEO and creating targeted, meaningful content which searchers are looking for and need. Want a deeper dive on keyword research? Check out our SEO Best Practices blog for more guidance on how to write and optimise SEO content for your site.

Here’s a customer service statistic that will stop you in your tracks: 80% of customers say the experience a company provides is as important as its products and services. The same study reveals that 88% of customers say good customer service makes them more likely to purchase again.With so many customers staking their purchasing decisions on high-quality experiences, it makes you wonder — are you doing enough to meet customer expectations? Are you using the right technologies to deliver what customers want? And is your customer service the best possible representation of your brand?Whether you’re fine-tuning your customer service strategy, looking for insights about call centre burnout, or curious about the latest technological advancements, these 36 customer service statistics offer valuable benchmarks so you can put your best foot forward.Are customer expectations changing?Oh, yes they are. Customers demand more than ever: they want better service across more channels, and they want it now.The good news is service organisations are getting better at meeting those expectations. Our research shows that 69% of agents say balancing customer service speed and quality is difficult — down from 76% in 2022.Here are a few more key insights from the latest “State of Service” report:86% of agents and 74% of mobile workers say customer expectations are higher than they used to be82% of agents and 76% of mobile workers say customers ask for more than they used to81% of agents and 73% of mobile workers say customers expect a personal touch more than they used to78% of agents and 72% of mobile workers say customers seem more rushed than they used to (back to top)How will service leaders meet customers’ demands?The short answer: by increasing budgets and headcount. Maybe that’s why decision makers expect service budgets to increase by an average of 23% over the next year.Check out these numbers:70% of service team leads, 62% of mobile workers, and 55% of agents say they can’t reach their goals without more budget80% of decision makers expect to see an increase in budget, 76% expect an increase in headcount, and 76% foresee higher case volumeIf higher budgets aren’t enough to keep pace with rising case volume, then technologies like customer service AI and automation could help bridge the gap. (back to top)Are agents and mobile workers under pressure to keep up?The data is clear: today’s customer service professionals are spread thin. In fact, 77% of agents and 74% of mobile workers report increased and more complex workloads compared to just one year ago.How does that affect morale? Our research suggests a few answers:79% of agents and 73% of mobile workers say they support more products and services than they did a year ago65% of agents and 66% of mobile workers say their cases are more complex than ever56% of agents and 57% of mobile workers say they’ve experienced burnout at work69% of service decision makers say agent attrition is a major or moderate challenge (back to top)How are high-performing companies responding to these customer service trends?You might be thinking: OK, research is fine. But what do I actually do about it? Here are five practical ways that high-performing service leaders are tackling today’s most pressing challenges:1. They’re enabling self-serviceOur research shows that 61% of customers would prefer to use self-service to resolve simple issues.When self-service is done right, it’s a win-win: your customers can resolve problems faster, and your agents can focus their time and attention on more complex issues. Just as important, data from the latest “State of Service” report shows that self-service is a major differentiator between high-performing and underperforming companies: 80% of high-performing service organisations provide a self-service solution, compared to just 56% of low performers.2. They’re unifying their dataWe found that 26% of agents say they often lack context about a customer’s situation, while 80% believe that better access to other departments’ data would improve their work.Perhaps that’s why the highest-performing service organisations are unifying their data to achieve more cohesive and compelling customer experiences. For example, many teams are connecting customer relationship management (CRM) systems and sharing accountability for metrics like customer satisfaction scores (CSAT), customer effort scores, and Net Promoter Scores (NPS).3. They’re investing in field service technologyOur research shows that 90% of decision makers at organisations with mobile workers are embracing the future of field service by investing in specialised technology to improve field service metrics and enhance mobile worker productivity. (You can find more of our research about the latest field service trends right here.)4. They’re automating processesInefficient processes and manual taskwork monopolise agents’ time and jeopardise the customer experience. That might explain why so many service organisations are turning to customer automation software to enable greater efficiency at scale, with 83% of decision makers planning to increase investments in automation over the next year.5. They’re making the most out of generative AIIf you’re like most service professionals, you might be curious how generative AI will impact your work. The preliminary results are in — and the results are already impressive: over 90% of organisations with AI report time and cost savings, and 87% of service decision makers say this technology helps them better serve customers. (back to top)Discover more customer service statisticsWhen you consider these 36 customer service statistics, the conclusion is clear: by understanding customer needs, embracing innovation, and committing to continuous improvement, high-performing service organisations are finding new ways to navigate a highly competitive landscape.Looking for even more insights into the latest customer service statistics? Take a deeper dive into our new findings by downloading the “State of Service” report — and find out what your peers are doing to prepare for the future of customer service. (back to top)Devon McGinnis contributed to this blog article.

Performance analytics is the process of collecting, analysing, and visualising data to gain insights into the performance of a business or organisation. It enables organisations to identify strengths, weaknesses, and opportunities for improvement. By leveraging performance analytics, businesses can make informed decisions and strategies to optimise their operations and achieve better outcomes. In this blog post, we will explore the concept of performance analytics, its significance, and how it works. We will also discuss various examples of how performance analytics is used across different industries, the benefits and challenges associated with its implementation, and the role of key performance indicators (KPIs) in performance analytics. Additionally, we will draw a distinction between performance analytics and performance appraisals and delve into the integration of performance analytics with LIKE.TG. What is performance analytics? Within business and organisational success, performance analytics stands as a beacon of data-driven insights. It’s the systematic process of gathering, analysing, and presenting data to gain a profound understanding of how a business, organisation, or individual is performing. This powerful tool enables the identification of trends, patterns, and areas that demand improvement. Equipped with performance analytics, businesses can meticulously assess the effectiveness of their marketing campaigns, sales strategies, and various initiatives. This empowers them to allocate resources wisely, ensuring maximum return on investment. Moreover, it allows organisations to monitor the progress of individuals toward their objectives, fostering a culture of accountability and continuous growth. Performance analytics goes beyond mere data collection; it’s about transforming raw information into actionable insights. By leveraging this data-driven approach, businesses can identify their high-performing teams and individuals, acknowledging their contributions and implementing strategies to replicate their success across the organisation. This fosters a culture of excellence, where continuous improvement becomes the driving force. Today, performance analytics are an indispensable tool for organisations seeking to stay ahead. It provides a comprehensive understanding of operational efficiency, customer satisfaction, and overall performance. Armed with this knowledge, businesses can make informed decisions, optimise processes, and achieve sustained growth. Performance analytics is not just a tool; it’s a mindset, a commitment to data-driven decision-making and a relentless pursuit of excellence. Why Performance Analytics are Important Performance analytics is a critical tool for businesses and organisations striving for success in the current market. By collecting, analysing, and visualising data on various aspects of performance, businesses can gain invaluable insights that empower them to make informed decisions, optimise operations, and achieve sustained growth. One of the primary reasons why performance analytics is so important is that it provides a clear understanding of how a business or organisation is performing. By tracking key performance indicators (KPIs) and measuring progress against set goals, businesses can identify areas of strength and weakness. This enables them to allocate resources effectively, prioritise improvement efforts, and ensure that their strategies are aligned with their overall objectives. Furthermore, performance analytics offers valuable insights that enable businesses to make data-driven decisions. Rather than relying on intuition or gut feelings, businesses can leverage data and analytics to gain a deeper understanding of customer behaviour, market trends, and operational inefficiencies. This empowers them to make informed choices that are backed by evidence, leading to improved outcomes and increased profitability. In addition to facilitating data-driven decision-making, performance analytics also plays a vital role in improving efficiency and productivity. By analysing performance data, businesses can identify bottlenecks, inefficiencies, and areas where processes can be streamlined. This allows them to optimise their operations, reduce costs, and deliver better value to customers. Moreover, performance analytics provides businesses with a competitive advantage. By continuously monitoring and analysing performance data, businesses can stay ahead of the curve and adapt quickly to changing market conditions. They can identify emerging trends, anticipate customer needs, and develop innovative strategies that differentiate them from competitors. How Performance Analytics Works Performance analytics, a powerful tool in the business world, transforms raw data into actionable insights, driving success and growth. The process begins with the careful collection of data from various sources, such as financial records, customer interactions, and operational metrics. Advanced statistical techniques and data visualisation tools are then employed to analyse this data, revealing hidden patterns, trends, and correlations. The interpretation of these findings is a critical next step, where experienced analysts and business leaders come into play. They identify key performance indicators (KPIs) and assess progress against predefined goals, pinpointing areas of excellence and opportunities for improvement. This empowers businesses to make informed decisions, driving growth and success. Performance analytics is an ongoing process, enabling continuous monitoring and refinement of strategies. Regular performance assessments guide businesses toward sustained improvement, ensuring agility and responsiveness to changing market dynamics and customer preferences. By incorporating feedback mechanisms and implementing necessary adjustments, businesses can stay ahead in a competitive landscape. Embracing performance analytics transforms data into a valuable asset. It empowers businesses to make informed decisions, optimise operations, and achieve sustained growth. Whether the goal is enhancing customer satisfaction, driving operational efficiency, or gaining a competitive edge, performance analytics is an indispensable tool in the pursuit of business excellence. In summary, performance analytics is a strategic process that leverages data to drive business success. It involves data collection, analysis, interpretation, and continuous monitoring. By transforming data into actionable insights, businesses can make informed decisions, optimise operations, and achieve sustained growth, staying ahead in a competitive market. Examples of How Performance Analytics Is Used In education, performance analytics plays a pivotal role in enhancing student outcomes. By collecting and analysing data on student performance, attendance, and engagement, educators can identify at-risk students and provide targeted interventions to support their academic success. Performance analytics also helps in evaluating the effectiveness of teaching methods, enabling educators to make data-driven adjustments to improve learning outcomes. In the healthcare industry, performance analytics is crucial for improving patient care and reducing costs. Hospitals and clinics use performance analytics to track patient outcomes, identify trends in patient care, and optimise resource allocation. By analysing data on patient readmissions, lengths of stay, and medication adherence, healthcare providers can identify areas for improvement and implement evidence-based practices to enhance patient care. Performance analytics is also a powerful tool in the sports industry. Sports teams and athletes use performance analytics to gain insights into player performance, identify strengths and weaknesses, and optimise training strategies. By analysing data on player statistics, game footage, and physiological metrics, sports teams can make informed decisions about player selection, tactics, and training programs. These examples illustrate the diverse applications of performance analytics across various industries. By leveraging data and analytics, businesses, organisations, and individuals can gain valuable insights, make informed decisions, and drive continuous improvement. Benefits of performance analytics Performance analytics stands as a game-changer, empowering organisations to unlock their full potential and thrive. By harnessing the wealth of data at their disposal, businesses can embark on a transformative journey, propelling themselves to new heights of success. One of the key benefits of performance analytics lies in its ability to pinpoint areas ripe for improvement. Through meticulous data analysis and comparison against benchmarks or industry standards, businesses gain an eagle-eyed view of their strengths and weaknesses. Armed with this knowledge, they can allocate resources judiciously, prioritising initiatives that promise the greatest impact and implementing targeted strategies to tackle specific challenges head-on. Performance analytics also serves as a guiding light, illuminating the path to setting realistic goals and objectives. By gaining a deep understanding of their current performance outlook and identifying areas for growth, businesses can establish achievable targets that align seamlessly with their overarching strategic vision. These well-defined goals serve as a compass, ensuring that efforts are channelled into the most impactful areas, maximising the chances of success. Moreover, performance analytics acts as a catalyst for enhanced productivity and efficiency. By employing data analysis, businesses can uncover hidden inefficiencies and bottlenecks that may be hindering their progress. Armed with these insights, they can streamline processes, eliminating time-consuming tasks and optimising resource allocation. The result? A dramatic boost in productivity, a significant reduction in costs, and an overall enhancement in operational performance. Within today’s business environment, performance analytics emerges as a strategic imperative. By continuously monitoring and analysing performance data, businesses gain the agility to stay ahead of the curve and adapt swiftly to the ever-shifting market. They develop the foresight to identify emerging trends, anticipate customer needs, and craft innovative strategies that set them apart from the competition. In essence, performance analytics serves as the cornerstone of data-driven decision-making, enabling businesses to navigate the complexities of the modern business world with confidence and precision. It empowers them to optimise operations, set realistic goals, and gain a decisive competitive edge. By harnessing the transformative power of data and analytics, businesses unlock the key to sustained growth, long-term success, and enduring prosperity. Challenges of performance analytics Performance analytics is a powerful tool for businesses and organisations, but there are also a number of challenges that need to be considered. This section will discuss some of the key challenges of performance analytics, including lack of data, data quality issues, complexity of data, and bias in data. One of the biggest challenges of performance analytics is the lack of available data. This can be due to a number of factors, such as the difficulty of collecting data, the cost of data storage, or the privacy concerns of individuals. Without sufficient data, it can be difficult to get an accurate picture of performance and identify areas for improvement. Another challenge of performance analytics is the issue of data quality. Data can be inaccurate, incomplete, or inconsistent, which can lead to misleading results. Ensuring the quality of data is essential for getting accurate and reliable insights from performance analytics. The complexity of data is another challenge of performance analytics. With the increasing amount of data available, it can be difficult to analyse and interpret it all. This is where data visualisation tools and advanced statistical techniques come in handy. However, using these tools effectively requires skilled analysts and data scientists who can understand the data and communicate the results effectively. Finally, bias in data is a significant challenge of performance analytics. Data can be biassed due to a number of factors, such as the way it is collected, processed, or analysed. This can lead to inaccurate or misleading results. It is important to be aware of potential biases and take steps to mitigate them. Despite these challenges, performance analytics is a powerful tool that can help businesses and organisations improve their performance. By carefully considering and addressing the challenges of performance analytics, businesses can gain valuable insights and make informed decisions to drive growth and success. Key performance indicators (KPIs) in performance analytics Key performance indicators (KPIs) are an essential component of performance analytics. KPIs are specific, measurable, achievable, relevant, and time-bound metrics that can be used to track and measure progress towards organisational goals. They can be financial or non-financial, and should be aligned with the organisation’s overall strategy. KPIs are important for several reasons. First, they provide a clear and concise way to measure progress and identify areas for improvement. By tracking KPIs over time, businesses can see what is working and what is not, and make adjustments accordingly. Second, KPIs help to align employee efforts with the organisation’s overall goals. When employees know what KPIs they are responsible for, they can focus their efforts on those areas that will have the greatest impact on the organisation’s success. Third, KPIs can be used to motivate employees. By recognising and rewarding employees who achieve their KPIs, businesses can create a culture of high performance. There are many different types of KPIs that can be used in performance analytics. Some common examples include: – **Revenue:** This is a measure of the total amount of money that a business brings in over a given period of time. – **Profit:** This is a measure of the amount of money that a business has left over after subtracting its costs from its revenue. – **Customer satisfaction:** This is a measure of how satisfied customers are with a business’s products or services. – **Employee satisfaction:** This is a measure of how satisfied employees are with their jobs and the company they work for. – **Productivity:** This is a measure of how efficiently a business uses its resources to produce goods or services. The specific KPIs that a business uses will vary depending on its industry, size, and goals. However, all businesses should have a set of KPIs in place to track their progress and identify areas for improvement. KPIs are an essential tool for performance analytics. By providing a clear and concise way to measure progress and identify areas for improvement, KPIs can help businesses improve their performance and achieve their goals. Performance Analytics or Performance Appraisals? Performance analytics and performance appraisals are both important tools for measuring and improving employee performance. However, they have different strengths and weaknesses, and are therefore best used in different situations. This section will discuss the key differences between performance analytics and performance appraisals, and help you decide which tool is right for your organisation. Performance analytics is a data-driven approach to measuring employee performance. It involves collecting and analysing data about employee activities, such as sales figures, customer satisfaction ratings, and project completion times. This data can then be used to identify trends, patterns, and areas for improvement. Performance analytics can also be used to set goals and track progress towards those goals. Performance appraisals, on the other hand, are a more subjective approach to measuring employee performance. They involve managers sitting down with employees and discussing their performance over a specific period of time. During these discussions, managers may provide feedback on the employee’s strengths and weaknesses, and set goals for the future. Performance appraisals can also be used to make decisions about pay raises and promotions. So, which tool is right for your organisation? If you’re looking for a way to measure employee performance in a data-driven way, then performance analytics is a good option. If you’re looking for a way to provide employees with feedback and set goals for the future, then performance appraisals are a good option. Of course, you can also use both performance analytics and performance appraisals to get a more complete picture of employee performance. Performance analytics with LIKE.TG Performance analytics in LIKE.TG is a powerful tool that can help businesses improve their performance by providing insights into key performance indicators (KPIs), identifying trends, and making accurate predictions. With LIKE.TG’s performance analytics tools, businesses can track and monitor KPIs in real-time, create customisable dashboards and reports, and integrate performance analytics with other business processes. LIKE.TG’s performance analytics capabilities also extend beyond traditional business data, including social media sentiment analysis and customer feedback. One of the key benefits of using LIKE.TG for performance analytics is its ability to provide a exhaustive view of business performance. By integrating data from multiple sources, such as CRM, ERP, and marketing automation systems, LIKE.TG can provide a holistic view of how different parts of the business are performing. This allows businesses to identify areas for improvement and make data-driven decisions to improve overall performance. Another advantage of using LIKE.TG for performance analytics is its flexibility and scalability. LIKE.TG’s performance analytics tools can be customised to meet the specific needs of any business, regardless of size or industry. Businesses can easily add new data sources, create custom reports and dashboards, and share insights with stakeholders throughout the organisation. Additionally, LIKE.TG’s performance analytics tools are scalable, meaning that they can grow with the business as it expands. Finally, LIKE.TG’s performance analytics tools are designed to be user-friendly and accessible to users of all skill levels. The intuitive interface makes it easy for users to create reports and dashboards, and the drag-and-drop functionality allows users to quickly and easily customise their analytics experience. Additionally, LIKE.TG provides extensive documentation and training resources to help users get the most out of its performance analytics tools. Performance analytics in LIKE.TG is a powerful tool that can help businesses improve their performance by providing insights into KPIs, identifying trends, and making accurate predictions. With its comprehensive view of business performance, flexibility, scalability, and user-friendly interface, LIKE.TG is an ideal solution for businesses looking to improve their performance analytics capabilities.

Sales data is a powerful tool that can help you understand your business, make informed decisions, and improve your sales performance. Regularly analysing sales data is crucial for gaining real-time insights into the sales cycle, driving improvement, and setting the team up for success. By doing so, you can track your progress, identify trends, and forecast future sales growth. You can also segment your customers, evaluate your marketing campaigns, and make data-driven decisions about your business. In this blog post, we will show you how to collect, analyse, and use sales data to improve your business. We will also discuss some of the key sales data metrics that you should track, and how to present your sales data in a way that is easy to understand. What is sales data? Sales data is a valuable asset for businesses of all sizes. It provides insights into customer behaviour, sales performance, and market trends. By analysing sales data, businesses can make informed decisions about product development, marketing, and sales strategies. Sales data can be collected from various sources, including point-of-sale systems, customer relationship management (CRM) software, and e-commerce platforms. Once collected, the data can be analysed using various tools and techniques, such as business intelligence (BI) software and data visualisation tools. Sales data can be used to track key performance indicators (KPIs), such as revenue, profit, customer acquisition cost, and customer lifetime value. By tracking these metrics, businesses can measure their progress and identify areas for improvement. Additionally, sales data can be used to identify trends and patterns, such as seasonal fluctuations in demand or changes in customer preferences. This information can be used to make informed decisions about product development, marketing, and sales strategies. For example, a business might use sales data to identify which products are most popular with customers, or which marketing campaigns are most effective. This information can then be used to make decisions about which products to invest in, or which marketing campaigns to continue. In summary, sales data is a valuable tool that can help businesses improve their performance. By collecting and analysing sales data, businesses can gain insights into customer behaviour, sales performance metrics, and market trends. This information can be used to make informed decisions about product development, marketing, and sales strategies. Key sales data metrics Businesses need to track a variety of sales metrics to measure their performance and make informed decisions. Some of the most important sales data metrics include: Total Revenue:This is the total amount of money that a business brings in from sales over a given period of time. It is calculated by multiplying the number of units sold by the price per unit. Total revenue is a key metric for measuring the overall success of a business and can be used to track growth over time. Profit Margin: This is the percentage of revenue that a business keeps after subtracting all costs associated with producing and selling its products or services. It is calculated by dividing the gross profit (total revenue minus the cost of goods sold) by the total revenue. Profit margin is a key metric for measuring the profitability of a business and can be used to identify areas where costs can be reduced. Customer Acquisition Cost: This is the average amount of money that a business spends to acquire a new customer. It is calculated by dividing the total marketing and sales expenses by the number of new customers acquired over a given period of time. Customer acquisition cost is a key metric for measuring the efficiency of a business’s marketing and sales efforts and can be used to identify ways to reduce costs. Customer Lifetime Value:This is the total amount of money that a business can expect to earn from a customer over their lifetime. It is calculated by multiplying the average customer lifespan by the average revenue per customer. Customer lifetime value is a key metric for measuring the profitability of a business’s customer relationships and can be used to identify ways to increase customer retention and loyalty. Average Deal Size:This metric is crucial for calculating Customer Lifetime Value (CLV) and monitoring upsell performance. It reflects the average revenue generated from each deal, helping businesses to determine pipeline velocity and provide targeted training to sales reps to maximise deal values. Average Order Value: This is the average amount of money that a customer spends on a single purchase. It is calculated by dividing the total revenue by the number of orders over a given period of time. Average order value is a key metric for measuring the effectiveness of a business’s pricing strategy and can be used to identify ways to increase sales. These are just a few of the key sales data metrics that businesses should track. By understanding these metrics, businesses can make informed decisions about their product development, marketing, and sales strategies to improve their sales teams overall performance. How to collect sales data There are several methods for collecting sales data, each with its own advantages and disadvantages. Some common methods include: Tracking website analytics:Website analytics tools, such as Google Analytics, can provide valuable insights into how customers interact with your website. This data can include information such as the number of visitors to your site, the pages they visit, and the amount of time they spend on each page. By analysing this data, you can gain insights into customer behaviour and identify areas where you can improve your website to increase sales. Sending surveys to customers:Customer surveys can provide valuable feedback about your products, services, and customer experience. By sending surveys to your customers, you can gather information about their satisfaction levels, identify areas for improvement, and collect suggestions for new products or services. Surveys can be conducted online, via email, or over the phone. Using a CRM system: A customer relationship management (CRM) system can help you track customer interactions and manage your sales pipeline. CRM systems can store customer contact information, track sales activities, and provide insights into customer behaviour. By using a CRM system, you can improve your sales efficiency and effectiveness. Monitoring social media mentions and online reviews: Social media and online reviews can provide valuable insights into customer sentiment and brand reputation. By monitoring social media mentions and online reviews, you can identify areas where you can improve your products or services and address customer concerns. You can also use social media and online reviews to generate leads and build relationships with potential customers. By collecting and analysing sales data, you can gain valuable insights into your business and make informed decisions to improve your sales performance. The importance of sales data analysis Sales data analysis is important because it can help businesses make more informed decisions, understand customer behaviour, identify their most profitable products and services, track their progress, and stay ahead of the competition. Informed Decisions With accurate and timely sales data, businesses can make more informed decisions about their product development, marketing, and sales strategies. For instance, by analysing historical sales data, businesses can identify seasonal trends, customer preferences, and market demands. This information can then be used to develop new products or services, target specific customer segments, and optimise marketing campaigns. Additionally, analysing sales per region helps in determining where products or services are selling the best, enhancing sales and marketing efforts through intelligent performance insights and actionable suggestions for improving these efforts. Understanding Customer Behaviour Sales data analysis provides valuable insights into customer behaviour, including their buying patterns, preferences, and pain points. By using sales analytics and understanding customer behaviour, businesses can develop targeted marketing campaigns, improve customer service, and create products and services that better meet customer needs. Identifying Profitable Products and Services Sales data analysis helps businesses identify their most profitable products and services. This information can then be used to allocate resources more effectively, focus on high-potential opportunities, and discontinue underperforming products or services. Tracking Progress Sales data analysis allows businesses to track their progress over time and measure the effectiveness of their sales and marketing strategies. By using predictive sales analysis and comparing current sales data to historical data, businesses can identify areas of improvement and make necessary adjustments to their strategies. Staying Ahead of the Competition In today’s competitive business environment, it is crucial for businesses to stay ahead of the competition. Sales data analysis provides businesses with the insights they need to make informed decisions, identify new opportunities, and develop strategies that give them a competitive edge. You’ve recorded your sales data — now what? Understanding the sales funnel After collecting your sales data, the next step is to analyse it to gain valuable insights into your business. By identifying trends and patterns through sales analysis, you can make informed decisions about your sales strategy and improve your overall performance. One way to analyse your sales data is to look for trends over time. This can help you identify seasonal fluctuations, changes in customer behaviour, and the impact of marketing campaigns. For example, you might see a spike in sales during the holiday season or a decrease in sales during the summer months. By understanding these trends, you can adjust your sales strategy accordingly. Another way to analyse your sales data is to segment your customers. This involves dividing your customers into different groups based on shared characteristics, such as demographics, purchase history, or location. By segmenting your customers, you can target your marketing and sales efforts more effectively and increase your chances of success. For a sales cycle for instance, if you have a group of customers who frequently purchase high-priced items, you could create a targeted marketing campaign specifically for them. Or, if you have a group of customers who live in a particular region, you could hold a local sales event. Finally, you can use your sales data to evaluate your marketing campaigns. By using sales targets and tracking the results of your marketing campaigns, you can see what is working and what is not. This information can help you fine-tune your marketing efforts and get the most out of your marketing budget. For example, if you run a paid advertising campaign, you can track the number of leads generated by the campaign and the conversion rate of those leads. This information can help you determine the effectiveness of your campaign and make adjustments as needed. By analysing your sales data, you can gain valuable insights into your business and make informed decisions to improve your sales performance. So, what are you waiting for? Start analysing your sales data today! Perfecting your sales team performance and sales process Sales data can also be used to perfect your sales process. By analysing your sales data, you can identify bottlenecks and inefficiencies in your sales process and take steps to streamline it. For example, you may find that your sales team is spending too much time on administrative tasks or that they are not following up with leads quickly enough. By identifying these inefficiencies, you can take steps to improve your sales process and increase your sales. Understanding the sales funnel is crucial for evaluating the health of your sales process and the team’s ability to move prospects through the funnel to turn them into customers. In addition to identifying bottlenecks, you can also use sales data to automate your sales process. By automating tasks such as lead generation, qualification, sales pipeline analysis and nurturing, you can free up your sales team to focus on more important tasks. This can lead to increased sales and improved customer service. Finally, you can use sales data to train your sales team and develop targeted marketing campaigns. By understanding your sales data, you can identify the needs of your customers and develop marketing campaigns that reach your ideal customers. You can also use sales data to track the performance of your sales team and provide them with feedback to help them improve their sales team performance further. By following these tips, you can use sales data to improve your sales process and increase your sales. Sales data is a valuable tool that can help you make informed decisions about your business and achieve your sales goals. How to present your sales data with dashboards You’ve collected and analysed your sales data, and now it’s time to present your findings in a way that’s easy to understand and actionable. Dashboards are a great way to do this, as they allow you to visualise your data and track your progress over time. When creating a sales data dashboard, it’s important to focus on creating a data-driven narrative. This means telling a story with your data, and highlighting the key insights that you want your audience to take away. For example, you might want to show how your sales have increased over time, or how your conversion rate has improved. To do this, you’ll need to use the right charts and visualisations. Bar charts and line graphs are a good way to show trends over time, while pie charts and scatter plots can be used to show relationships between different variables. It’s also important to consider your audience when choosing your charts and visualisations. If your audience is not familiar with data analysis, you’ll need to use simple charts and visualisations that are easy to understand. Finally, keep your dashboard simple. Don’t try to cram too much information onto one dashboard, as this will only make it difficult to read and understand. Instead, focus on presenting the most important information in a clear and concise way. By following these tips, you can create sales reports and data dashboards that are informative, actionable, and easy to understand. This will help you make better decisions about your business and improve your sales performance. Sales data analysis with LIKE.TG LIKE.TG is a powerful customer relationship management (CRM) platform that can be used to analyse your sales data and gain valuable insights into your business. With LIKE.TG, you can combine data from various sources, such as your CRM, marketing automation platform, and website analytics, to get a complete view of your sales performance. You can then use LIKE.TG’s analytics cloud to create reports and dashboards that visualise your data and make it easy to understand. One of the most powerful features of LIKE.TG for sales data analysis is Einstein Analytics. Einstein Analytics is a predictive analytics tool that uses artificial intelligence to identify trends and patterns in your data. This information can be used to forecast future sales, identify at-risk customers, and develop targeted marketing campaigns. In addition to its analytics capabilities, LIKE.TG can also be used to automate repetitive sales tasks, such as your sales reps sending follow-up emails and creating sales orders. This can free up your sales team to focus on more strategic tasks, such as building relationships with customers and closing deals. Finally, LIKE.TG can be used to centralise all of your sales data in one place, making it easier to access and to analyse sales further. This can be especially helpful for businesses that have multiple sales channels or locations. By using LIKE.TG for sales data analysis, you can gain valuable insights into your business and improve your overall sales performance.

You know you have to keep up to date with the latest technology. And if you feel like this AI revolution has come on a little fast and you or your team might be falling behind, you’re not alone. While these tools are clearly valuable in transforming everything from sales to customer service to data insights, you need to understand how they work and what they can do for you. Learn new skills and win fun prizes with Trailblazer Quests There’s no better way to learn than on Trailhead, the free online learning platform from LIKE.TG. Trailhead allows individuals, teams, and companies to skill up by learning LIKE.TG skills, along with crucial interpersonal and business skills like data literacy and emotional intelligence. We know that there is a lot to learn these days, and we want to make sure you have some fun while doing it. While learning is its own reward, there’s always room for a little extra motivation. That’s where Trailblazer Quests come in. Trailblazer Quests combine the challenge of learning new skills with the chance of winning sweet prizes. Check out these expert-curated quests Data Cloud Quest Harness the power of real-time data from any source, optimise and personalise with AI, and automate across people, processes, and systems. Complete the quest to be and be entered for a chance to win* a LIKE.TG Certification Voucher for an exam of your choice. AI Skills Quest Learn about artificial intelligence and be entered for a chance to win* a LIKE.TG AI Certification Voucher. Automation Quest Create workflows that drive efficiency and learn how to automate at any skill level with LIKE.TG Flow. Complete the trailmix and learn all things Automation to earn an exclusive Flow community badge. How to participate in these Trailblazer Quests Get started on your quest with two simple steps: Sign up for your free Trailhead account, if you don’t have one already. Complete any or all of the three quest trailmixes Data Cloud Quest AI Skills Quest Automation Quest *Official rules apply. See the Trailblazer Quests page for full details and restrictions.

In a time where consumers have as many options as they do today, sifting through the endless research can feel daunting. It’s why many of us turn to reviews and recommendations from friends, relatives, and influencers. Marketers can plug into this by rewarding customers who share their positive experiences with the world. This is called referral marketing. Think about the last decision you made about a product or service. Did you look for recommendations before purchasing? You’ve probably turned to your network at some point during a decision-making process, for both personal and business matters. We all tend to value and trust recommendations from people we know. Brands are increasingly tapping into the power of referral marketing, and customers like the rewards they get from being a brand advocate. According to our State of Connected Customer report, consumers are willing to give more of their own data if they get something out of it. One in three shoppers say they’re willing to share a brand on social media in exchange for rewards. Social media has become the first stop in product research. As we found in our Connected Shopper Report, 50% of customers today have found new brands from searching their social media for recommendations. If you’re looking for a refresher or just want some tips to improve your strategy, we’ll guide you through it all. What is referral marketing and how does it work? Referral marketing is when brands identify and engage with their top brand advocates, incentivising them to recommend the brand to their network. Both the referrer (the advocate) and the new customer get rewarded if the promotion actions happen. Referral marketing isn’t a new concept. Chances are you’ve come across referral marketing promotions for years. Have you ever received an email from your credit card company asking you to invite your friends and then you both receive extra points? Or have you bought a product that an influencer you follow on your Instagram has recommended? Referral marketing is a low-cost customer acquisition strategy because it empowers your top brand advocates to become your top sales associates. Back in the day, customers would write who referred them on a form in a brick and mortar store. Today, referrals are done with unique URLs that track engagement. Companies track the URL so you both receive a promotion on your next purchase or another reward. And how is this done? With connected data, of course. As your tech stack evolves with data and AI capabilities, make sure your referral marketing strategy is doing so as well. Here are five must-haves as you build out your marketing plans. 1. You need to connect referral marketing to your CRM data Referral marketing relies on having a connected data strategy that gives you a complete view of your customers. Customer relationship management (CRM) data is key to creating targeted referral promotions. You need to know each advocate’s history with your brand before reaching out to them. Think about it: if someone has an issue with your product and is working with your customer support with an open service ticket, that’s valuable information to consider before asking them for a brand recommendation. Connecting referral marketing with your CRM will help you deliver personalised and predictive referral programs. Plus, that connected program will bring valuable zero- and first-party data back into your CRM from customers sharing with you directly. 2. Identify the right brand advocates for your goals Your referral programs need to reach the right audience to have the best results. You don’t want to waste your efforts and money reaching out to customers who won’t spread the word. You already have the information within your platform that could help indicate who might be an advocate based on actions such as purchase history, loyalty information, marketing and sales interactions. Find opportunities to activate this data in your referral strategy. As you set up your referral programs, look for software that uses AI to surface insights and helps you make sense of your data to help you build strategic targeting parameters. This will set up your programs with the best chance for results. 3. Extend referral programs to the entire marketing lifecycle Think of your referral marketing as an entry point for a larger campaign, and ensure a connected experience for the customers you’re trying to engage. Also, make sure your website gives your advocates additional opportunities to convert their networks by creating a consistent experience across all interactions. It’s fairly simple and effective to do this with LIKE.TG technology. You can reach out to advocates on their preferred channels by connecting email journeys via Marketing Cloud and e-commerce widgets via Commerce Cloud.This will allow you to weave referral marketing efforts into your marketing journeys, helping you connect based on your customers’ unique behaviour. 4. Test, learn, and optimise based on performance Clear metrics and key performance indicators (KPIs) are vital to any referral marketing strategy, so make sure you set up your program in a way that you can evaluate quickly as you go. Use predictive data to surface insights you might not be able to make on your own and be proactive where you can be to maximise performance. There are lots of options you can tweak to find out what works for your brand. Maybe it’s the email copy, the images, or the actual promotion you are pushing. For example, if you decide to run a program dedicated to a specific location but aren’t seeing the lift you initially planned for, your participation and conversion rate metrics will help you broaden your filters for a larger reach. Or, maybe you want to see what’s actually resonating with your advocates and new customers, so you test a few different offers. Create a program that lets you quickly evaluate results and then pivot toward the one making the best impact. 5. Expand your referral marketing to a loyalty strategy End-to-end loyalty programs that have different tiering and reward structures can be overwhelming. Referral marketing is an easier way to get started. As you build out your referral program, think about short and long term goals, and plan how you can bake referral marketing into a larger loyalty strategy over time. (For example, you could offer different promotions based on loyalty status.) This unlocks opportunities for additional creativity, all anchored back to what your business goals are and what motivates your customers. The cool thing about referral marketing is there is no right or wrong way to do it – look at it as an opportunity to interact and incentivise your advocates. As we enter a new era of data, AI, and engagement, marketers can make an impact by being creative and making data-driven decisions. Your customers, both old and new, will reward you for it.

Trailblazers, AI experts and thought leaders descended on Singapore for World Tour Essentials, experiencing new ways that the #1 AI CRM can deepen customer relationships and uncover growth opportunities for the future of AI. The day may be over but the learning doesn’t have to stop. Just as generative AI can provide ‘next best actions’ to your team, we’ve compiled a list of where you should go next to continue your digital transformation journey with CRM + AI + Data + Trust. Navigate to your area of interest:Unlock All of Your Trapped Data with Data CloudLIKE.TG for Financial Services: Empower Customer SuccessRevolutionise Marketing Excellence with Marketing Cloud and AIThe Future of Sales: Supercharge Selling with Trusted AIReimagine Service with Trusted AIUnlock Profitability Through Digital Transformation with Commerce CloudTransform How Your Teams Get Work Done with the Einstein 1 Platform SlackEinstein 1: The Bold New Future of Enterprise AILearn more about the Einstein 1 Platform Unlock All of Your Trapped Data with Data Cloud You’ve already discovered how Data Cloud can enhance, not replace, systems like data warehouses and data lakes. Continue exploring how Data Cloud can seamlessly integrate with your existing environment and give your team a complete view of your customers so you can improve experiences across the entire journey. It’s how Formula 1 has achieved 88% fan satisfaction, 86% first contact resolution, and 99.6% email delivery rate. LIKE.TG for Financial Services: Empower Customer Success Financial services are embracing trusted AI and automation to deliver better outcomes for all stakeholders, including clients, employees and regulators. At World Tour Essentials Singapore, Trailblazer Siam Commercial Bank shared how they are delivering personalised customer experiences that are fully compliant by embarking on their digital transformation. Now, learn more about how AI is already changing the banking industry across data, sales, marketing and service, with the potential to add $1 trillion in value annually to banks. Revolutionise Marketing Excellence with Marketing Cloud and AI You’ve seen how Marketing Cloud and AI can deliver digital-first, personalised experiences throughout the customer lifecycle, as our customer Trailblazer Direct Asia demonstrated. At this very moment, AI digital assistants are hard at work, scaling up the efficiency and effectiveness of marketers. 62% of marketers have invested in the power of AI, and Marketing Cloud makes it easier than ever to partner your marketers with their very own AI assistant. We’ve compiled nine of the most interesting ways you can embed an AI assistant in the flow of work. The Future of Sales: Supercharge Selling with Trusted AI After learning how the #1 AI CRM for sales is helping Trailblazers like SEEK give their sellers superpowers to drive efficient growth, we also want to show you another way AI is affecting the jobs of sales professionals – by opening up more time for relationship-building and customer engagement. We’ve highlighted four ways that generative AI will make work better and more productive for sellers, including by analysing the mood of prospects and offering real-time coaching to your sales team. Reimagine Service with Trusted AI AI is helping businesses including our World Tour Essentials speaker Philippine Airlines scale service, increase productivity and reduce the cost to serve. We’ve put together a comprehensive guide to the state of generative AI in service to identify ways AI can make service better for your customers and service professionals. These include increasing productivity by 14% with AI-based conversational assistants, or reducing team workload and burnout, as reported by 79% of IT leaders. Unlock Profitability Through Digital Transformation with Commerce Cloud More than half of retailers are already using AI-powered CRM to increase commerce productivity, and our Trailblazer L’Oréal took to the stage at World Tour Essentials Singapore to show how they’re using digital transformation to boost omnichannel sales, personalisation, and operational efficiency. We’ve prepared a guide to what to expect in the world of e-commerce over the next few years – and how you can prepare for the future of AI. Transform How Your Teams Get Work Done with the Einstein 1 Platform Slack You’ve seen the newest AI features that have cemented Slack as the natural conversational interface for trusted AI. Slack has sped up processes for Singapore’s super-app company Grab, who shared their Slack story at World Tour Essentials Singapore. And with Slack, the Philippines’s Cebu Pacific Air has also saved an impressive 114,000 hours annually. Now, see how Slack can empower your employees with AI to get things done faster — get started with this e-book. Einstein 1: The Bold New Future of Enterprise AI Since 2014, LIKE.TG has been the leader in AI innovation for business. We’ve deeply embedded trusted AI across our CRM apps for sales, service, marketing, commerce and more to bring predictive insights and intelligence to your entire organisation. With the newest innovations now available in Einstein 1, you can connect with your customers in a whole new way and grow productivity and your bottom line. Establishing your organisation as a leader in the future of AI starts with understanding the potential of CRM + AI + Data + Trust. We’ve compiled the following resources for business leaders to expand their knowledge of generative AI.

Traditional online marketing techniques such as paid digital advertising work, but advertising costs have left small businesses struggling to compete. An effective alternative to paid advertising is search engine optimisation (SEO), which allows your small business to stay competitive and keep costs relatively low.All it takes are the seeds of a robust strategy, a bit of hard work, and time for the fruits of your labour to become reality.If you’re looking maximise your small business SEO, you find these tips, benefits and services beneficial.What you’ll learn:What is SEO and how does it work?What is small business SEO?Five tips to do small business SEO rightThree benefits of small business SEOHow should small businesses get started with SEO?How to choose small-business SEO servicesWhat is SEO and how does it work?SEO is a technique to improve a website’s organic visibility online. The goal is to have your web property show up as close to the top of the first page of a search engine’s results as possible (such as Google). Well-executed small business SEO can increase traffic to your website without having to pay for an ad.Many components can contribute to better organic visibility. A few that are the most important include the page’s content, targeting the right keywords, and backlinks. Good SEO also hinges on some technical aspects, such as site speed and mobile optimisation.Before jumping into the details, here’s a glossary of common SEO terms:Organic search results: This is also called the Search Engine Results Page (SERP). When a search engine user types a query or search term into a search engine like Google, a list of results is generated. This list is made up of the most relevant pages to that keyword.Keyword ranking: This is your web page’s exact position in search results for a specific keyword. Most web searches result in hundreds of pages of results, and usually there are ten or more results on a page. The closer you are to ranking number one on the first page, the more visitors and in turn the more traffic your website will receive.Local search/Local SEO: This aspect of SEO is used topromote a local business online. For example, if a user types “shoe store Boston” into the search engine, the search results willlist the web properties of any shoe stores in Boston that rank well for that keyword. This is very different from just typing in “shoe store”, which would likely turn up online retailers not specific to a geography.Backlinks: These are links from other websites to yours. Backlinks can help increase your page authority and keyword ranking. But if you’re not careful, they can decrease both and hurt your website’s ranking. Check to make sure you only have backlinks from reputable sources bringing traffic to your page. Every couple of months, keep an eye out for anything that looks spammy and disavow the links to prevent them from bringing down your ranking.Technical SEO: The technical side of SEO, as opposed to the content side, ensures that search engines can crawl and index your website (meaning “read” your content and know how to rank it against similar content). Technical small business SEO focuses on backend information like your HTML code,site speed and mobile optimisation (see below), your sitemap, and website architecture.Site speed: How long does it take for your website to load? This is your site speed. Google considers this an important factor when ranking websites in search results. The search engine favours websites that load more quickly and efficiently because it improves the user experience. If your site is bogged down by heavy images or videos, for example, and not designed to load quickly, it will take a hit in search.Mobile optimisation: How your website displays on mobile devices is another important factor in website ranking. If you built your web property on a desktop and did not check to see that it scales on a variety of mobile devices, your site will take a hit in its search results.What is small business SEO?Small business SEO is the process of improving your small business’ website presence on search engines, so it is visible in queries that relate to what you offer.There is a difference between small business SEO and local SEO. Local helps businesses appear in location-based search results. While it may overlap, some small businesses need to leverage local traffic, however, small business SEO is now global, worldwide due to digital demand. If you’re an SMB that can ship your product or service anywhere, local SEO doesn’t make sense to you.SEO is important for SMBs as it helps you increase organic traffic without spending money on advertisements — something all small business has to navigate. When your website ranks higher in search, you drive more traffic, generate more engagement, make more sales, and gain more loyal customers. You see the beautiful arc here, it’s every SMBs dream.Five tips to do small business SEO rightThese tips will help you understand how to implement SEO for your small business.1. SEO is not only for GoogleAs a small and growing business, your site should look good on Google. But depending on your audience, other sites may be equally as valuable (or more so), including Amazon, Reddit, Yelp, YouTube, Instagram, and others that have their own SEO strategies. Figure out where you want to spend the majority of your efforts and start there.2. SEO strategy is effective, but not instantWhile SEO isn’t free or instant, it is effective. How long it takes for SEO towork depends on where you start. If you are in the early stages of building out your SEO strategy, expect at least six months to see results – even more if you’re building a new website. Remember that SEO is a continual process and it builds upon itself.The foundation you lay during those first months will make the process easier later. The more effort you devote to SEO, the harder it will be for your competitors to outperform you.3. Target the right keywordsPlan your online content with keywords specific to your business. Not sure which keywords to target? Use a keyword research tool such as Ahrefs, SEMRush, AnswerThePublic or BuzzSumo; there are a few that aren’t too costly. This will help the right audience find your most relevant content and website.4. Write for humans first, and search engines secondHigh-quality, engaging, and relevant content that incorporates the targeted keyword will entice people to stay on your website, read for longer, and interact with more content. If you can, consider answering popular questions relevant to your business. Showcase solutions your customers would want to see.Tempting as it may be, do not include irrelevant keywords or content that is stuffed to the brim with the same keyword. Your human readers won’t stand for it, and this content will negatively impact your search visibility. Search engines strongly take this into consideration when determining which results to display.5. Maximise local search to your advantageYour small business can find huge success targeting local searches. As the stats prove, people searching locally are potential customers waiting to be converted. According to Sagapixel data, almost half of all the searches on Google have local intent. Seventy-two percent of consumers that perform a local search visit a store within five miles of their current location.When doing local search optimisation, be sure to claim your Google Business page. This will help you show up in Google maps and in “near me” search results. For more localised results,weave your specific city or state in with your target keyword.Benefits of small business SEOAccording to BrightEdge research, organic search accounts for 53% of all online traffic and contributes to 44% of revenue share. SEO brings in more online readers through organic search – the largest digital channel.SEO improves brand awareness. Good SEO will help you to show up ahead of competitors in search results. If researching prospects come across your site, your brand will be top of mind when they are ready to make a purchase.If done correctly, SEO is highly effective – but it’s not something that happens overnight. It takes time and effort to set the foundation, but once you have it, the rewards are great. Like growing a plant, the more you nurture your SEO, the more it will grow.How should small businesses get started with SEO?The first step is to complete a technical audit and a content audit. Audits highlight areas where you are doing well and areas that need improvement. An audit is a great place to start whether you have done a little bit of SEO or none at all. Once your audit is completed, you will know the exact scope of work needed to improve your SEO.Conduct a content audit for SEOA content audit should do two things: Help uncover opportunities for new content, and highlight existing content needing attention. It should be a full list of all your web content, like blogs, combined with traffic, engagement, ranking keywords, and backlink data.Learn more about content audits here.Conduct a technical audit for SEOThe technical audit will show you areas where your website structure and backend need improvement. Highlight pages with missing or duplicative page titles or meta descriptions. You should also track page speed, broken links, or redirect chains on each page. You can even get more technical and dive into canonical tags, hreflang, or schema markup.Learn more about technical audits here.How to choose small-business SEO servicesNot sure you want to tackle this all yourself? There’s no shortage of SEO experts waiting to help small businesses with an SEO strategy. Finding the right agency or person should be as important as getting the right strategy.While an in-house SEO expert is probably not a viable option for your small business, there are other ways to get your SEO needs met. Many agencies offer a variety of packages to suit small businesses. Some may even propose a flat rate contract based on the services you want.This option will let you know the project’s exact cost and guarantee fulfillment. If you are willing to do the work but need guidance to get started, you can look into hourly SEO consultants.As with most business services, you get what you pay for when it comes to SEO. You want whomever you hire to provide you with quality recommendations. Here are some questions to ask a potential agency:What niches do you specialise in?What does the process look like, and what will you be working on month-to-month?What is your link building strategy?How do you track progress?How do you report?How often will you review and update the strategy?Do you have any case studies of similar projects?Is there a minimum term commitment?Whether you decide to tackle SEO on your own or hire an expert, it is critical to have the right SEO foundation and strategy. In the long run this can be a huge benefit to your business and your bottom line.Digital marketer and SEO professional Rosy Callejas contributed to this article.

Nine out of ten leaders know a strong data strategy is critical to AI success – so why are only a third of them integrating a unified data strategy across their company? In January 2024, LIKE.TG commissioned Forrester Consulting to find answers to these gaps and more in the rapidly developing AI landscape. The research, conducted with 773 business leaders in 14 countries, including Singapore, sheds light on global business decision-makers’ mindsets around AI-powered CRM. These trends prove that regardless of fast shifts in AI, there are certain foundational principles that companies must prioritise for growth. Before we explore these key success factors and recommendations, let’s understand the current state of AI-powered CRM in Singapore. Compared to the global average, business leaders in Singapore are generally more aware of the importance of data strategy and employee trust in AI but are less likely to have a formal data strategy or the data skills necessary for success. Gaps in basic AI understanding reveal room for growth The research reveals Singaporean organisations are embracing AI across various CRM use cases. But, it’s not all smooth sailing. The research uncovers critical gaps that could impact the success of AI adoption in CRM. Here’s a striking revelation: Despite all respondents making plans to adopt AI, only half were able to choose the correct definition for both predictive and generative AI when presented with both side by side. Predictive AI: analyses existing data to make forecasts Generative AI: creates new content based on learned patterns Considering that an AI strategy likely encompasses both types of AI models – which serve specific purposes and goals – this signals an opportunity for more comprehensive education. People need to know the specific use cases each type of AI enables, the anticipated business outcomes, and how to design a strategic plan for AI grounded in those goals. Another key finding is the significant gap in data maturity and readiness. While 96% of Singaporean leaders emphasise the importance of a robust data strategy, only 30% claim to have one implemented across their business. Bridging this gap is crucial to using AI effectively. Trust also emerges as a primary concern, with respondents citing security issues and scepticism about the output quality of generative AI. Fear of unintentionally exposing private customer data and potential damage to brand reputation looms large as barriers to purchasing generative AI. Three foundations for strong AI-powered CRM 1. Ready your data Data quality and availability is the crux of successful AI implementation. Over 62% of Singaporean survey respondents agree that improved data quality is essential – significantly higher than the 53% global average. Despite its importance, they indicated that their top challenges with their organisation’s CRM include data quality issues and a lack of data skills. On the flip side, companies with a higher degree of data maturity are not only more likely to have adopted AI already but also are more likely to use a unified CRM across their business, thus realising greater front-office productivity and impact to customer satisfaction.Our recommendations: Focus on cleaning your data, eliminating silos, and ensuring a holistic view of customer data. Take a balanced approach to data maturity aligned with your strategic goals. Knowing it’s not realistic to improve everything at once, work to understand the specific data requirements needed to deliver your AI use cases in a phased approach. Most importantly, keep data quality and availability front and centre as you build a strategy in tandem with AI. Data readiness in action: Lotus’s, a prominent retail brand with over 2500 outlets across Thailand and Malaysia, underwent a technological infrastructure transformation with LIKE.TG. Prior to this overhaul, the company grappled with fragmented and monolithic systems that affected its ability to understand customer behaviours and deliver personalised experiences, Leveraging Data Cloud for Marketing, Lotus’s successfully unified data from diverse sources, reduced its customer record volume by half, and gained a complete view on its 9 million-strong customer base. With the integration of Marketing Cloud, the brand now adeptly crafts tailored customer experiences through automated journeys. 2. Build trust in AI Building trust is a must in AI. Almost all Singaporean respondents (92%) said that trust is important – or even critical – when partnering with an AI vendor. Genuine concerns about unintentionally exposing private customer data, infringing copyright, or violating data regulatory compliance requirements raise a lot of questions. Specifically, organisations are seeking vendors who already have security protections – such as data masking (the practice of anonymising sensitive data) – baked into the tool. Another way to protect from potential risk is to choose a vendor that offers AI as part of their core CRM offering, so there are no extra hoops or complexities with trying to integrate an outside source. Our recommendations: Work with a trusted AI vendor that provides meticulous management of both AI inputs and outputs. Your data should be masked when shared with any large language models. When considering a vendor-hosted or external model, ensure that the context of inputs and prompts will not be stored and you never lose control over the use of your data. Beyond privacy and security concerns, prompts and outputs should be automatically scanned for harmful outputs. Finally, depending on the AI use case, consider keeping a human in the loop to ensure quality, accuracy, and trust. Trusted AI in actionWith trusted AI and data, LIKE.TG is increasing customer trust and improving experiences for Indonesia-based end-to-end delivery service Lion Parcel. Service Cloud helps it understand customer behaviours and drive personalisation with customer segmentation, leading to a 73% reduction in resolution times. And with Einstein 1 making it easier for customers to self-serve, 90% of WhatsApp interactions are now handled by AI, leading to a 40% improvement in cost efficiency. 3. Make space for education and upskilling As AI becomes embedded in organisations, 42% of Singaporean respondents agreed that continuous upskilling is necessary. This, paired with the general lack of understanding around AI concepts, highlights the opportunity for a thoughtful approach to AI education. Additionally, they noted that a lack of data skills is a primary challenge with the current use of their CRM systems. Our recommendations: Beyond ensuring employees have a general understanding of your AI strategy and goals, start tactically with employee training to create and refine prompts. A prompt is a detailed instruction provided to a large language model to help it generate an output. A better prompt yields a better, more relevant output from the AI model. Every employee can be a prompt engineer – this training will maximise the potential benefit of AI while helping people work more efficiently. In addition, establishing corporate policies that educate employees to evaluate AI outputs for accuracy, bias, toxicity, and potential harm is essential. Upskilling in action Internal communication can be a barrier to the successful implementation of any new systems, so when Lion Parcel embarked on its digital transformation with LIKE.TG, it also made sure to optimise internal workflows and connect teams with Slack. Customer segmenting from Service Cloud also means agents can be trained to provide specialised service for critical interactions, with AI able to handle more routine contacts. See how top leaders make the most of their AI investments by creating strong data practices, a culture of continuous learning, and unwavering trust. These insights and more can be found in the full study, so your team can create a foundation of excellence with your own AI-powered CRM.

You know you have to keep up to date with the latest technology. And if you feel like this AI revolution has come on a little fast and you or your team might be falling behind, you’re not alone. While these tools are clearly valuable in transforming everything from sales to customer service to data insights, you need to understand how they work and what they can do for you. Learn new skills and win fun prizes with Trailblazer Quests There’s no better way to learn than on Trailhead, the free online learning platform from LIKE.TG. Trailhead allows individuals, teams, and companies to skill up by learning LIKE.TG skills, along with crucial interpersonal and business skills like data literacy and emotional intelligence. We know that there is a lot to learn these days, and we want to make sure you have some fun while doing it. While learning is its own reward, there’s always room for a little extra motivation. That’s where Trailblazer Quests come in. Trailblazer Quests combine the challenge of learning new skills with the chance of winning sweet prizes. Check out these expert-curated quests Data Cloud Quest Harness the power of real-time data from any source, optimise and personalise with AI, and automate across people, processes, and systems. Complete the quest to be and be entered for a chance to win* a LIKE.TG Certification Voucher for an exam of your choice. AI Skills Quest Learn about artificial intelligence and be entered for a chance to win* a LIKE.TG AI Certification Voucher. Automation Quest Create workflows that drive efficiency and learn how to automate at any skill level with LIKE.TG Flow. Complete the trailmix and learn all things Automation to earn an exclusive Flow community badge. How to participate in these Trailblazer Quests Get started on your quest with two simple steps: Sign up for your free Trailhead account, if you don’t have one already. Complete any or all of the three quest trailmixes Data Cloud Quest AI Skills Quest Automation Quest *Official rules apply. See the Trailblazer Quests page for full details and restrictions.

Understanding the elasticity of demand is critical for businesses looking to make informed pricing decisions and optimise revenue. Throughout our exhaustive guide, we’ll take a closer look at the concept of elasticity, its importance in pricing strategies, and how LIKE.TG can provide valuable insights into demand analysis. We will explore the different types of elasticity, including cross elasticity and advertising elasticity, and provide practical examples to illustrate these concepts. What is price elasticity of demand? Within economics, understanding consumer behaviour is key for businesses seeking to optimise revenue and make informed pricing decisions. A major concept in this pursuit is elasticity of demand, which measures the responsiveness of consumer demand to changes in price. Simply put, it assesses how sensitive consumers are to price fluctuations. Price elasticity measures further refine this concept by quantifying the responsiveness of demand to price changes, computed as the percentage change in quantity demanded or supplied divided by the percentage change in price, and categorising it as elastic, inelastic, or unitary based on the responsiveness to price changes. Elasticity of demand is expressed as a percentage of absolute value, indicating the proportional change in quantity demanded in response to a given percentage change in price. A higher elasticity value indicates that consumers are highly responsive to price changes, while a lower value suggests a more inelastic demand. This economic concept holds significant importance for businesses as it provides insights into consumer preferences, market dynamics, and revenue potential. By understanding elasticity, businesses can effectively set prices, develop pricing strategies, and anticipate consumer reactions to price adjustments. Elasticity vs. Inelasticity of Demand In economics, demand elasticity is often contrasted with its opposite—inelasticity of demand, including the extreme case of perfectly inelastic demand where demand remains unchanged regardless of price changes. Inelastic demand occurs when consumer demand remains relatively unchanged even in response to significant price fluctuations. This means that consumers are less sensitive to price changes and will continue purchasing a product or service despite price increases or even price decreases. Inelastic demand is often observed in industries where consumers rely on essential products or services, such as healthcare, utilities, or staple foods. For instance, if the price of electricity increases, consumers may have little choice but to pay the higher price since electricity is a necessity for daily life. When price rises in the context of inelastic demand, the quantity demanded does not decrease significantly, highlighting the consumers’ dependency on these essential goods or services. Conversely, elastic demand occurs when consumer demand is highly responsive to price changes. In such cases, consumers are more likely to adjust their consumption patterns based on price fluctuations. Elastic demand is commonly found in industries where consumers have multiple options or can easily substitute one product for another. For example, if the price of a particular brand of clothing increases, consumers may switch to a different brand or a cheaper alternative. The elasticity of demand is measured using a formula that calculates the percentage change in quantity demanded divided by the percentage change in price. A coefficient of elasticity greater than 1 indicates elastic demand, while a coefficient less than 1 represents inelastic demand. Understanding the concept of elasticity vs. inelasticity of demand is all-important for businesses as it helps them make better decisions regarding pricing strategies and revenue optimisation. By analysing elasticity, businesses can determine how price changes will impact consumer behaviour, market demand, and overall revenue. This knowledge allows companies to set prices that maximise profits while considering consumer preferences and market dynamics. Formula for calculating elasticity of demand To calculate the elasticity of demand, economists use the following formula: “` Ed = (% Change in Quantity Demanded) / (% Change in Price) “` In this formula, Ed represents the elasticity of demand. The percentage change in quantity demanded refers to the change in the quantity of a product or service that consumers are willing and able to buy in response to a change in price. The percentage change in price refers to the change in the price of the product or service. To calculate the elasticity of demand, you first need to determine the initial price increase, quantity demanded and the initial price. Then, you need to calculate the percentage change in quantity demanded and the percentage change in price. Finally, you can divide the percentage change in quantity demanded by the percentage change in price to find the elasticity of demand. For example, let’s say that the initial quantity demanded for a product is 100 units and the initial price is $10. If the price of the product in demand increases to $12, the quantity demanded decreases to 80 units. The percentage change in quantity demanded is (80 – 100) / 100 = -20%. The percentage change in price is (12 – 10) / 10 = 20%. The elasticity of demand is -20% / 20% = -1. In this example, the elasticity of demand is -1, which means that demand is a perfectly inelastic amount. This means that a 20% increase in price causes only a 20% decrease in quantity demanded. Cross Elasticity of Demand Cross elasticity of demand measures the responsiveness of demand for one product to a change in the price of another product. It is a valuable metric for businesses that offer multiple products or services, as it helps them understand how changes in the pricing of one product may impact the demand for other products in their portfolio. The cross-elasticity of the demand curve is calculated using a formula similar to the one used for elasticity of demand: “` Cross Ed = (% Change in Quantity Demanded of Good X) / (% Change in Price of Good Y) “` Where: * Cross Ed is the cross elasticity of demand. * The percentage change in quantity demanded of good X refers to the per cent change in the quantity of good X that consumers are willing and able to buy in response to a change in the price of good Y. * The percentage change in price of good Y refers to the change in the price of good Y. A positive cross-elasticity of demand indicates that goods X and Y are substitutes, meaning that consumers are likely to switch to good X if the price of good Y increases. A negative cross-elasticity of demand indicates that goods X and Y are complements, meaning that consumers are likely to buy less of good X if the price of good Y increases. Understanding cross elasticity of demand is essential for businesses that want to optimise pricing strategies and maximise revenue. By analysing cross elasticity, businesses can identify opportunities for product bundling, price discrimination, and other pricing strategies that can increase sales and profitability. Advertising Elasticity of Demand This section discusses advertising elasticity of demand, a measure of how responsive demand is to changes in advertising expenditure. Calculating advertising elasticity of demand involves determining the initial quantity demanded, advertising expenditure, and calculating the percentage change in both. The formula is similar to elasticity of demand: “` Ea = (% Change in Quantity Demanded) / (% Change in Advertising Expenditure) “` Positive advertising elasticity indicates that increased advertising leads to increased demand. Conversely, negative advertising elasticity suggests that increased advertising has an adverse effect on demand. Understanding advertising elasticity of demand helps businesses optimise advertising budgets and allocate resources effectively. Factors influencing advertising elasticity include product type, market competition, brand loyalty, and advertising effectiveness. Businesses must consider these factors when making advertising decisions to maximise return on investment. In conclusion, advertising elasticity of demand is a major concept that businesses should consider when developing marketing strategies. By analysing and understanding advertising elasticity, businesses can make decisions about their advertising investments, optimise their marketing mix, and achieve their desired business objectives. What Are the 4 Types of Elasticity? There are four main types of elasticity: price elasticity, income elasticity, cross elasticity, and advertising elasticity. Price elasticity of demand measures the responsiveness of quantity demanded to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. A price elasticity of demand of -1 indicates that a 1% increase in price will lead to a 1% decrease in quantity demanded. A price elasticity of demand of 0 indicates that a change in price will not affect quantity demanded. A price elasticity of demand greater than 0 indicates that a change in price will lead to a more than proportionate change in quantity demanded. Income elasticity of demand measures the responsiveness of quantity demanded to changes in consumer income. It is calculated by dividing the percentage change in quantity demanded by the percentage change in income. An income elasticity of demand of 1 indicates that a 1% increase in a consumer’s income will lead to a 1% increase in quantity demanded. An income elasticity of demand of 0 indicates that a change in income will not affect quantity demanded. An income elasticity of demand greater than 0 indicates that a change in income will lead to a more than proportionate change in quantity demanded. Cross elasticity of demand measures the responsiveness of demand for one product to changes in the price of another product. It is calculated by dividing the percentage change in quantity demanded for one product by the percentage change in price of the other product. A cross-elasticity of demand of 1 indicates that a 1% increase in the price of one product will lead to a 1% increase in the quantity demanded for the other product. A cross-elasticity of demand of 0 indicates that a change in the price of one product will not affect the quantity demanded for the other product. A cross-elasticity of demand greater than 0 indicates that a change in the price of one product will lead to a more than proportionate price change, in the quantity demanded for the other product. Advertising elasticity of demand measures the responsiveness of quantity demanded to changes in advertising expenditure. It is calculated by dividing the percentage change in quantity demanded by the percentage change in advertising expenditure. An advertising elasticity of demand of 1 indicates that a 1% increase in advertising expenditure will lead to a 1% increase in quantity demanded. An advertising elasticity of demand of 0 indicates that a change in advertising expenditure will not affect the quantity demanded. An advertising elasticity of demand greater than 0 indicates that a change in advertising expenditure will lead to a more than proportionate change in quantity demanded. What Does a Price Elasticity of 1.5 Mean? This section discusses the meaning of a price elasticity of 1.5. It explains that this relatively elastic demand indicates that demand is relatively elastic, meaning that consumers are sensitive to changes in price and will adjust their consumption accordingly. A price elasticity of 1.5 means that for every 1% change in price, the quantity demanded will change by 1.5%. In other words, if the price of a good increases by 1%, the quantity demanded will decrease by 1.5%. Conversely, if the price of a good decreases by 1%, the quantity demanded will increase by 1.5%. This information is valuable for businesses because it helps them understand how consumers will respond to changes in price. If a business knows that demand for its product is a perfectly elastic demand, it may be more likely to raise prices, as it knows that consumers will not significantly reduce their consumption. Conversely, if a business knows that demand for its product is inelastic, it may be less likely to raise prices, as it knows that consumers will not significantly increase their consumption. Businesses can use price elasticity to make informed choices about pricing, product development, and marketing. By understanding how consumers will respond to changes in price, businesses can maximise their total revenue, and profits. Demand Elasticity and LIKE.TG Understanding demand elasticity is crucial for businesses to optimise pricing strategies and maximise revenue. LIKE.TG, a leading customer relationship management (CRM) platform, offers powerful tools and features to analyse and understand elasticity. By leveraging LIKE.TG, businesses can gain valuable insights into customer behaviour and market dynamics, enabling them to make data-driven decisions about pricing. One key aspect of LIKE.TG’s elasticity analysis capabilities is its ability to track and analyse customer data. LIKE.TG collects and stores comprehensive information about customer interactions, including purchasing history, product preferences, and communication channels. This data can be leveraged to identify patterns and trends in customer behaviour, helping businesses understand how price changes affect demand. LIKE.TG also enables businesses to conduct A/B testing and controlled experiments to measure the impact of price changes on demand. By creating different pricing scenarios and analysing customer responses, businesses can quantify the elasticity of demand and determine the optimal pricing strategy. This data-driven approach minimises the risk associated with pricing decisions and maximises revenue potential. LIKE.TG provides robust reporting and visualisation tools to present cross-price elasticity and analysis results in an easily understandable format. Businesses can generate reports and dashboards that illustrate the relationship between price and demand, allowing them to identify price points that optimise revenue and customer satisfaction. These insights empower businesses to make informed pricing decisions, ensuring long-term success and profitability. LIKE.TG plays a vital role in helping businesses understand and analyse demand elasticity. By leveraging its exhaustive data collection, A/B testing capabilities, and reporting tools, businesses can make data-driven pricing decisions that optimise revenue and customer satisfaction.

In today’s competitive business landscape, understanding your competitors is crucial for success. A well-executed competitor analysis provides valuable insights into their strategies, strengths, weaknesses, and market positioning. By analysing your competition, you gain the knowledge needed to make informed decisions, differentiate your offerings, and stay ahead of the curve. This blog post will explore the concept of competitors, and thorough competitive analysis, its importance, various types, and effective methods for conducting one. Additionally, we will discuss how LIKE.TG can make competitive analysis templates to assist businesses in streamlining and enhancing their own competitor research and analysis processes. What is a competitor analysis? In the ever-competitive business landscape, understanding your competitors is not just crucial; it’s the key to unlocking success. Competitor analysis is the art of dissecting your competitors’ business strategies beforehand, evaluating their strengths and weaknesses, and uncovering their secrets to success. It involves meticulously gathering and analysing data on their products, services, marketing tactics, and financial performances. The ultimate goal is to gain invaluable insights that empower you to develop a formidable competitive advantage and propel your very own brand or business to new heights. Competitor analysis is not a one-time project; it’s an ongoing journey of discovery. You stay abreast of the latest industry trends by continuously monitoring your competitors, anticipate potential threats, and seize emerging opportunities. This profound understanding of the competitive landscape allows you to make informed decisions, differentiate your offerings, and stay ahead of the curve in the fiercely contested business arena. Through competitor analysis, you gain an in-depth understanding of your competitors’ strengths, allowing you to draw inspiration from their triumphs and incorporate their best practices into your own business model. At the same time, uncovering their weaknesses presents golden opportunities for you to exploit their vulnerabilities and establish a unique selling and value proposition that sets you apart in the competitive market analysis. By deciphering their strategies, you can proactively develop counter-strategies that neutralise their impact and pave the way for sustained growth for your business. Competitor analysis is not just about spying on your rivals; it’s about learning from them, adapting your strategy to the market dynamics, under competitive pressure, and continuously improving your business practices. It’s about gaining the knowledge and insights necessary to make informed decisions, allocate resources effectively, and stay ahead of the competition in a rapidly evolving business environment. Embrace competitor analysis as a vital tool for your business success, and you’ll be well-positioned to thrive in even the most challenging of markets. Difference between direct and indirect competitors “Direct competition and indirect competitors are two different types of competitors market that businesses need to be aware of. Direct competitors are businesses that offer similar products or services to your company in the same market. For example, if you own a coffee shop, your direct competitors would be other coffee shops in your area. Indirect competitors, on the other hand, are businesses that offer different products or services to your business but still compete for your customers’ attention and money. For instance, if you own a coffee shop, your indirect competitors could be fast-food restaurants, convenience stores, or bookstores. Here is a more in-depth comparison of direct and indirect competitors: Direct competitors: Offer competitors sell similar products or services to your business Compete for the same customers and competitors websites Are usually located in the same geographic area Use similar marketing strategies Have similar pricing structures Indirect competitors: Offer different products or services to your business on competitors’ websites Compete for your own target markets, your target market, audience, and customers’ attention and money in different ways May be located in different geographic areas Use different marketing strategies Have different pricing model structures It is important to analyse both your direct and indirect competitors to get a complete picture of the competitive market landscape. By understanding your competitors’ strengths and weaknesses, you can develop a strategy to differentiate your business and gain a competitive advantage. For example, if you know that your direct competitors offer a product or service at lower prices, you may need to adjust your pricing strategy or offer additional value-added services to stay competitive. If you know that your indirect competitors are targeting a different customer base, you may need to adjust your marketing strategy to reach those customers. By conducting a thorough competitor analysis, you can gain valuable insights to help you make informed decisions about your business strategy. Why is competitor analysis important? Competitor analysis is a crucial business strategy that provides invaluable insights into the company’s competitive advantage, market share percentage, market trends and landscape and drives success. By analysing competitors, businesses can identify gaps in the market, uncover opportunities for differentiation, and stay abreast of industry trends and innovations. This enables them to make informed decisions, adapt to changing market dynamics, and gain a sustainable competitive advantage. Understanding competitors’ strengths and weaknesses allows businesses to benchmark their own performance, identify competitors, and pinpoint areas for improvement. This introspection helps identify internal inefficiencies, enhance processes, and optimise resource allocation. By continuously monitoring competitors, businesses can stay agile, respond swiftly to market shifts, and maintain a competitive edge. Competitor analysis also plays a pivotal role in developing effective marketing efforts and sales strategies. By analysing competitors’ marketing tactics, businesses can gain insights into successful approaches and potential areas of improvement. This knowledge empowers them to craft targeted marketing campaigns, optimise pricing strategies, and enhance customer acquisition efforts. Moreover, competitor analysis offers valuable insights into customer preferences and behaviour. By understanding what customers value and how they perceive and analyse competitors” offerings, businesses can tailor their products, services, and customer experiences to meet market demands more effectively. This customer-centric approach fosters brand loyalty, increases customer satisfaction, and drives business growth. In summary, competitor analysis is a vital tool that empowers businesses to make informed decisions, optimise their operations, and gain a competitive advantage. It enables businesses to stay ahead of the curve, capitalise on market opportunities, and achieve long-term success. Types of Competitor Analysis Competitor analysis can take various forms, each providing specific insights into different aspects of the competitive market because competitive analysis involves competitors’ markets themselves, and competitors’ strategies and performance. Here are some key types of competitor analysis: Market Research: Involves gathering data and insights about the overall market, industry trends, customer preferences, and demand patterns. It helps identify market opportunities, gaps, and growth potential. Product Analysis: Focuses sales team on evaluating competitors’ products or services. It includes comparing features, quality, pricing, design, and customer reviews. This competitive analysis of competitors’ pricing enables businesses to identify areas where they can differentiate their offerings. Sales Analysis: Examines competitors’ sales performance, market share, and revenue growth. By analysing sales data, businesses can gain insights into their key competitors” strengths and weaknesses in different market segments. Marketing Analysis: Assesses competitors’ marketing strategies, including branding, and offline advertising campaigns, their social media platforms, presence, and customer engagement tactics. This competitive analysis also helps businesses understand how competitors position their products, target customers, and communicate their value proposition. Financial Analysis: Involves reviewing competitors’ financial statements to assess their profitability, liquidity, and overall financial health. This competitive analysis also provides insights into potential competitors’ financial capabilities and potential vulnerabilities. By conducting these types of competitor analysis, businesses can gain a comprehensive understanding of their competitive landscape, identify opportunities for improvement, and develop strategies to gain a competitive advantage. How to conduct a competitor analysis This section will discuss how to conduct competitive analysis example, a competitor analysis and social media strategy. The key points of competition analysis that will be covered include identifying your competitors, gathering data about them, analysing the data, developing competitive analysis framework and a strategy, and monitoring your competitors. The first step in conducting a competitor analysis or target market research is to identify your competitors. This can be done by searching for businesses that offer similar products or services to your business in the same category or market. You can also find competitors by reading industry publications, attending trade shows, and talking to your customers. Once you have identified your competitors, you need to gather data about them. This data can include information about their products, services, marketing techniques, and financial performance. You can collect data about your competitors by visiting their websites, reading their marketing materials, and talking to their customers. After you have gathered data about your competitor’s pricing strategies, you need to analyse the data. This will help you identify your competitor’s products’ strengths and weaknesses. You can analyse the data using various tools, such as spreadsheets, charts, and graphs. Once you have analysed the data, you must develop a full marketing strategy to differentiate your business from your competitors. This can be done by identifying your unique selling proposition and creating a marketing plan highlighting your company’s strengths and weaknesses. Finally, you need to monitor your competitors’ social media, too. This will help you stay up-to-date on their latest products, services, and marketing techniques. You can monitor your competitors by following their various other social media channels, platforms and accounts, reading their industry publications, and attending trade shows. By following these steps, you can conduct a competitor analysis that will help you gain a competitive advantage. Benefits of competitor analysis Competitor analysis offers a wealth of advantages that can elevate your business to new heights. By closely examining your competitors, competitive analysis is important you gain a deeper understanding of the market landscape and identify market gaps that can be exploited. This knowledge empowers you to develop innovative products or services that cater to unmet needs, giving you a distinct edge in the competitive arena. Furthermore, competitor analysis provides invaluable insights into your competitors’ strengths and weaknesses. This information allows you to refine your strategies, capitalising on their vulnerabilities while fortifying your own’ market share and position too. Learning from their successes and avoiding their pitfalls can accelerate your growth and achieve sustained success. Staying abreast of industry trends is crucial for any business that wants to remain relevant and competitive. Competitor analysis serves as a powerful tool for monitoring the latest developments and innovations within your industry. By closely tracking your competitors’ moves, you can identify emerging trends early on and swiftly adapt your strategies to stay ahead of the curve. This forward-thinking approach ensures your business remains at the forefront of industry advancements and maintains its competitive advantage. Last but not least, competitor and competitive market analysis can help you uncover potential partners or collaborators who share similar goals or values. By doing competitive analyses and identifying businesses that complement your strengths and weaknesses, you can forge strategic alliances that multiply your impact and expand your reach and target audience. These collaborations can lead to groundbreaking innovations, shared resources, and increased market share, ultimately propelling your business to even greater heights. How LIKE.TG can assist with competitor analysis Harnessing the Power of LIKE.TG for In-Depth Competitor Analysis Within the dynamic business landscape, staying ahead of the competition requires meticulous competitor analysis. LIKE.TG emerges as a game-changer in this arena, empowering businesses with an array of tools and insights to gain a decisive edge. LIKE.TG serves as a robust customer relationship management (CRM) platform that goes beyond managing customer interactions. It empowers businesses to delve into competitor analysis, providing a centralised hub for tracking and comparing vital competitor data. This comprehensive approach allows businesses to monitor competitor products, services, marketing strategies, and financial performance with unparalleled precision. By consolidating competitor data into a single platform, LIKE.TG facilitates the identification of trends, patterns, and market opportunities. Customisable reports and interactive dashboards transform raw data into actionable insights, enabling businesses to make informed decisions and effectively communicate their findings. LIKE.TG’s capabilities extend beyond data consolidation. It offers a suite of tools that empower businesses to analyse competitor data and develop robust competitive strategies. Customer journey mapping becomes effortless, allowing businesses to visualise and comprehend customer interactions with their and competitors’ offerings. Additionally, SWOT analysis becomes a breeze, enabling businesses to pinpoint a competitor’s marketing efforts’ strengths and weaknesses, thereby devising strategies that exploit these vulnerabilities. The benefits of leveraging LIKE.TG for competitor analysis are multifaceted. Businesses can gain a decisive advantage by staying ahead of industry trends, identifying potential partners, and making data-driven decisions that set them apart from the competition. LIKE.TG has become an indispensable tool for businesses seeking to thrive in a fiercely competitive marketplace. LIKE.TG essentially empowers businesses to transform competitor analysis into a strategic advantage. By using competition analysis and harnessing its capabilities, companies can uncover new market opportunities, develop innovative products or services, and maintain a competitive edge that propels them towards sustained success.

Sales budgets are essential for businesses that want to succeed. They provide a roadmap for financial success, helping businesses set realistic goals, allocate resources effectively, and make informed decisions. Without a sales budget, businesses are flying blind, and are more likely to make costly mistakes. Creating a sales budget doesn’t have to be complicated. By following a few simple steps, you can create a sales budget that will help you achieve your business goals and reach your expected sales. In this blog post, we will walk you through the process of creating a sales budget, and provide tips for best practices. We will also show you how to build your sales budget with LIKE.TG, a powerful customer relationship management (CRM) tool. What is a sales budget? When you’re preparing a sales budget, you’ll find it acts as a financial roadmap that guides businesses toward achieving their sales objectives. It serves as a blueprint for revenue generation and expense management over a specific time period only, typically a year. By creating a sales budget, businesses gain a clear understanding of their financial trajectory and can allocate resources strategically to drive growth and profitability. Sales budgets play a pivotal role in setting realistic sales targets. They provide a benchmark against which actual performance can be measured, enabling businesses to assess their progress and make necessary adjustments. To continue, sales budgets facilitate informed decision-making in areas such as pricing, marketing, and hiring. By aligning financial resources with sales goals, businesses can optimise their operations and maximise returns. Beyond setting targets and allocating resources, sales budgets serve as valuable tracking tools. They allow businesses to monitor their financial performance closely, identify trends, and detect potential deviations from the projected path. This enables timely interventions and course corrections to ensure that the business stays on track towards achieving its financial objectives. To put it simply, a sales budget is a key financial tool that empowers businesses to navigate the competitive landscape with confidence. By providing a framework for strategic planning and informed decision-making, sales budgets contribute significantly to the success and sustainability of businesses. The Purpose of the Sales Budget Process Business can be a competitive landscape, which is why a sales budget is such a vital instrument for organisations to chart a course toward success. It’s not simply a compilation of financial statements and projections; it serves as a beacon, illuminating the path to growth, profitability, and sustainability. The primary purpose of a sales budgeting period therefore lies in its ability to transform aspirations into actionable strategies. It provides a framework for businesses to meticulously set achievable sales volumes, ensuring that they’re not just wishful thinking but realistic milestones. With these targets in place, businesses can then allocate resources judiciously, channelling them into the most promising avenues for revenue generation. A sales budget is not just a static financial document; it’s a tool that empowers organisations to navigate the ever-changing market landscape. It enables them to identify potential challenges and opportunities that lie ahead, ensuring they’re not caught off guard by unforeseen circumstances. With contingency plans in place, businesses can pivot swiftly, minimising risks and capitalising on emerging opportunities. A sales budget also helps to foster a culture of transparency and collaboration within an organisation. It serves as a shared roadmap, aligning the efforts of sales teams, finance departments, and other key stakeholders. By communicating sales targets and financial expectations, everyone is on the same page, working in unison towards a common objective. This alignment ensures that resources are utilised efficiently, eliminating waste and maximising returns. Essentially, a sales budget is an indispensable tool that propels businesses towards financial stability and sustained growth. It’s a compass guiding organisations through the complexities of the market, providing a clear direction and empowering them to make informed decisions. With a well-crafted sales budget in hand, businesses can navigate the challenges and seize the opportunities that lie ahead, positioning themselves for long-term success in the ever-evolving marketplace. What elements should a sales budget include? A sales budget is a crucial tool for businesses seeking financial success and sustainability. To ensure its effectiveness, several important elements must be incorporated into its design. Sales Projections: At the core of any sales budget lies the projection of future anticipated revenue. This involves analysing historical sales data, market trends, and industry forecasts to arrive at realistic and achievable sales targets. Accuracy in these sales forecast projections is essential, as they serve as the foundation for all subsequent budgeting decisions. Cost of Goods Sold: Determining the cost of goods sold (COGS) is another critical component of a sales budget. COGS encompasses the direct costs incurred in producing or acquiring the goods or services sold by the business. Understanding COGS allows businesses to calculate their gross profit and set appropriate pricing strategies. Sales Incentives and Commissions: Sales incentives and commissions contribute to motivating and rewarding sales personnel. These elements should be clearly defined in the sales budget, ensuring that compensation aligns with what the company expects sales-wise, performance, and organisational goals. Overhead Expenses: Overhead expenses encompass the indirect costs incurred in the sales process, operating expenses such as rent, utilities, salaries of the sales reps and support staff, and marketing expenses. Accurately budgeting for overhead expenses is essential to ensure the overall profitability of sales operations. By incorporating these necessary elements into a sales budget, businesses gain a comprehensive overview of their financial landscape. This enables them to make informed decisions, allocate resources effectively, and seize opportunities for growth and success. How to Prepare a Sales Budget To prepare a sales budget, businesses should begin by setting realistic sales goals. These goals should be based on historical sales figures, historical data used, market conditions, and industry trends. When setting sales goals, it is important to consider factors such as seasonality, competition, and economic conditions. Once sales goals have been established, businesses can begin estimating their expenses. This includes variable costs such as the cost of goods sold, sales commissions, and shipping, as well as fixed costs such as rent, utilities, and salaries. It is important to be thorough and accurate when estimating expenses, as this will impact the overall budget. After estimating expenses, businesses can allocate budget for new initiatives or projects. This could include investments in marketing, product development, or hiring additional staff. When allocating budget for new initiatives, or other budgets, it is important to consider the potential return on investment and the impact on the overall business strategy. Finally, businesses should create a timeline for annual budget, preparation, execution and review. This will help to ensure that the budget is implemented effectively and that any necessary adjustments are made in a timely manner. Regular budget reviews will also help businesses to identify trends, monitor progress, and make informed decisions about future investments. By following these steps, businesses can prepare a sales budget that will help them to achieve their financial goals and objectives. A well-prepared sales budget is essential for businesses of all sizes, as it provides a roadmap for financial success and sustainability. 10 steps to creating a sales budget Creating a sales budget is an essential step in planning for the success of your business. By following these ten steps, you can create a realistic sales budget that will help you achieve your financial goals. Set a Time FrameThe first step in creating a sales budget is to set a time frame. This could be a month, a quarter, or a year. Once you have set a time frame, you can start to gather the data you need to create your total net sales budget. Determine Your PricingNext, you need to determine your pricing. This will depend on a number of factors, including your competition, your target market, and your product or service. Once you have determined your pricing, you can start to calculate your projected revenue. Define Your Sales GoalsOnce you know your pricing, you can start to define your sales goals. These goals should be realistic and achievable. When setting your sales goals, it is important to consider your past, sales trends and performance, as well as your current market conditions. Estimate Your Sales VolumeThe next step is to estimate your sales volume. This can be done by using historical sales data, as well as market research and industry trends. When estimating your sales volume, it is important to be conservative. Calculate Your Cost of Goods SoldThe cost of goods sold (COGS) is the direct cost of producing your product or service. This includes the cost of materials, labour, and overhead. When calculating your COGS, it is important to be accurate. Factor in Sales Incentives and CommissionsIf you offer sales incentives or commissions, you need to factor these into your sales budget. Sales incentives and commissions can be a great way to motivate your sales team, but they can also add to your costs. Estimate Your Overhead ExpensesOverhead expenses are the indirect costs of doing business. This includes rent, utilities, salaries, and marketing. When estimating your overhead expenses, it is important to be thorough. Create a Timeline for Budget Execution and ReviewOnce you have a production and smaller sales budget spreadsheet and completed all of the above steps, you need to create a timeline for budget execution and review. This will help you stay on track and make sure that your sales budget is being followed. Monitor Your BudgetOnce your sales budget is in place, you need to monitor it regularly. This will help you identify any variances between your actual sales and your budgeted sales. By monitoring your sales budget process, you can make adjustments as needed. Adjust Your Budget as NeededYour sales budget is not set in stone. You may need to adjust it as needed throughout the year. This could be due to changes in your market conditions, your sales goals, or your costs. By being flexible with your budget, you can ensure that it remains realistic and achievable. Examples of Sales Budgets This section provides five examples of sales budgets, one for each of the following types of businesses: small business, large corporation, non-profit organisation, SaaS company, and startup. These examples are designed to help businesses understand the different elements that should be included in a sales budget and how to tailor a sales budget example to their specific needs. Small Business A small business sales budget might include the following elements:– Sales revenue: $100,000– Cost of goods sold: $50,000– Sales incentives and commissions: $10,000– Overhead expenses: $20,000 Large Corporation A large corporation’s sales budget might include the following elements:– Sales revenue: $1 billion– Cost of goods sold: $500 million– Sales incentives and commissions: $100 million– Overhead expenses: $200 million Non-Profit Organisation A non-profit organisation’s sales budget might include the following elements:– Sales revenue: $500,000– Cost of goods sold: $250,000– Sales incentives and commissions: $0– Overhead expenses: $100,000 SaaS Company A SaaS company sales budget might include the following elements of sales prices:– Sales revenue: $10 million– Cost of goods sold: $5 million– Sales incentives and commissions: $2 million– Overhead expenses: $3 million Startup A startup sales budget might include the following elements:– Sales revenue: $0– Cost of goods sold: $0– Sales incentives and commissions: $0– Overhead expenses: $50,000 These are just a few examples of sales budgets. The specific elements that should be included in a sales budget will vary depending on the type of business and its individual needs. Sales Budget Best Practices When it comes to sales budgeting, embracing certain best practices can elevate your organisation to new heights of financial success. One such practice is the adoption of rolling forecasts. This bold approach involves regularly updating your sales budget to reflect the latest market trends, customer behaviour, and economic conditions. By incorporating real-time data into your financial plan, you can make more informed decisions and stay ahead of the curve in a rapidly evolving business landscape. Another best practice is empowering your sales team to actively participate in the budget process. Their firsthand insights into customer interactions, market dynamics, and sales challenges can provide invaluable input for creating a realistic and achievable sales budget. By involving your sales team in the budgeting process, you foster a sense of ownership and accountability for sales price, aligning their efforts with the organisation’s strategic objectives. Regular monitoring and adjustment of your sales budget are essential to ensure its effectiveness. Regularly review actual sales performance against budgeted targets, and be prepared to make necessary adjustments based on market conditions and customer feedback. This proactive approach allows you to stay on track, identify potential deviations, and take corrective actions promptly. Leverage your monthly sales budget, as a tool for continuous improvement. Use quarterly budgets and reviews as an opportunity to analyse sales strategies, identify areas for optimisation, and implement changes that drive revenue growth and profitability. By fostering a culture of learning and adaptation, you can continuously refine your sales approach and increase your organisation’s financial performance. Lastly, embrace change and be willing to adjust your sales budget as needed. Unforeseen circumstances, such as economic downturns, industry shifts, or technological advancements, may necessitate revisions to your financial plan. By maintaining a flexible mindset and being open to change, you can ensure that your sales budget remains aligned with your organisation’s evolving needs and market realities. Building Your Sales Budget with LIKE.TG LIKE.TG is a powerful customer relationship management (CRM) tool that can also be used to create and manage sales budgets. The Sales Budget Template from the AppExchange is a great starting point for creating a sales budget in LIKE.TG. This template includes pre-built reports and dashboards that make it easy to track your sales performance and adjust your budget as needed. In addition to the Sales Budget Template, you can also use LIKE.TG Reports to create custom reports on your sales data. These reports can be used to track a variety of metrics, such as total revenue made, expenses, and profits. You can also use LIKE.TG to create a custom dashboard that displays your sales data in a visual format. This makes it easy to see your sales performance at a glance and identify any areas that need improvement. The Opportunity Forecasting tool in LIKE.TG can be used for sales forecasts during a specific period of time. This tool takes into account a variety of factors, such as past sales data, current market conditions, and your sales pipeline. The Sales Performance Management tool in LIKE.TG can be used to track the performance of your sales team. This tool provides insights into your team’s activities, such as the number of calls they make, the number of emails they send, and the number of deals they close. By using LIKE.TG to create and manage your sales budget, you can gain a better understanding of your sales performance and make more informed decisions about your budget. LIKE.TG can help you improve your sales forecasting, track your sales team’s performance, and make adjustments to your budget as needed.

Within the business profession, building strong customer rapport is no longer a “nice-to-have,” but a fundamental key to business success. Customer rapport refers to the mutually beneficial relationship built on trust, understanding, and positive interactions between a company and its customers. A key component of this is fostering successful business relationships, which hinge on the ability to empathise with and understand customers, thereby creating a partnership feel in all interactions. When businesses prioritise rapport-building, they unlock a treasure trove of benefits, including increased sales, enhanced customer loyalty, and a robust customer retention rate. Join us as we look further into the significance of customer rapport, explore proven strategies to establish it, and discover the transformative impact it can have on your business. The importance of customer rapport Customer rapport is the basis of business success, a bridge that connects businesses with their customers, fostering trust, loyalty, and mutual understanding. Building rapport is not simply a pleasant endeavour; it is an essential investment that reaps rich rewards. Meeting and exceeding customer expectations in this area not only fosters a sense of trust but also makes customers feel valued, encouraging open and constructive communication. When businesses prioritise rapport-building, they sow the seeds of customer satisfaction, a crucial element in retaining a loyal customer base. Satisfied customers are more likely to continue doing business with a company, becoming repeat customers who contribute to the company’s long-term growth and profitability. Exceeding customer expectations enhances customer loyalty by making the customer feel heard, understood, and valued, which is fundamental in fostering a positive relationship. Customer rapport also acts as a catalyst for increased sales and revenue. Customers who feel valued and understood are more receptive to a company’s offerings, often becoming willing advocates for the brand. They are more likely to make repeat purchases, engage in upselling opportunities, and spread positive word-of-mouth recommendations, transforming satisfied customers into brand ambassadors. Rapport is the bedrock of trust and credibility, vital qualities to have within business. When customers trust a company, they are more inclined to engage with its products or services, confident in the knowledge that they are dealing with a reliable and trustworthy entity. Credibility builds customer confidence, leading to increased brand loyalty and a willingness to invest in the company’s offerings. Positive word-of-mouth and referrals are the golden fruits of customer rapport, spreading a company’s reputation far and wide. Satisfied customers, enthusiastic about their positive experiences, become vocal advocates, sharing their experiences with friends, family, and colleagues. These unsolicited endorsements carry immense weight, often influencing the purchasing decisions of potential customers and expanding the company’s reach. Encapsulated, customer rapport is not just a desirable trait; it is a strategic imperative. By nurturing rapport, businesses unlock a treasure chest of benefits, including increased sales, customer loyalty, retention, trust, credibility, and positive word-of-mouth. Investing in customer rapport is an investment in the future of your business, paving the way for sustainable growth and enduring success. Why establish rapport with customers? Establishing rapport with customers is a pivotal strategy within the business for those wishing to achieve long-term success. It forms the bedrock of trust and credibility, the two indispensable mainstays of any flourishing business relationship. When customers perceive a genuine connection and a profound understanding from a business, they are more likely to develop a deep-seated sense of loyalty and become steadfast repeat customers. Rapport-building plays a pivotal role in elevating the overall customer experience and satisfaction. By actively listening to customers’ concerns, demonstrating empathy, and maintaining honesty and transparency, businesses create an environment where customers feel valued and understood. Showing genuine interest in customers’ needs and concerns further strengthens this rapport, ensuring that customers feel truly heard and appreciated. This positive customer experience translates into increased customer retention and loyalty, ultimately leading to business growth and success. Today various industries have become oversaturated, and customers are often inundated with choices. Rapport-building presents a unique opportunity for businesses to differentiate themselves from the competition. Customers often gravitate towards businesses that prioritise building personal connections, seeking a human touch amidst a sea of options. Establishing rapport allows businesses to stand out, creating a competitive edge that drives sales and revenue through repeat business and referrals. Rapport-building is an investment in the future of a business. It lays the groundwork for long-term customer relationships, fostering trust, loyalty, and satisfaction. Businesses that prioritise rapport-building reap the rewards of increased sales, customer retention, and competitive advantage, setting the stage for sustained success and growth. Rapport-building is a strategic investment in the future of a business. It’s a proactive approach to creating a positive customer experience, fostering loyalty, and gaining a competitive edge in a crowded marketplace. It’s a testament to the significance of human connection in business, where trust and understanding are the keys to unlocking long-term success. 10 Ways to build rapport with customers Building rapport with customers is an art that can be cultivated through deliberate efforts. Here are ten effective ways to establish rapport with your customers: Active Listening:Give your customers your undivided attention when they are speaking. Make eye contact, nod your head, and let them know that you are actively engaged in the conversation. A skilled call centre agent knows the importance of praising the customer during these interactions to create a positive experience. Empathy: Put yourself in your customers’ shoes and try to understand their perspective. Show that you care about their concerns and are genuinely interested in helping them. Mirroring the customer’s tone, except when aggressive, can significantly enhance this connection, demonstrating that you are in tune with their feelings. Handling Angry Customers: When faced with angry customers, allow them to express their frustrations without interruption. It’s crucial to build rapport by waiting for them to finish venting, then using empathy statements to acknowledge their situation and show understanding. Honesty and Transparency:Be truthful and open with your customers. Admit mistakes, take responsibility for errors, and be transparent about your business practices. Follow Through on Promises: Keep your promises and deliver on what you say you will do. This builds trust and shows that you are reliable and dependable. Go the Extra Mile: Exceed your customers’ expectations by going the extra mile. This could involve providing additional support, offering personalised recommendations, or simply taking the time to listen to their concerns during customer calls, ensuring a positive connection is established. Personalise the Experience: Address your customers by name and remember their preferences. This shows that you value them as individuals and that you are interested in building a relationship with them. Be Authentic:Be yourself and let your personality shine through. Customers are more likely to connect with you if they feel that they are interacting with a real person, not a corporate robot. Be Positive and Enthusiastic:A positive attitude is contagious. Show your customers that you are excited about your products or services and that you are passionate about helping them. Ask for Feedback: Encourage your customers to provide feedback, both positive and negative. This shows that you value their opinions and are committed to improving your business. By following these tips, you can build rapport with your customers and create a strong foundation for long-term business success. The benefits of building good customer rapport for customer satisfaction Building rapport with customers offers a plethora of advantages for businesses seeking success. One of the primary benefits is enhanced customer retention. When customers feel a strong connection to a business, they are more likely to remain loyal and continue doing business with them over time. This loyalty translates into repeat purchases, positive word-of-mouth referrals, and a stable customer base that serves as the foundation for sustained growth. Establishing this connection not only helps in creating loyal customers but also ensures that businesses can retain customers by building trust and providing positive experiences that encourage them to return. Another significant benefit of rapport-building is increased sales. Customers who trust and respect a business are more inclined to make purchases and invest in its products or services. They are also more receptive to upselling and cross-selling opportunities, recognising the value that the business offers. By fostering rapport, businesses can unlock the potential for increased revenue and profitability. Rapport-building also contributes to the development of strong brand loyalty. When customers feel a personal connection to a business, they become advocates for its brand. They are more likely to recommend the business to friends, family, and colleagues, expanding the reach of the business and attracting new customers. Positive word-of-mouth serves as a powerful marketing tool, enhancing brand recognition and reputation. A positive relationship with customers is an all-important step for this advocacy and referrals, highlighting the importance of genuine interactions and understanding the needs and preferences of the audience. Improved customer satisfaction is another key advantage of building rapport. When businesses prioritise rapport-building, customers feel valued, understood, and respected. This positive customer experience leads to higher satisfaction levels, resulting in increased customer retention and loyalty. Satisfied customers are more likely to provide positive feedback, enhancing the business’s credibility and reputation. Finally, rapport-building facilitates better problem resolution. When customers feel a strong connection to a business, they are more likely to be patient and understanding in the event of issues or challenges. They are also more receptive to solutions and resolutions proposed by the business, recognising the genuine effort to address their concerns. This smoother problem-resolution process further enhances customer satisfaction and loyalty. In conclusion, building customer rapport is an invaluable investment for businesses seeking long-term success. The benefits of rapport-building, including customer retention, increased sales, enhanced brand loyalty, improved customer satisfaction, and better problem resolution, are essential for businesses aiming to thrive in such a competitive market. By prioritising rapport-building, businesses can unlock the potential for sustained growth, profitability, and customer advocacy. Customer service with LIKE.TG for managing customer calls Customer service is the backbone of any successful business, and LIKE.TG offers a powerful suite of tools to help businesses deliver exceptional customer service. With LIKE.TG, businesses can manage customer interactions, track customer data, personalise customer interactions, automate customer service tasks, provide real-time customer support, and integrate with other business systems. LIKE.TG’s customer service capabilities start with its robust customer relationship management (CRM) platform. The CRM platform provides a centralised location for all customer data, including contact information, purchase history, and support tickets. This data can be used to create a complete view of each customer, which allows businesses to provide more personalised and relevant customer service. In addition to its CRM platform, LIKE.TG offers a variety of customer service tools that can help businesses improve their customer service operations. These tools include: – LIKE.TG Service Cloud: A cloud-based customer service platform that provides a comprehensive set of tools for managing customer interactions, including case management, knowledge management, and live chat. – LIKE.TG Einstein: An artificial intelligence (AI)-powered platform that can be used to automate customer service tasks, such as routing customer inquiries to the right agent and providing real-time customer support. – LIKE.TG Communities: A cloud-based platform that allows businesses to create online communities where customers can ask questions, share ideas, and get help from other customers and company representatives. By leveraging LIKE.TG’s customer service capabilities, businesses can improve their customer service operations, increase customer satisfaction, and drive business growth.

Market penetration is a marketing strategy that aims to expand the market share of a product or service within an existing market. By implementing effective market penetration strategies, businesses can drive sales growth, enhance revenue streams, gain a competitive advantage, and successfully enter new markets. This comprehensive guide will delve into the concept of market penetration, exploring its benefits, challenges, and various calculation methods. We will also examine proven market penetration strategies and provide real-world examples to illustrate their successful application. Additionally, we will highlight the advantages of utilising market penetration strategies and clarify the distinction between market penetration and market share. Finally, we will explore how LIKE.TG can assist businesses in navigating the complexities of market penetration and achieving their growth objectives. What Is Market Penetration? Market penetration is a strategic marketing approach that aims to increase the market share of an existing product or service within a defined market. It involves identifying untapped opportunities and devising strategies to grow sales and expand market presence. By implementing market penetration strategies, businesses can drive revenue growth, gain a competitive advantage, and establish a solid market position. The concept of market penetration revolves around increasing the sales of a product or service that is already present in the market. This can be achieved either by attracting a larger number of customers or by increasing the frequency of purchases from existing customers. It involves leveraging pricing strategies, product differentiation, and enhanced marketing efforts to capture a larger portion of the market. Market penetration plays a vital role in the growth and success of businesses. By successfully implementing market penetration strategies, companies can gain a competitive advantage, increase their market share, and maximise revenue potential. It allows them to tap into new customer segments, expand their market reach, and reinforce their brand presence in the market. Benefits of market penetration Market penetration offers several benefits that contribute to the growth and success of businesses. Firstly, it increases brand awareness and reach. By increasing the visibility and presence of a product or service in the market, market penetration strategies help attract new customers and expand the customer base. This can be achieved through various channels such as advertising, promotions, and public relations, which create a stronger brand recognition and recall among consumers. Secondly, market penetration boosts sales and revenue. By increasing the market share of an existing product or service, businesses can generate higher sales volume and revenue. This growth can be attributed to the increased demand created by effective market penetration strategies, as well as the ability to tap into new customer segments and markets. Additionally, increasing sales and revenue can lead to improved profitability and financial stability for the business. Thirdly, market penetration helps businesses gain a competitive advantage over rivals. By effectively implementing market penetration strategies, businesses can differentiate their offerings, capture a larger market share, and establish a strong competitive position. This can be achieved through various means, such as offering competitive pricing, providing superior customer service, or introducing innovative features and benefits. By gaining a competitive advantage, businesses can increase their market dominance and protect their market position. Moreover, market penetration enables businesses to achieve economies of scale. By increasing production and sales volume, businesses can spread fixed costs over a larger number of units, resulting in lower average costs per unit. This cost efficiency can lead to improved profitability and increased operational efficiency. Economies of scale also allow businesses to invest in research and development, product improvements, and marketing initiatives, further enhancing their competitive advantage. Finally, market penetration contributes to building customer loyalty and retention. By consistently meeting or exceeding customer expectations through effective market penetration strategies, businesses can create a positive customer experience and foster long-term relationships with their customers. Satisfied customers are more likely to become repeat customers and advocates of the brand, leading to increased customer loyalty and retention. This, in turn, can contribute to sustainable business growth and profitability. Challenges of market penetration Market penetration is not without its challenges, particularly in mature industries characterised by intense competition. Let’s delve into the key challenges that companies may encounter in their pursuit of market penetration: Consumer Resistance to Change: Existing customers can be hesitant to switch from their current products or services to a new offering, especially if they are satisfied with the status quo. Overcoming consumer inertia requires businesses to demonstrate the compelling value proposition of their offering and effectively communicate the benefits of making the switch. This can involve educating customers about the superior features, quality, or cost-effectiveness of the new product or service. Insufficient Marketing and Promotion: Inadequate marketing and promotional efforts can hinder market penetration success. To capture the attention of potential customers and create awareness of the new offering, businesses must invest in robust marketing campaigns. This may include advertising, public relations, social media marketing, and other promotional activities. Failure to effectively communicate the value proposition and differentiate the product or service in the market can result in limited market penetration. High Costs: Market penetration can involve significant upfront costs, particularly in industries with high barriers to entry. These costs may include product development, manufacturing, marketing, and distribution. Companies must carefully assess the potential return on investment and ensure that the anticipated market share gains justify the expenses incurred. If the costs outweigh the benefits, market penetration may not be a viable strategy. Legal and Regulatory Barriers: Certain industries are subject to strict legal and regulatory requirements that can impact market penetration efforts. Compliance with these regulations can add complexity and cost to the market entry process. Businesses must thoroughly understand and adhere to all relevant laws and regulations to avoid legal complications and potential penalties. Failure to comply can hinder market penetration or even result in legal action. How to Calculate Market Penetration Calculating market penetration involves determining the percentage of a target market that is using your product or service. It provides insights into the success and reach of your product in the existing market. To calculate market penetration, you can use the following formula: Market Penetration = (Number of Customers Using Your Product or Service / Total Number of Potential Customers in the Target Market) x 100 For instance, if your business provides accounting software and you have 1,000 customers in a target market of 10,000 potential customers, your market penetration would be 10% (1,000 / 10,000 x 100). This indicates that 10% of the potential customers in the target market are using your accounting software. Calculating market penetration for a specific segment of the market is also possible by adjusting the formula. For example, if you want to determine the market penetration of your software among small businesses within your target market, you would replace the total number of potential customers with the number of small businesses in the target market. By calculating market penetration, you gain valuable insights into your product’s performance in the market and identify opportunities for growth. It helps you assess your market share, analyse customer behaviour, and make informed decisions to increase brand visibility, reach new customers, and drive revenue growth. Regularly monitoring and evaluating market penetration is crucial for staying competitive and adapting your marketing strategies to achieve long-term success. Market Penetration Strategies Market penetration strategies involve various techniques to increase the market share of an existing product or service within a specific market. Businesses can employ a mix of these strategies to achieve their growth objectives. 1. Pricing Strategies: Adjusting product or service prices can be a powerful market penetration strategy. Lowering prices can make the offering more attractive to a broader customer base, especially those who are price-sensitive. However, it’s essential to carefully consider the impact on profit margins and brand positioning. 2. Increased Marketing Efforts: Boosting marketing efforts is a direct approach to market penetration. This can include intensifying advertising campaigns, enhancing social media presence, implementing targeted promotions, and participating in industry events. By increasing brand visibility and awareness, businesses can attract new customers and expand their market reach. 3. Product Differentiation: Differentiating a product or service from competitors can create a unique selling proposition and attract new customers. This can be achieved through innovative features, superior quality, exceptional customer service, or unique packaging. By offering something distinct, businesses can capture a larger share of the existing market. 4. Expanded Distribution Channels: Expanding distribution channels increases product accessibility and convenience for customers. This can involve partnering with new retailers, establishing online sales channels, or exploring alternative distribution methods. By making the product or service more widely available, businesses can reach a larger audience and increase market penetration. 5. Acquiring Competitors: Acquiring competitors can be a strategic move to gain a larger market share quickly. By eliminating direct competition and combining resources, businesses can strengthen their market position and increase their overall market penetration. Example of Market Penetration In 2007, the introduction of the iPhone exemplified a successful market penetration strategy. Apple aimed to create a new market segment for high-end smartphones, tapping into the growing demand for cutting-edge technology and sleek design. By targeting early adopters who valued innovation, Apple was able to establish a strong foothold in the market. The iPhone’s market penetration strategy involved several key elements. Firstly, Apple positioned the iPhone as a premium product, emphasising its advanced features and stylish design. This differentiation allowed the company to command a higher price point, capturing a significant share of the high-end smartphone market. Secondly, Apple invested heavily in marketing campaigns that highlighted the iPhone’s unique features and user-friendly interface. This helped to create a buzz around the product and generate excitement among consumers. To further drive market penetration, Apple established strategic partnerships with mobile carriers, ensuring widespread availability of the iPhone. This made the device accessible to a larger customer base and accelerated its adoption. Additionally, Apple’s App Store provided a platform for developers to create innovative applications, enriching the iPhone’s functionality and enhancing its appeal to users. The success of the iPhone’s market penetration strategy can be attributed to Apple’s clear understanding of its target market, effective product differentiation, and strategic marketing efforts. By creating a compelling value proposition and leveraging partnerships, Apple was able to disrupt the smartphone industry and capture a significant market share. The iPhone’s success paved the way for the widespread adoption of smartphones and transformed the way people communicate, access information, and consume media. Why Utilise Market Penetration Strategies? Businesses should consider utilising market penetration strategies for several compelling reasons. Firstly, it enables businesses to expand brand awareness and visibility within their target market. By implementing effective marketing campaigns, businesses can reach a larger audience and increase the recognition of their product or service. This increased visibility can ultimately lead to a greater customer base and increased sales. Secondly, market penetration strategies assist in creating a competitive advantage. By differentiating their product or service, businesses can set themselves apart from competitors and capture a larger market share. This can be achieved through unique features, superior quality, or innovative marketing approaches. By establishing a competitive advantage, businesses can secure a stronger position in the market and gain an edge over their rivals. Thirdly, market penetration strategies can generate additional revenue and profits for businesses. By increasing their market share and reaching a wider customer base, businesses can boost their sales and revenue. Additionally, market penetration strategies can help businesses optimise their pricing strategies and increase their profit margins. Furthermore, market penetration strategies can facilitate entry into new markets. By identifying untapped opportunities and expanding their reach, businesses can explore new markets and customer segments. This can provide significant growth potential and help businesses diversify their revenue streams. Lastly, market penetration strategies contribute to increasing market share. By effectively implementing these strategies, businesses can strengthen their position in their existing market and capture a larger portion of the overall market demand. This can lead to increased brand recognition, customer loyalty, and long-term business success. In conclusion, market penetration strategies offer numerous advantages for businesses seeking growth and success. By increasing brand awareness, creating a competitive advantage, generating additional revenue, entering new markets, and increasing market share, businesses can strengthen their position in the industry and achieve long-term sustainability. What Is the Difference Between Market Penetration and Market Share? Market penetration and market share are two important marketing metrics that are often used to measure the success of a product or service. However, there is a key difference between the two metrics. Market penetration refers to the percentage of a target market that is captured by a product or service, while market share refers to the percentage of total sales in a market that is captured by a particular company or product. To put it simply, market penetration measures how well a product or service has penetrated a specific market, while market share measures how well a company is performing compared to its competitors in that market. For example, a company may have a high market penetration in a particular region, but a low market share if there are many other companies competing in that region. Both market penetration and market share are important metrics for businesses to track, as they can provide valuable insights into the performance of a product or service. Market penetration can help businesses to identify areas where they can improve their reach and capture a larger share of the market, while market share can help businesses to assess their competitive position and identify areas where they need to improve in order to gain a larger share of the market. By understanding the difference between market penetration and market share, businesses can develop more effective marketing strategies and make better decisions about how to allocate their resources. Does Market Penetration Increase Market Share? Understanding the connection between market penetration and market share is crucial for businesses aiming to thrive in competitive markets. While related, these concepts hold distinct meanings. Market penetration gauges the extent to which a product or service has permeated a specific target audience, indicating its acceptance and presence within that market. On the other hand, market share quantifies the proportion of total sales captured by a particular company or product in a given market. Increasing market penetration presents businesses with an opportunity to expand their customer base and strengthen their foothold within the target market. By effectively reaching a broader audience, businesses can position themselves for market share growth. However, it’s essential to recognise that market penetration alone does not guarantee a surge in market share. To capitalise on market penetration efforts and drive market share growth, businesses must adopt a holistic approach. This involves implementing strategies that enhance product differentiation, ensuring competitive pricing, launching effective marketing campaigns, and delivering exceptional customer service. By combining market penetration efforts with these complementary strategies, businesses increase their chances of capturing a larger market share and achieving sustainable growth. Regularly monitoring both market penetration and market share empowers businesses with valuable insights into their performance and competitive standing. These metrics serve as barometers of progress, enabling businesses to assess their effectiveness in reaching their target audience and identify areas for improvement. Armed with this knowledge, businesses can make informed decisions to strengthen their market presence, stay ahead of competitors, and adapt their strategies to capture a larger slice of the market. In essence, market penetration and market share are intertwined metrics that provide businesses with a comprehensive understanding of their position within a competitive landscape. By leveraging market penetration efforts and implementing complementary strategies, businesses can drive market share growth and achieve long-term success. How LIKE.TG can help you navigate Market Penetration LIKE.TG is a powerful customer relationship management (CRM) platform that can help businesses navigate market penetration and achieve their growth objectives. With its comprehensive suite of features and tools, LIKE.TG empowers businesses to gain a comprehensive view of their customers and market, identify market penetration opportunities, streamline their sales and marketing processes, personalise their customer engagements, and measure the success of their market penetration strategies. LIKE.TG provides businesses with a 360-degree view of their customers, enabling them to understand their needs, preferences, and buying behaviour. This information can be leveraged to identify market penetration opportunities and target specific customer segments with tailored marketing campaigns. Additionally, LIKE.TG offers robust sales and marketing automation tools that help businesses streamline their processes, improve efficiency, and increase productivity. By automating tasks such as lead generation, opportunity management, and email marketing, businesses can focus their efforts on building relationships with customers and driving revenue growth. Personalisation is key to successful market penetration, and LIKE.TG enables businesses to deliver personalised customer experiences at scale. With its advanced segmentation and targeting capabilities, businesses can create personalised marketing campaigns and offers that resonate with their target audience. LIKE.TG also provides tools for tracking customer interactions and preferences, allowing businesses to continuously refine their marketing efforts and provide a seamless customer experience. Measuring the success of market penetration strategies is crucial for making informed decisions and optimising performance. LIKE.TG offers powerful analytics and reporting tools that enable businesses to track key performance indicators (KPIs) such as market share, customer acquisition cost, and return on investment (ROI). With LIKE.TG, businesses can gain insights into the effectiveness of their market penetration efforts and make data-driven decisions to improve their strategies. In conclusion, LIKE.TG is an invaluable tool for businesses looking to navigate market penetration and achieve growth. With its comprehensive features and capabilities, LIKE.TG empowers businesses to gain a deep understanding of their customers and market, identify opportunities, streamline their processes, personalise their engagements, and measure their success. By leveraging the power of LIKE.TG, businesses can effectively execute their market penetration strategies and gain a competitive edge in their target markets.

Understanding the differences between leads, prospects, and sales opportunities is crucial for businesses looking to optimise their sales processes and boost revenue. By effectively managing these distinct stages of the sales funnel, organisations can allocate resources efficiently, prioritise high-potential opportunities, and ultimately increase their chances of closing deals. The sales team plays a pivotal role in building business relationships with leads, prospects, and sales opportunities, which is essential for nurturing and closing sales effectively. This article aims to clarify the distinctions among leads, prospects, and sales opportunities, emphasising the significance of each and providing practical tips to help businesses navigate the sales funnel successfully, with sales reps playing a key role in optimising the sales process through effective lead qualification and prioritisation. What is a lead? Within the sales space, the concept of a lead holds immense significance. A lead refers to an individual or an organisation that has expressed interest in a specific product or service, indicating they may be a potential customer. These leads are often generated through various marketing endeavours, including advertising campaigns, engaging social media content, or targeted email marketing initiatives. Not all leads are created equal. Some leads possess a higher likelihood of converting into loyal customers, while others may require more nurturing and attention to transition from a lead to a potential customer who requires nurturing. The quality of a lead is influenced by a myriad of factors, including the industry they belong to, the size of their organisation, and their financial capabilities. Recognising and prioritising high-quality leads is essential for optimising sales strategies and maximising conversion rates. Effectively managing sales leads is crucial in optimising sales strategies and ensuring the sales funnel is populated with more qualified opportunities. Nurturing leads throughout the sales process is of paramount importance. This involves providing them with valuable information about the product or service, promptly addressing their inquiries and concerns, and consistently building a relationship of trust and credibility. By effectively nurturing leads, businesses can significantly enhance their chances of converting them into satisfied customers, fostering long-term loyalty and driving business growth. What is a prospect? A prospect is a lead who has been qualified as being more likely to convert into a customer through a meticulous qualification process. This process assesses a lead’s interest level, budget, authority to make a purchase decision, and timeline, ensuring they are a good fit for the company’s product or service. Prospects are typically identified through lead qualification, which involves evaluating these factors to determine the suitability of leads for specific offerings. There are a number of ways to identify prospects. One common method is to use a lead scoring system, which assigns points to leads based on their demographics, firmographics, and behaviour. Leads with a high score are then considered to be prospects. Another way to identify prospects is to use a qualification questionnaire. This questionnaire asks leads a series of questions about their needs, budget, and timeline. Leads who answer the questions in a way that indicates that they are a good fit for the company’s product or service are then considered to be prospects. Once a lead has been qualified as a prospect, it is crucial to engage in lead nurturing. This involves building relationships with potential customers and guiding them through the buyer’s journey by providing targeted, valuable content and communication. This keeps leads engaged and helps differentiate between leads and prospects based on deeper relationship development and qualification. By nurturing prospects effectively, you can increase the chances of converting them into customers. This can lead to increased sales and revenue for your business. Here are some tips for nurturing prospects: Provide them with valuable content. This could include blog posts, white papers, webinars, and case studies. Respond to their inquiries promptly. This shows that you are interested in their business and that you are willing to help them. Build a relationship of trust and credibility. This can be done by being honest, transparent, and reliable. By following these tips, you can increase the chances of converting prospects into customers and growing your business. What is a sales opportunity? A sales opportunity is a qualified lead that has the potential to become a customer. Sales opportunities are typically identified through a process of opportunity qualification, which involves assessing a prospect’s needs, budget, and timeline for making a purchase. This process includes opportunity level qualification to determine if the prospect could effectively implement the company’s offering and benefit from the product or service at the opportunity level, before proceeding to the stakeholder level. Once a prospect has been qualified as a sales opportunity, it is important to track and manage it through the sales process. This involves developing a sales strategy, creating a timeline, and assigning resources to the opportunity. It is also important to regularly update the status of the opportunity and to communicate with the prospect throughout the process, with the ultimate goal of converting them into paying customers. By tracking and managing sales opportunities, businesses can increase their chances of closing deals and growing their revenue. There are a number of software tools that can be used to track and manage sales opportunities, such as customer relationship management (CRM) systems. Here are some of the benefits of tracking and managing sales opportunities: Improved sales forecasting: By tracking sales opportunities, businesses can get a better understanding of their sales pipeline and forecast their future revenue. This information can be used to make informed decisions about staffing, marketing, and product development. Increased sales efficiency: By managing sales opportunities effectively, businesses can streamline their sales process and reduce the amount of time it takes to close deals. This can lead to increased sales productivity and profitability. Improved customer satisfaction: By tracking and managing sales opportunities, businesses can ensure that they are providing their customers with the best possible experience. This can lead to increased customer satisfaction and loyalty. Overall, tracking and managing sales opportunities is essential for businesses that want to grow their revenue and improve their customer satisfaction. The importance of differentiating leads, prospects, and opportunities Understanding the differences between leads, prospects, and opportunities is critical for sales teams to optimise their sales process and allocate resources effectively. By properly segmenting individuals and organisations based on their level of interest and qualification, including organisation level qualification, sales teams can tailor their approach and focus on the most promising opportunities. Differentiating leads, prospects, and sales opportunities enables sales teams to: Prioritise efforts: By identifying qualified leads and prospects, including conducting stakeholder level qualification to ensure the contact has the authority to make purchasing decisions, sales teams can prioritise their efforts on individuals and organisations most likely to convert into customers. This allows them to allocate their time and resources more effectively, focusing on the most promising opportunities. Tailor outreach: Understanding the specific needs and interests of leads and prospects allows sales teams to tailor their outreach and messaging accordingly. This increases the relevance and effectiveness of their communication, leading to higher engagement and conversion rates. Improve sales forecasting: Accurate differentiation between leads, prospects, and sales opportunities, while ensuring organisation-level qualification is met, helps sales teams make informed forecasts about their sales pipeline. By tracking the progression of individuals and organisations through the sales funnel, sales teams can better predict revenue and make strategic decisions about resource allocation. Enhance customer experience: By understanding the unique requirements and expectations of leads, prospects, and customers, including the importance of stakeholder-level qualification, sales teams can provide a personalised and exceptional customer experience. This fosters positive relationships, increases customer satisfaction, and ultimately drives business growth. In summary, differentiating leads, prospects, and sales opportunities, with a keen focus on organisation level qualification and stakeholder level qualification, is essential for sales teams to optimise their sales process, target the right individuals and organisations, and deliver a superior customer experience. By leveraging this knowledge, sales teams can significantly increase their chances of success and achieve their revenue goals. Lead vs. prospect Leads and prospects are two important terms in sales and marketing, but they represent different stages in the sales funnel and have distinct characteristics. To effectively manage your sales pipeline, it’s crucial to understand the differences between leads and prospects. Leads are typically individuals or organisations that have shown some initial interest in your product or service. They may have visited your website, downloaded a brochure, or attended a webinar. At this stage, leads may not be fully aware of your company or its offerings, and they may require more nurturing and education to become sales-qualified leads. On the other hand, prospects are leads who have been qualified as having a higher likelihood of converting into customers. They have been identified as a good fit for your product or service based on various criteria, such as their industry, budget, and timeline for making a purchase. Prospects are typically further along in the sales funnel and are more familiar with your company and its offerings. They may be actively considering your product or service as a solution to their needs. The key difference between leads and prospects lies in their level of qualification. While leads are a broader group of individuals who have expressed some interest in your company, prospects are those leads who have been vetted and determined to be more likely to make a purchase. By understanding the distinction between leads and prospects, you can tailor your sales and marketing efforts accordingly. Leads may require more nurturing and educational content to move them further down the sales funnel, while prospects may be ready for more detailed product demonstrations and discussions about pricing. By segmenting your audience and personalising your outreach, you can increase your chances of converting leads into customers. Lead vs. opportunity In the sales process, leads and opportunities are two crucial concepts that represent different stages of the customer journey. While leads indicate an initial expression of interest in a product or service, opportunities represent prospects who have been deemed more likely to make a purchase. Understanding the distinction between leads and opportunities is vital for optimising sales strategies and focusing efforts on the most promising prospects. Leads are often generated through various marketing initiatives, such as advertising, social media engagement, or website visits. These individuals or organisations have shown some level of interest, but their level of engagement and purchase intent may still be uncertain. To convert leads into customers, it’s essential to nurture them through the sales funnel by providing relevant information, addressing concerns, and building trust. On the other hand, opportunities signify a more advanced stage in the sales process. These are leads that have been carefully qualified based on specific criteria, indicating a higher likelihood of converting into customers. Identifying opportunities involves assessing factors such as the prospect’s needs, budget, timeline, and decision-making authority. By focusing resources on qualified opportunities, sales teams can prioritise their efforts and allocate resources more effectively. The key difference between leads and opportunities lies in their level of qualification and readiness to purchase. Leads require more nurturing and cultivation to move them further down the sales funnel, while opportunities demand more focused attention and tailored sales strategies. By understanding this distinction, sales professionals can optimise their approach, improve lead conversion rates, and ultimately drive revenue growth. Stages of a sales opportunity The stages of a sales opportunity are prospecting, qualifying, needs analysis, proposal, and closing. Prospecting is the initial stage of the sales process where potential customers are identified and contacted. This can be done through various channels such as cold calling, email marketing, social media, or networking. The goal of prospecting is to generate leads, which are individuals or organisations that have shown some interest in the product or service. Qualifying is the process of evaluating leads to determine their potential for converting into customers. This involves assessing factors such as the lead’s budget, timeline, and decision-making authority. The goal of qualifying is to identify prospects, which are leads who have a higher likelihood of making a purchase. Needs analysis is the stage where the salesperson gathers information about the prospect’s specific needs and requirements. This involves asking questions, listening actively, and understanding the prospect’s pain points. The goal of needs analysis is to identify the prospect’s key challenges and tailor the product or service to meet their specific needs. Proposal is the stage where the salesperson presents a customised solution to the prospect’s needs. This typically involves creating a proposal that outlines the product or service, the benefits it offers, and the terms of the sale. The goal of the proposal is to convince the prospect that the product or service is the best solution for their needs and to obtain a commitment to purchase. Closing is the final stage of the sales process where the salesperson finalises the sale and collects payment. This involves negotiating the terms of the sale, obtaining signatures on contracts, and processing payment. The goal of closing is to complete the sale and turn the prospect into a customer. By understanding and effectively managing each stage of the sales opportunity, businesses can increase their chances of closing deals and growing their revenue. Keep tabs on your leads, prospects, and opportunities with LIKE.TG LIKE.TG is a powerful Customer Relationship Management (CRM) platform that can help you manage your leads, prospects, and opportunities more effectively. With LIKE.TG, you can: Create custom fields and reports to track the specific information you need about your leads, prospects, and opportunities. Automate tasks, such as sending follow-up emails or creating new leads, to save time and effort. Access your data from anywhere, on any device, so you can always stay up-to-date on your sales pipeline. LIKE.TG can also help you qualify leads and move them through the sales process more efficiently. By using LIKE.TG, you can: Score leads based on their level of interest and likelihood to convert. Create and manage sales campaigns to target specific leads and prospects. Track the progress of your leads and prospects through the sales process. With LIKE.TG, you can get a complete view of your sales pipeline and make informed decisions about how to best allocate your resources. This can help you close more deals and grow your business. Here are some specific examples of how LIKE.TG can be used to track leads, prospects, and opportunities: A real estate agent can use LIKE.TG to track the leads they generate from open houses, online listings, and referrals. They can create custom fields to track the lead’s contact information, property preferences, and budget. They can also automate tasks, such as sending follow-up emails or creating new leads, to save time and effort. A car salesperson can use LIKE.TG to track the leads they generate from car shows, online ads, and referrals. They can create custom fields to track the lead’s contact information, vehicle preferences, and budget. They can also automate tasks, such as sending follow-up emails or creating new leads, to save time and effort. A software salesperson can use LIKE.TG to track the leads they generate from trade shows, webinars, and online ads. They can create custom fields to track the lead’s contact information, company information, and IT needs. They can also automate tasks, such as sending follow-up emails or creating new leads, to save time and effort. These are just a few examples of how LIKE.TG can be used to track leads, prospects, and opportunities. With LIKE.TG, you can get a complete view of your sales pipeline and make informed decisions about how to best allocate your resources. This can help you close more deals and grow your business.