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.

Sales reporting is a critical component of any business’s sales strategy. It provides valuable insights into sales performance, customer behaviour, and market trends. This information can then be used to make informed decisions about how to improve sales and achieve business goals. In this blog post, we will discuss the importance of sales reporting and provide tips on how to create effective sales reports. We will also explore how LIKE.TG can be used to track sales performance and generate reports. What is sales reporting? Sales reporting is a critical process that involves collecting, analysing, and presenting data related to sales activities and performance. By leveraging sales reporting, businesses gain valuable insights into sales trends, customer behaviour patterns, and the effectiveness of their sales strategies. This information empowers decision-makers to make informed choices, optimise sales strategies, and ultimately drive revenue growth. Effective sales reporting goes beyond mere data presentation; it involves a comprehensive understanding of the sales process, key performance indicators (KPIs), and market dynamics. It enables businesses to identify strengths, weaknesses, and opportunities within their sales operations. Sales reporting also facilitates data-driven decision-making, allowing businesses to allocate resources efficiently, set realistic sales goals, and measure progress towards achieving those goals. In essence, sales reporting serves as a compass, guiding businesses through the ever-changing sales landscape. By harnessing the power of data and analytics, businesses can gain a competitive edge, improve sales performance, and ultimately achieve long-term success. Benefits of sales reporting Sales reporting is a powerful tool that can transform a business’s performance and drive success. It empowers businesses to make informed decisions grounded in accurate and timely data. This data-driven approach enables effective resource allocation, prioritisation of sales efforts, and optimisation of sales strategies. By leveraging sales reporting, businesses gain invaluable insights into their sales performance. They can identify top-performing sales representatives, products, and strategies, as well as areas in need of improvement. Armed with this knowledge, businesses can make targeted adjustments and enhancements to accelerate sales growth. Moreover, sales reporting uncovers trends and patterns in customer behaviour, market dynamics, and sales performance. Recognising these trends allows businesses to anticipate market shifts, swiftly adapt their sales strategies, and seize emerging opportunities. This proactive approach provides a competitive edge and positions businesses for long-term success. Setting realistic sales goals is essential for sales success, and sales reporting plays a pivotal role in this process. By analysing historical sales data and market trends, businesses can establish achievable sales targets aligned with their broader business objectives. Realistic sales goals inspire sales teams, enhance performance, and ensure that sales efforts are focused on attainable outcomes. Finally, sales reporting contributes to improved sales forecasting accuracy. By analysing past sales data, businesses can make informed predictions about future sales trends and revenue projections. This enables confident planning of resources, inventory management, and strategic decision-making. Accurate sales forecasting minimises risks, optimises operational efficiency, and supports sustainable business growth. In essence, sales reporting is a cornerstone of sales success. It provides businesses with the insights, knowledge, and tools to make informed decisions, optimise sales strategies, and achieve sustained growth. 10 steps to create a sales report Crafting an effective sales report requires a systematic approach that encompasses data collection, analysis, and presentation. Follow these 10 steps to ensure your sales report delivers valuable insights and drives informed decision-making: Identify Your Target Audience and Sales Metrics: Clearly define the intended readers of your sales report. Are you reporting to senior management, sales representatives, or cross-functional teams? This will determine the level of detail and the key performance indicators (KPIs) you include. Collect the Necessary Data: Gather relevant data from various sources, including customer relationship management (CRM) systems, sales automation tools, and financial records. Ensure you have accurate and up-to-date information to draw accurate conclusions. Organise the Data: Structure your data logically to make it easily understandable. Categorise information based on time periods, product lines, sales regions, or other relevant criteria. Use Visual Aids: Incorporate visual elements such as charts, graphs, and tables to present data in a visually appealing and easily digestible manner. Visual aids enhance the report’s readability and enable quick identification of trends and patterns. Write a Clear and Concise Summary: Begin your report with a concise executive summary that highlights the key findings and recommendations. This overview should provide a quick glimpse into the report’s main takeaways for busy readers. Provide Context and Analysis: Present your data within the context of your organisation’s goals and objectives. Analyse the data to identify trends, patterns, and areas for improvement. Support your analysis with relevant industry benchmarks or historical performance data. Highlight Success Stories and Challenges: Feature success stories of top-performing sales representatives or teams. Conversely, identify challenges and obstacles faced by the sales team and suggest potential solutions. Include Actionable Recommendations: Conclude your report with actionable recommendations based on your analysis. These recommendations should be specific, measurable, achievable, relevant, and time-bound (SMART). Proofread and Edit: Carefully review your report for any errors in data, grammar, or formatting. Ensure the report is visually appealing and consistent in style and tone. Distribute and Follow Up: Share the report with the intended audience and follow up to ensure they understand and utilise the insights provided. Encourage feedback and foster a culture of continuous improvement. Sales reporting tips for success Creating insightful and effective sales reports requires careful attention to various factors. Here are some essential tips to help you achieve success in sales reporting: Set Clear Goals and Objectives: Define the primary purpose of your sales report and align it with specific goals and objectives. Knowing the intended use of the report will guide the selection and presentation of relevant data. Use a Consistent Reporting Format and Structure: Establish a standardised format and structure for your sales reports. Consistency enhances readability, facilitates comparisons, and enables users to easily locate the information they need. Keep Your Reports Concise and Easy to Read: Avoid overwhelming your audience with excessive data. Present only the most relevant information and use a clear, concise writing style. Bullet points, tables, and charts can help make your reports more readable and visually appealing. Visualise Your Data with Charts and Graphs: Visuals such as charts and graphs can effectively convey complex data and trends. They make it easier for readers to understand the information and identify patterns or outliers. Distribute Your Reports to the Right People at the Right Time: Ensure that your sales reports reach the intended recipients at an appropriate time. Consider the frequency and timing of report distribution to maximise their impact and relevance. Follow Up and Monitor Progress: Sales reporting should not end with the distribution of reports. Regularly monitor the implementation of recommendations and actions taken based on the report findings. This follow-up process ensures that insights from sales reporting are translated into tangible improvements. By adhering to these tips, you can enhance the effectiveness of your sales reporting and unlock its full potential to drive business success. Sales reporting with LIKE.TG In addition to manual data entry, sales teams can leverage LIKE.TG’s robust reporting capabilities to automate the sales reporting process. LIKE.TG offers a comprehensive suite of reporting tools that enable businesses to track and analyse their sales performance in real time. These tools include: LIKE.TG Reports: LIKE.TG reports provide a customisable way to view and analyse sales data. Users can create reports based on various criteria, such as product, region, or sales representative. Reports can be presented in different formats, including tables, charts, and graphs. LIKE.TG Dashboards: LIKE.TG dashboards provide a visual representation of sales data. Dashboards can be customised to include key performance indicators (KPIs), such as revenue, sales volume, and win rate. Dashboards allow users to quickly and easily monitor sales performance and identify trends. LIKE.TG Automation: LIKE.TG automation can be used to generate sales reports automatically. This can save sales teams time and effort and ensure that reports are accurate and up-to-date. LIKE.TG automation can also be used to trigger alerts when certain KPIs are met or exceeded. By leveraging LIKE.TG’s reporting capabilities, sales teams can gain valuable insights into their sales performance. This information can be used to make informed decisions, improve sales strategies, and ultimately drive revenue growth.

Whether you’re a startup that has just landed your first customer or an enterprise with billions in revenue, AI can revolutionise your sales process and take your performance to new heights. The pressure on sales teams to perform and drive revenue growth is ever present. However, in a tough economic environment, there’s a greater focus on productivity. Success increasingly depends on the efficiency with which sales reps make decisions and move deals from prospect to close. Einstein 1 Sales makes it faster to do both with built-in data and trusted AI. It automates sales tasks and surfaces insights that guide sellers to close fast. Here, we unpack how Einstein 1 Sales can supercharge selling and share how Canva has optimised its sales process for productivity and growth. Trusted AI starts with a foundation of data Before we can talk about AI, we need to talk about data. Within most organisations, there’s a treasure trove of data that can help sales teams drive deals forward. There’s the typical information on accounts, leads, and opportunities within the CRM database. There’s information resulting from emails and video calls as well as clicks on the website or calls to the service desk. There are also external data signals from the news and social media. To fuel decisions and productivity, this data needs to be connected and that’s what LIKE.TG does with Data Cloud. Included in Einstein 1 Sales, Data Cloud harmonises and surfaces actionable insights in an organisation’s CRM. So sales teams get full pipeline visibility, forecast with confidence and unlock data driven upsell and cross-sell opportunities. Most importantly, with a strong data foundation in place, sales teams can unlock the insights and efficiencies made possible by AI. Einstein 1 Sales increases productivity across the sales process Imagine a world with no more manual tasks and having your own dedicated sales admin that takes notes, writes emails, conducts research, and updates your CRM so you can focus on your customers. Einstein 1 Sales brings sales teams closer to this world, providing opportunities across the sales process to increase productivity with AI. Take Einstein Copilot. A conversational assistant powered by generative AI, Einstein Copilot can answer questions, summarise and create content, interpret complex conversations, and dynamically automate tasks. Sales reps can ask Einstein Copilot for forecasting guidance and to flag deals that require attention in order to hit quota. They can ask for research and personalised action plans to close deals. Sales reps can also ask Einstein Copilot to draft emails and update opportunity records. Einstein Conversation Insights is another AI-driven solution that helps increase productivity and advance deals. It provides actionable insights from sales calls so reps can better understand customer needs and tailor their approach. It also identifies trending topics or areas of competitive risk. Sales Programs help increase revenue and efficiency Operationalising sales programs can help reps be more productive at scale. That’s why we have applied AI and automation to make this easier than ever. With Sales Programs, organisations can quickly launch programs to enter new markets, compete more effectively, or simply onboard new reps. Program resources and AI-powered coaching are delivered to reps in their flow of work. They can see exactly what they need to do to succeed and they have everything they need to perform those activities right in their CRM. Sales Programs also makes it easy for managers to set targets and track rep engagement. With program analytics, managers can also capture data needed to iterate on sales programs and continuously improve rep performance. Canva optimises sales process and prioritises AI Canva, the online visual communication and collaboration platform, has used Sales Cloud to optimise its sales process and supercharge selling to the enterprise. James Brady, Head of Strategic Accounts at Canva, said bringing all enterprise workflows onto LIKE.TG had been a huge focus and helped the team in a number of ways. “First, LIKE.TG speeds up our business processes. Secondly, it gives us a 360 degree view of our customers so we can better serve their needs. And finally, it gives our reps time back which they can spend with their customers,” said Brady. “One really exciting thing is we’re also integrating our own product directly into LIKE.TG. So soon reps will be able to generate an entire custom Canva presentation and autofill the LIKE.TG data in just one click,” he added. Brady shared that AI is a massive priority for the company, including within its own platform. It has launched Magic Studio, a suite of AI tools designed to empower teams to create compelling content at scale. The sales team is excited by the potential of applying AI to its own processes and about using Sales Cloud Anywhere to reduce swivel chair and access CRM data right from within email or when browsing the web. Learn more about how you can supercharge sales with trusted AI. Watch the on-demand session on LIKE.TG+ and download our report on Trends in Generative AI.

We surveyed thousands of marketing leaders about today’s marketing trends. What did we find? Marketers ranked artificial intelligence (AI) implementation as both their number one priority and number one headache — highlighting its pivotal role as both a beacon of promise and a daunting challenge. Key takeaways from our new State of Marketing report To some, the words “new era” mean big ideas and fresh innovations. To others, it means unanswered questions, uncharted territory, and unsolved challenges. No matter which camp you find yourself in, we’re all trying to build better relationships that move our business forward. We surveyed marketers about how they are tackling this new era. The results found in our new State of Marketing report reveal trends that are impacting marketers —emerging AI, data unification, and personalisation tools — and the challenges they face to continue to create customer connections in a new era. Let’s take a look at highlights from the report. 1. Successful AI implementation leads 2024 marketing trends There’s a difference between AI implementation and successful AI implementation. In our survey, only 34% of marketers are completely satisfied with their efforts to reap the value of AI. Even fewer are fully satisfied with their attempts at unifying customer data to improve the customer experience. The two go hand in hand. Unlike other marketing trends and technologies, AI isn’t a standalone tool. It can touch and impact almost every aspect of a marketing strategy. Looking to build better personalisation? Predictive AI can forecast customer behaviour and trends, allowing businesses to anticipate needs and tailor their strategies accordingly. Curious about how to create engaging content quickly? Generative AI generates various types of content at scale based on data analysis and natural language processing algorithms. Our report found that 71% of marketers plan to use both predictive and generative AI within the next 18 months. While marketers are embracing AI, they’re also considering associated risks — data risks in particular. Marketers are focused on making AI successful with the right data but are concerned about its integrity, protection, and customer trust as adoption ramps up. But it’s not just data that keeps marketers on their toes. One in four team leads is worried about generative AI replacing human workers.However, unlocking AI’s full potential requires a strategic fusion of human expertise and cutting-edge technology. What better AI means for marketers Predictive insights, segmentation, and content generation is just the beginning when it comes to better AI. But don’t let the magnitude of AI scare you away — or worse, jump in without a vision. Start small and focus on solving a specific, well-defined problem that aligns with your organisation’s goals and capabilities. Gradually scale up as you gain experience and insights from initial deployments. There’s power in experimentation — as long as it’s followed by implementation. 2. Trustworthy data powers genuine customer connection More than two thirds (68%) of customers said advances in AI make it more important for companies to be trustworthy. And 98% of marketers say trustworthy data is more important in times of change. Marketers who prioritise trustworthy data may just have a head start in the new era. Trustworthy data is free from errors, biases, or manipulation, and adheres to established standards and best practices for data collection, storage, and usage. Access to this data builds better external and internal relationships. Externally, it allows you to build better connections with your customers, and a foundation built on trust and fulfilled expectations. When you have a clean set of data, you know you’re making decisions based on accurate, up-to-date information. It allows you to personalise messages and put the customer first in marketing decisions, knowing that you’ve got a complete picture of their journey and preferences. Personalisation isn’t just one of the hot marketing trends today — it’s the expectation. Internally, marketers are using trustworthy data to track and assign value to accounts and move sales forward through approaches like account-based marketing, which require close marketing and sales team collaboration. Our survey found that marketers use an average of nine different tactics across the customer experience to collect this data, with customer service data, transactional data, mobile apps, website registration/account creation, and loyalty programs topping the list. It’s clear that there’s no shortage of data. Putting that data to work is the challenge. As third-party cookies are deprecated and AI continues to develop, marketers are trying to bring that data together into a holistic understanding of customers. But how important is data if you can’t act on it when you need it? More than half of marketers can get real-time data, but they need technical assistance to activate it. What better data means for marketers The right data is the backbone to actionable customer profiles, analytics, and decision-making — actionable as the key differentiator. Centralised data management platforms that aggregate and harmonise data from various sources in real-time are that much more critical as marketers navigate new marketing trends. 3. Marketers are all in on personalisation Personalisation is the new marketing mantra, but what that means can vary. A lifecycle approach is evolving as more than half of marketers (57%) aim to provide personalised content across the entire customer journey — not just their journey to become a customer. In fact, marketers are more likely to personalise content for existing customers, including support and customer retention content. But they’re not forgetting about their prospects either. Effective personalisation, although a work in progress for many, requires cross-channel recommendations. Let’s say a customer has recently been browsing your website. Based on this history, they later receive an email promoting a new product, followed by a social media ad showcasing the same product. Suddenly, you’ve created a connected and personalised experience across multiple channels. The challenge with implementing cross-channel personalisation is not only the ability to access trustworthy data across all these channels, but do so consistently on the channels customers prefer. And there’s a stark difference between how the highest- and lowest-performing marketing teams are adapting. Underperforming marketers are fully personalising across only three channels, compared with five channels for moderate performers and six channels for high performers. What better personalisation means for marketers When marketers personalise across more channels, they are customising their messaging and interactions to what customers want — and where they want it. Doing this creates a more consistent experience for customers, strengthening brand relationships and making it more likely they keep engaging and converting. Adopting AI and machine learning algorithms can help automate data analysis and segmentation. This allows you to derive actionable insights and give your customers a more tailored experience, no matter where they interact with your brand.. New marketing trends are pushing progress for marketers as expectations around data and AI rise. Marketers are still figuring out what they can and can’t do – and how they can make this tech work for them. However, what’s fuelling this new era is still the same: building strong relationships that deliver value for both the business and the customer.

Return on investment (ROI) is a crucial metric used to assess the profitability of an investment or project. It measures the return an investor receives relative to the amount of money they initially invested. Whether you’re a business owner, investor, or someone looking to make informed financial decisions, understanding ROI is essential. In this blog post, we’ll delve into the concept of ROI, explore its significance, and provide practical examples to help you make smarter investment choices. We’ll also discuss calculating ROI, interpreting results, and using leverage to enhance your returns. By the end of this comprehensive guide, you’ll have a firm grasp on ROI and how it can empower your investment decisions. What is Return on Investment or ROI? Return on Investment (ROI) is a financial metric used to evaluate the profitability of an investment by comparing its gain or loss relative to its cost. It is a crucial tool for assessing the potential returns from asset investments such as stocks or business ventures. Calculating ROI entails determining the ratio between the net income (or profit) obtained from an investment and the total cost incurred in making that investment. Typically expressed as a percentage or a ratio, ROI enables investors to gauge the efficiency and profitability of their investments. By comparing the ROI of different investment opportunities, individuals can make informed choices, channelling their resources into ventures that promise the most lucrative returns. Beyond its role as a standalone metric, ROI is a vital tool for comparing investment options. By evaluating the ROI of various investment vehicles, such as stocks, bonds, real estate, or business ventures, investors can identify those that align best with their financial goals and risk tolerance. This comparative analysis empowers individuals to allocate their capital strategically, maximising their chances of financial success. The significance of ROI cannot be overstated, particularly for businesses and investors seeking to optimise their financial performance. By leveraging ROI as a guiding metric, decision-makers can enhance their investment strategies, minimise risks, and maximise returns. Embracing ROI as a cornerstone of financial decision-making empowers individuals and organisations to navigate the often-complex investment landscape with greater confidence and acumen. How to Calculate ROI To calculate return on investment (ROI), the net income (or profit) obtained from an investment is divided by the total cost incurred in making that investment. The ROI formula is as follows: ROI = (Net Income / Total Cost) x 100 For example, if an investment of $1,000 generates a net income of $200, the ROI would be 20%. This means that the investment generated a return of $0.20 for every $1 invested. When calculating ROI, there are a few things to keep in mind. First, it is important to use the net income (or profit) after all expenses have been paid. This includes the cost of goods sold, operating expenses, and interest. Second, the total cost of the investment should include the initial investment and any ongoing costs, such as maintenance or marketing. ROI can be used to compare different investment options and assess the efficacy of financial decisions. For example, a company may be considering two different marketing campaigns. The first campaign has a lower upfront cost but is expected to generate less revenue. The second campaign has a higher upfront cost but is expected to generate more revenue. By calculating the ROI of each campaign, the company can determine which is the better investment. ROI is valuable for businesses and investors seeking to optimise their financial performance. By understanding how to calculate ROI, you can make better investment decisions and achieve your financial goals. Here are a few tips on how to improve your ROI: – Use leverage. Leverage is borrowing money to finance an investment. When used effectively, leverage can magnify an investment’s returns. However, it is important to use leverage carefully, as it can also magnify losses. – Combine ROI with other metrics. ROI is a valuable metric, but it is not the only metric that should be used to make investment decisions. Other metrics, such as net present value (NPV) and internal rate of return (IRR), can also be helpful. Combining ROI with other metrics gives you a more complete picture of an investment’s potential return. –Monitor your investments regularly. The financial landscape is constantly changing, so monitoring your investments regularly is important to ensure they are still meeting your goals. You can make adjustments as needed to improve your investment performance by tracking your ROI and other metrics. How to Interpret ROI A positive ROI indicates that an investment has generated a return greater than its cost, while a negative ROI indicates that an investment has resulted in a loss. The magnitude of the ROI provides insight into an investment’s profitability or success. A higher positive ROI generally signifies a more successful investment, while a lower negative ROI suggests a less severe loss. When comparing different investments, it is essential to consider their respective ROIs. The investment with the highest ROI is not necessarily the best option, as other factors may need to be considered. For example, an investment with a lower ROI may have a shorter payback period or involve less risk. It is important to remember that ROI is just one metric used to evaluate investments. Other factors, such as risk tolerance, time horizon, and liquidity, should also be considered when making investment decisions. Investors can make informed decisions that align with their financial goals by carefully considering all relevant factors. ROI examples To illustrate the calculation of ROI, consider the following examples: Example 1: Real Estate Investment Suppose you purchase a rental property for $100,000 and incur closing costs and other expenses of $5,000. You rent out the property for $1,500 per month and incur annual expenses of $10,000 (including mortgage payments, property taxes, insurance, and maintenance). After one year, you sell the property for $120,000. To calculate ROI, first determine the net income: Net Income = (Rental Income – Expenses – Cost of Property) Net Income = ($1,500 x 12) – $10,000 – $105,000 = $15,000 Next, calculate the total cost of the investment: Total Cost = Cost of Property + Expenses Total Cost = $100,000 + $5,000 = $105,000 Finally, calculate ROI: ROI = (Net Income / Total Cost) x 100 ROI = ($15,000 / $105,000) x 100 = 14.29% In this example, the ROI of the real estate investment is 14.29%, indicating that for every dollar invested, the investor gained $0.1429. Example 2: Stock Investment Consider an investment in a stock that is purchased for $50 per share. After one year, the stock price increases to $60 per share, and the investor receives a dividend of $2 per share. To calculate ROI, first determine the net income: Net Income = (Sale Price + Dividend – Purchase Price) Net Income = ($60 + $2) – $50 = $12 Next, calculate the total cost of the investment: Total Cost = Purchase Price Total Cost = $50 Finally, calculate ROI: ROI = (Net Income / Total Cost) x 100 ROI = ($12 / $50) x 100 = 24% In this example, the stock investment’s ROI is 24%, indicating that for every dollar invested, the investor gained $0.24. These examples demonstrate how ROI can be calculated for different types of investments. Investors can make informed decisions about which investments to pursue by considering ROI. How to calculate ROI To calculate ROI, it is necessary to determine the net income or profit generated from the investment and divide it by the total cost incurred. The resulting figure is then multiplied by 100 to express it as a percentage. Here’s the formula: ROI = (Net Income / Total Cost) x 100 For instance, if an investment of $10,000 yields a net income of $2,000, the ROI can be calculated as follows: ROI = ($2,000 / $10,000) x 100 = 20% This indicates that the investment generated a return of 20 cents for every dollar invested. It’s worth noting that there are variations of the ROI formula that may be used depending on the specific context or industry. Some variations include: ROI = (Net Income – Initial Investment) / Initial Investment x 100 This formula calculates the ROI based on the initial investment rather than the total cost. ROI = (Current Value of Investment – Initial Investment) / Initial Investment x 100 This formula considers the current value of the investment rather than the net income. Regardless of the formula used, the fundamental principle of ROI remains the same: it measures the financial return of an investment relative to its cost. Comparing Investments and Annualised ROI When comparing different investments, it is essential to consider their respective ROIs. However, simply comparing the ROI figures may not be sufficient, as it does not consider the time value of money. This is where annualised ROI comes into play. Annualised ROI considers the time value of money by considering the total return on investment over a specific period, typically one year. It is calculated by multiplying the ROI for a given period by the number of periods in a year. For example, if an investment has a quarterly ROI of 5%, its annualised ROI would be 5% x 4 = 20%. Annualised ROI provides a more accurate measure of investment performance as it considers the compounding effect of returns. Compounding refers to the process where interest earned on an investment is added to the principal, and then interest is earned on the increased amount in subsequent periods. As a result, the annualised ROI provides a better representation of the long-term growth potential of an investment. When comparing investments, it is essential to use the same time period. This allows for a fair and accurate comparison of their performance. For example, if you compare the annualised ROI of two stocks, you should use the same one-year period for both stocks. Finally, annualised ROI can also compare investments with different risk profiles. Higher-risk investments typically have the potential for higher returns but also have a greater chance of loss. By comparing the annualised ROI of different investments, investors can make informed decisions about which investments align with their risk tolerance and financial goals. Combining Leverage With ROI Leverage is a financial concept that uses borrowed capital to finance an investment or project. By using leverage, investors can magnify their returns but also increase their risk of loss. The more leverage used, the higher the potential return and the greater the risk of losing the initial investment. In the context of ROI, leverage can increase the potential return on investment by increasing the amount of capital invested. For example, if an investor has $10,000 to invest and uses leverage to borrow an additional $10,000, they can invest $20,000. If the investment generates a return of 10%, the investor’s ROI would be 20% ($2,000 profit on a $10,000 investment). However, it is essential to remember that leverage can also magnify losses. If the investment loses 10%, the investor would also lose 20% ($2,000 loss on a $10,000 investment). Therefore, using leverage carefully and only when the potential rewards outweigh the risks is important. One way to mitigate the leverage risk is to use it with other risk management strategies, such as diversification and stop-loss orders. Diversification involves investing in various assets, which can help reduce the risk of losing money if one particular investment performs poorly. Stop-loss orders can automatically sell an investment if it reaches a certain price, which can help limit losses. Overall, leverage can be a powerful tool for investors, but it is important to use it carefully and understand the risks involved. By combining leverage with other risk management strategies, investors can potentially increase their ROI while protecting their capital. Advantages of ROI Return on investment (ROI) is a widely used and valuable metric for evaluating investment success. Its simplicity and universal comprehension make it a powerful tool for investors, businesses, and financial analysts. ROI offers several distinct advantages that make it a preferred metric for assessing investment performance. One of the primary advantages of ROI is its simplicity. It is calculated by dividing an investment’s net profit or gain by the total cost incurred. This straightforward formula makes it easy to understand and interpret, even for those without extensive financial knowledge. The resulting percentage provides a clear indication of the investment’s profitability. Another advantage of ROI is its widespread usage and recognition. It is a standard metric employed across industries and investment types, making it a universal language for discussing and comparing investment performance. This shared understanding facilitates effective communication and decision-making among investors, analysts, and stakeholders. Furthermore, ROI enables investors to compare different investment opportunities. By calculating the ROI of various investments, investors can make informed decisions about allocating their resources. This comparative analysis helps identify the most lucrative opportunities and optimise investment portfolios. ROI also serves as a useful benchmark for measuring the performance of investment managers or companies. By setting ROI targets and tracking performance against these benchmarks, investors can assess their investment strategies’ effectiveness and make necessary adjustments. This monitoring process helps ensure that investments meet their objectives and deliver desired returns. In summary, ROI’s simplicity, universal understanding, comparability, and benchmarking capabilities make it an invaluable metric for evaluating investment performance. Its widespread adoption and ease of interpretation provide a common ground for investors, businesses, and analysts to make informed decisions and achieve their financial goals. Disadvantages of ROI Return on investment (ROI) is a widely used metric for evaluating investment success, but it also has certain limitations and disadvantages. One of the main drawbacks of ROI is that it is a backward-looking metric that measures past performance and does not provide any insights into future performance. This can be a significant limitation, especially in dynamic and rapidly changing markets, where past performance may not indicate future results. Another disadvantage of ROI is that it needs to consider the time value of money. This means that it does not consider that money today is worth more than the same amount in the future due to the potential for earning interest or inflation. This can lead to misleading conclusions, especially when comparing investments with different time horizons or cash flow patterns. Additionally, ROI can be misleading if the initial investment is large. This is because the percentage return may appear impressive, but the actual profit may be relatively small compared to the risk taken. For example, an investment that generates a 10% ROI on a $100 investment may seem attractive, but the actual profit is only $10, which may not be worth the risk involved. Furthermore, ROI can be difficult to calculate accurately, especially for complex investments or projects. This is because it can take time to determine all the relevant costs and benefits associated with an investment, including opportunity costs and indirect expenses. In some cases, assumptions or estimates may be necessary, which can introduce errors into the calculation. Finally, ROI does not always accurately reflect the risk involved in an investment. This is because it focuses solely on the financial return and does not consider other risk factors, such as market volatility, credit risk, or operational risks. As a result, ROI may present an overly optimistic view of an investment’s potential, leading investors to underestimate the actual risk involved. How LIKE.TG can help you with Sales ROI LIKE.TG is a powerful customer relationship management (CRM) platform that can help businesses track, measure, forecast, optimise, increase, and improve their sales ROI. With AI-powered tools, automation, and personalised experiences, LIKE.TG gives businesses the insights and capabilities they need to make data-driven decisions and drive sales growth. Some of the ways LIKE.TG can help businesses improve their sales ROI include: Tracking and measuring sales performance: LIKE.TG provides businesses with a comprehensive view of their sales performance, including metrics such as sales volume, conversion rates, and average deal size. This information can be used to identify areas for improvement and adjust sales strategies. Forecasting sales: LIKE.TG’s forecasting tools help businesses predict future sales based on historical data and current trends. This information can be used to make informed resource allocation and inventory management decisions. Optimising sales processes: LIKE.TG provides businesses with tools to optimise their sales processes, such as lead management, opportunity management, and quote management. These tools can help businesses streamline their sales processes and improve efficiency. Increasing sales: LIKE.TG provides businesses with tools to increase sales, such as email marketing, social media marketing, and e-commerce. These tools can help businesses reach new customers and generate more leads. Improving customer experiences: LIKE.TG provides businesses with tools to improve customer experiences, such as customer service, support, and loyalty programs. These tools can help businesses build relationships with customers and increase customer satisfaction. By leveraging LIKE.TG’s power, businesses can gain valuable insights into their sales performance and make data-driven decisions to improve their sales ROI. With AI-powered tools, automation, and personalised experiences, LIKE.TG provides businesses the capabilities they need to drive sales growth and achieve success.

Let’s face it, we’ve all turned into number nerds. Every day, we’re tracking everything from our steps and sleep to our screen time and even how many coffees we knock back. Why? Because data cuts through guesswork — it shows us what’s working and what’s not. In sales, we’re always swimming in data, from call logs and emails to deal closures and client feedback. All this data isn’t just useful — it’s essential to success. But sales tracking is just the first step. To make the most of your data, you need to understand the story it’s telling. That’s the key to turning data into decisions and insights into action. What you’ll learn: What is sales tracking? Why is sales tracking important? Important sales tracking key performance indicators (KPIs) and metrics How to track sales 4 sales tracking tools to use What is sales tracking? Sales tracking is the process of collecting, analysing, and reporting on sales data to understand performance, identify trends, and improve efficiency. It’s essential for assessing how effectively you are meeting your sales goals and for making informed decisions that propel your sales efforts. (Back to top) Why is sales tracking important? Sales tracking is the groundwork for better sales results. It’s how you gather all the bits of data that tell you what’s happening on the front lines. Sales data gives you a clear picture of your overall performance, as well as a bird’s-eye view of customer trends and behaviours. But it also helps you analyse what’s happening on a more granular level. Sales tracking can help you gauge the length of your sales cycles so you can optimise for more efficiency or determine where your reps are spending their time — and whether those tasks could be automated. In short, sales tracking sets the stage for deeper analysis and positive action. For instance, if you see a rep is smashing their sales targets but not making enough calls, it might be because they’re zeroing in on personalised LinkedIn InMails. These require more time but are strikingly effective. By tracking this data, you’re equipped to dive deeper and get at why things are working.After that, you can use this data to make changes, turning raw data into strategic insights that sharpen your sales approaches and training. This way, sales tracking not only keeps you informed but agile, always ready to adapt and improve based on solid data insights. (Back to top) How to track sales Tracking sales goes beyond merely keeping an eye on numbers; it’s also about making those numbers work for you. Here’s how to break the process into actionable steps to ensure your sales tracking is effective as well as easy to manage and interpret. 1. Set goals Start with the essentials. What really drives sales? Focus on metrics that directly impact your goals. To select these KPIs, begin with the end in mind: What are your main business objectives? Increase customer retention? Boost profit margins? Reduce sales cycles? Choose metrics that give you insight into these areas. (More on the nitty-gritty of this process below.) 2. Define your sales process and set up your pipeline Get clear on how a lead becomes a customer. Detail each phase from initial contact to final sale. What steps does your customer take? Where do they stumble? Once you’ve defined your sales process, you can map out the most efficient flow. Build a pipeline that reflects each customer’s unique sales journey using sales tracking to see where leads are and how to nudge them along. 3. Set up your CRM tracking workflow When setting up a sales tracking system, it’s important to nail the workflow — how you collect data, sift through it, and report on it. Whether it’s a customer relationship management (CRM) tool or something else, a single source of truth helps you see the full picture by bringing all of your data together. This saves time and keeps your team focused on analysis, not data wrangling. Make sure that the reports generated are clear and highlight key metrics that provide actionable insights. Regularly update your dashboard features to reflect the most relevant information, helping your team make quick, informed decisions. 4. Customise based on your needs Customisation is key when it comes to optimising your sales tracking. Regardless of your industry, the principles of tracking remain the same, but the details of what and how you track‌ (and what you track) should be tailored to fit your specific industry and market dynamics. For example, a tech company might focus heavily on customer acquisition costs and lifetime value, while a retail business might track daily sales and customer foot traffic patterns. Focus on data that is tailored to your goals and dashboards, then use that data to make changes that will help you be more efficient and boost your bottom line. 5. Turn data into insights you can use Now for the fun part — using the data. Regular deep dives into your customised metrics tell you what’s working and what’s not: Are acquisition costs too high? Do daily sales align with marketing campaigns? Are some reps hitting their targets while others lag? Where do most leads drop off? Why? What tactics are moving leads through the pipeline faster? Understanding these patterns helps you continually refine your approach. Reviewing your data regularly is more than just a box-ticking exercise. It energises your team, keeps everyone on their toes, and ensures they’re quick to turn every insight into strategic actions that drive real results. 6. Share insights across teams Sales is a team sport, and your insights can benefit marketing, customer service, and product development, too. By sharing what you learn from your sales tracking, you help align strategies across the board. Maybe a spike in drop-offs at the qualification stage tells you that marketing is attracting the wrong kind of leads, or perhaps a high customer acquisition cost (CAC) prompts a rethink on which deals you chase. (Back to top) Get the latest articles in your inbox. 360 Highlights Selected Small Business Selected CEO Selected IT Selected Commerce Selected Marketing Selected Service Selected Sales Selected Please select at least one newsletter. 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I can unsubscribe at any time. I agree to the Privacy Statement and to the handling of my personal information. In particular, I consent to the transfer of my personal information to other countries, including the United States, for the purpose of hosting and processing the information as set forth in the Privacy Statement. Learn More I understand that these countries may not have the same data protection laws as the country from which I provide my personal information. For more information, click here. Please read and agree to the Master Subscription Agreement By registering, you confirm that you agree to the processing of your personal data by LIKE.TG as described in the Privacy Statement. Sign up now Thanks, you’re subscribed! Important sales tracking KPIs and metrics Tracking every activity in your sales process isn’t just about oversight — it’s essential for refining tactics and boosting close rates. Depending on the specifics of your sales operations, the exact metrics you focus on might vary. Generally, sales KPIs and sales metrics fall into these main areas: Sales performance metrics When you want to gauge how each rep contributes to your goals, performance tracking is key. It provides a detailed look at the individual activities that drive sales success. Metrics to watch include: Cold calls made Emails sent Call duration Meetings completed Opportunities closed (whether won or lost) Sales win rate (leads won compared to opportunities closed, or how many leads get turned into paying customers) Sales lead metrics Keeping tabs on leads ensures no potential sale slips through the cracks. By monitoring the journey of each lead, you can refine your approach and enhance conversion rates. Essential metrics include: Number of leads generated Lead conversion rate Lead score Deal size CAC Sales goal metrics To hit your targets, you need a clear roadmap. Sales goal tracking allows you to set benchmarks and measure progress in real time. Metrics that keep you on track include: Total revenue goal Monthly, weekly, and daily sales totals Sales growth Sales pipeline metrics Understanding the flow and status of each deal in your pipeline is crucial for timely decision-making. Here’s what to monitor to keep your fingers on the pulse: Total open opportunities Opportunities lost per day/week/month Pipeline velocity, or how quickly leads become customers Sales cycle length Sales activity metrics It’s all about what your team does and how it translates into results. Tracking sales activities helps you identify high-impact activities and areas for improvement. Key metrics include: Email response rates Call durations New opportunities created Booked demos Sales funnel metrics Fine-tuning your funnel means understanding each phase of the customer journey. Analysing these metrics allows you to pinpoint where leads are being lost and where you’re winning: Total inbound and outbound leads Number of qualified leads Conversion rate at each stage (Back to top) 4 sales tracking tools to use When it comes to nailing your sales targets, having the right tools isn’t a bonus — it’s a must. These aren’t just for keeping data tidy; they’re about making every interaction count, every lead more valuable, and every sales process smoother. Here’s a rundown of the types of tools to lean on to keep your sales engine running at full throttle: 1. Customer relationship management (CRM) software Think of your CRM as mission control for all your customer interactions. This software centralises everything — from emails and calls to meeting notes — making sure nothing falls through the cracks. It’s about having all the info and making it work for you, ensuring you have a 360-view of every customer journey and can act on it fast. 2. Visualisation and dashboard tools If a picture’s worth a thousand words, a good dashboard is worth a thousand spreadsheets. These tools help visualise sales data in real-time, turning rows of data into clear, actionable insights. You can see at a glance where you’re beating your targets and where you need to switch gears, making it easier to share successes and strategise on quick meetings with the whole team. 3. Real-time analytics tools Here’s where you get smart about what’s working. Good analytics tools dig deep into your sales data, uncovering trends and patterns that aren’t immediately obvious. Whether it’s tracking conversion rates or pinpointing your most lucrative sales channels, these tools give you the intel you need to refine your tactics and push your success rates higher. 4. Automation tools Reps only spend 28% of their time actually selling, according to the latest State of Sales report. Automated tools help with that by capturing data such as emails, phone calls, and customer interactions, and logging every piece of information directly into your CRM. This minimises human error and frees up your team to focus on analysing the data and selling rather than collecting it manually. (Back to top) Stay on track toward sales success Data-driven organisations are 23 times more likely to be profitable than those that aren’t, according to research from McKinsey. But it’s what you do with the data that really makes a difference in your sales approach. Whether you’re part of a small team eager to grow or running a large sales operation, getting your sales tracking right means you can spot trends, rapidly adapt to market changes, and stay ahead of the competition.

Enterprise Resource Planning (ERP) is software used by organisations to integrate multiple business functions into one system. It includes various activities, such as accounting, human resources, project management, sales, inventory and order management, and compliance. An ERP system uses a shared database that enables employees from across a business to see the same information — a ‘single source of truth’. With everyone’s data in the same place, companies can use an ERP to streamline processes and information across the entire business. An ERP is different from a customer relationship management (CRM) system, like LIKE.TG’s Customer 360. But you can integrate them to work together. This guide outlines the benefits of using an ERP system, the difference between an ERP and CRM, and why you should consider integration. What are the benefits of using an ERP system? There are many benefits of using an ERP system for businesses. Having one unified place for all data can reduce silos and improve efficiency across an enterprise. Some of the main advantages of using an ERP include: Enhanced collaboration Collaboration is simplified when all data is shared, and employees can easily see and share information on contracts, requisitions, and purchase orders. When everyone in the business is connected to the same information, collaboration comes far more easily. Improved business insight Real-time information allows everyone in an organisation to have an up to date view of data, which can improve decision making across all areas of a business. With an ERP, everyone is looking at the same information simultaneously, and there is no risk of specific departments looking at outdated documents. Better financial compliance The financial controls with an ERP reduce any margin for error. Increased data integrity means users will always be working with up to date information, which also reduces the chances that something will be missed, and can improve financial compliance. Is LIKE.TG ERP? LIKE.TG is not an ERP. LIKE.TG offers various business solutions, which can be integrated to enhance and support your ERP but it does not provide an ERP product. At the heart of LIKE.TG is its CRM — Customer 360, which is the world’s #1 CRM system. ERPs and CRMs are both used by businesses to improve efficiency and streamline operations, but they serve distinct purposes. An ERP helps businesses connect their financial and operational systems to a central database, while a CRM helps manage customer interactions specifically. Although CRMs are not ERPs, you can integrate them to enhance all aspects of business operations and processes. LIKE.TG also offers other solutions, such as Revenue Cloud, designed to complement ERPs. Part of the LIKE.TG Customer 360 Platform, Revenue Cloud brings together Configure, Price, Quote (CPQ) and Billing, Partner Relationship Management and B2B Commerce capabilities. This helps businesses take control of their revenue growth across every channel and make billing more strategic. Revenue Cloud is not an ERP and works best when integrated with an ERP. One thing that differentiates Revenue Cloud and an ERP is that Revenue Cloud helps users transition to recurring revenue, consumption, and usage-based models. Revenue Cloud is designed to handle these models, whereas ERPs are suited to one time transactions. Why integrate ERP and CRM? A CRM provides businesses with consolidated views of various functions, such as sales and service, while an ERP includes functionality like inventory management, production, supply chain, and finance. Integrating them gives your business a complete view of its customers and its financial performance in one place. There are many reasons why businesses should consider integrating their ERP with their CRM, including: End-to-end visibility of your business processes You can take complete customer views to the next level with the added understanding of how they impact your business financials. Improved efficiency Workflows can automate tasks between CRMs and ERPs and enhance your productivity. There is no need to manually enter CRM data into an ERP once integrated. Better employee collaboration Empower your employees with access to critical customer information, even if they do not work in your service or sales team. Giving everyone access to real-time data helps ensure the right decisions are made across the organisation. Reduced data duplication When you have an ERP and a CRM working separately, you may have customer data existing in both, leading to inaccuracies and out-of-date information. But even when it is accurate, it can cause unnecessary duplication, and it’s hard to determine which should be the master record. Integrating ensures there is only one record. Speed up sales approvals Sales and operations teams can move customers through an approvals process much quicker when they can be sure they have real-time customer data. Lowered cost of IT support When you have just one system to maintain, your IT support cost will reduce. With a fully integrated solution, you only need to train teams on one platform, reducing downtime. More accurate reporting and forecasting Because all of your data is accurate and in one place, an ERP improves reporting processes. Accurate forecasting is critical for a growing business, and integrating with an ERP automates some of the manual processes that can cause errors and delays in reporting. How can you integrate LIKE.TG CRM with an ERP? Nowadays, it is simple to integrate LIKE.TG with your ERP and reap the benefits. You used to need to use complex systems to integrate legacy ERP systems with LIKE.TG CRM. However, modern cloud-based ERPs allow for easy integration. With some providers building ERP natively on the LIKE.TG platform, it is possible to run both CRM and ERP seamlessly on LIKE.TG. One aspect of LIKE.TG that makes for straightforward integration is LIKE.TG Billing. LIKE.TG Billing converts LIKE.TG CPQ’s lead-to-order data into transactional data. The conversion allows ERP systems to inherit matching data, which they can use for accounting functions. LIKE.TG’s MuleSoft also makes it easy to integrate CRM, ERP, and other applications. The MuleSoft Anypoint Platform helps businesses integrate data and connect experiences from any system. With MuleSoft, you can bring data from any third-party system such as SAP, Oracle, Workday into LIKE.TG. Visit our MuleSoft Anypoint Platform overview to learn more.

The role of a sales manager is all-important to the success of any sales team. They are responsible for motivating and inspiring their team, setting sales goals, and developing sales strategies. Today, sales managers need a varied skill set that includes both technical and soft skills. This blog post will discuss the essential skills that every sales manager needs in 2024, including technical skills such as data analysis and CRM software proficiency, as well as soft skills such as leadership and communication. We will also provide tips on how to be a good sales manager and how LIKE.TG can help sales managers be more successful. What are the roles and responsibilities of a sales manager? Today more than ever, sales managers are at the centre in driving revenue growth and achieving organisational success. They are entrusted with the critical task of leading, developing, and motivating a team of sales representatives to consistently exceed sales targets. A competent sales manager oversees the entire sales process, from prospecting and qualifying leads to nurturing customer relationships and closing deals. Furthermore, they work closely with the marketing team to generate qualified leads and develop effective sales strategies that align with market trends and customer needs. Sales managers are also responsible for designing and implementing training programs to enhance the skills and knowledge of their sales team, ensuring they possess the necessary expertise to navigate the complexities of modern sales environments. Another important aspect of a sales manager’s role is managing the sales budget and forecasting sales performance. They must allocate resources efficiently, optimise sales operations, and accurately predict future sales trends to support strategic decision-making within the organisation. By fulfilling these diverse responsibilities, sales managers empower their teams to achieve peak performance, drive business growth, and contribute significantly to the overall success of the company. 5 Technical skills of a sales manager It’s imperative for sales managers to possess a solid foundation of technical skills to drive success. One such crucial skill is the ability to analyse and interpret data effectively. Sales managers must be proficient in utilising data from various sources, including CRM systems, sales reports, and market research, to gain insights into sales performance, customer behaviour, and market trends. This enables them to make data-driven decisions, optimise sales strategies, and identify areas for improvement. Another essential technical skill for sales managers is proficiency in using CRM (Customer Relationship Management) software. CRM systems serve as central hubs for managing customer interactions, sales activities, and pipeline management. Sales managers must be well-versed in navigating and utilising CRM software to track sales progress, monitor team performance, and ensure effective customer relationship management. This proficiency allows them to streamline sales processes, enhance customer satisfaction, and drive overall sales growth. Excellent presentation skills are another vital technical skill for sales managers. They are often required to deliver presentations to their sales team, stakeholders, and clients. Effective presentation skills enable sales managers to convey their ideas, strategies, and sales pitches with clarity, confidence, and persuasion. Whether presenting during team meetings, sales conferences, or client pitches, sales managers must be able to engage their audience, deliver compelling messages, and inspire action. Project management skills are also essential for sales managers. They are responsible for managing sales campaigns, projects, and initiatives, often involving multiple team members and stakeholders. Effective project management skills enable sales managers to plan, organise, and execute sales projects successfully. This includes setting clear objectives, allocating resources, tracking progress, and managing timelines. By mastering project management techniques, sales managers ensure that sales initiatives are completed efficiently and effectively, contributing to overall sales success. In today’s digital era, understanding e-commerce and online sales has become a crucial technical skill for sales managers. With the rapid growth of online shopping, sales managers must possess knowledge of e-commerce platforms, online marketing strategies, and digital sales techniques. They need to be able to leverage technology and digital channels to reach and engage customers effectively, optimise online sales performance, and drive revenue growth through e-commerce. By staying updated on the latest e-commerce trends and best practices, sales managers can adapt their sales strategies to meet the evolving demands of the digital age. 10 Sales management skills that make a sales manager stand out Today, sales managers are pivotal in driving revenue growth and achieving organisational success. To be successful in this kind of environment, sales managers must possess a diverse range of skills that go beyond technical proficiency. While technical skills are undoubtedly important, it is the combination of technical expertise and soft skills that truly sets exceptional sales managers apart. Here are 10 essential sales management skills that make a sales manager stand out in 2024: Strategic Vision and Planning:The ability to develop and execute a well-defined sales strategy is crucial for sales managers. They must have a clear vision of the sales goals and objectives, and the ability to create a roadmap to achieve those targets. This involves analysing market trends, identifying growth opportunities, and allocating resources effectively. Motivating and Inspiring Leadership:Sales managers are responsible for building and leading high-performing sales teams. To do this, they must possess strong leadership skills, including the ability to motivate and inspire their team members. This involves creating a positive work environment, recognising and rewarding achievements, and providing ongoing support and guidance. Effective Communication:Excellent communication skills are essential for sales managers. They must be able to clearly articulate their expectations, provide constructive feedback, and effectively resolve conflicts. Additionally, they must be able to communicate effectively with customers, building strong relationships and fostering trust. Expert Negotiation:Sales managers often find themselves in negotiation situations, whether it’s with customers, suppliers, or team members. Strong negotiation skills enable them to achieve favourable outcomes while maintaining positive relationships. This involves understanding the interests of all parties involved, finding common ground, and reaching mutually beneficial agreements. Closing Deals: The ultimate measure of success for a sales manager is the ability to close deals. This requires a combination of sales acumen, persuasion skills, and the ability to handle objections effectively. Sales managers must be able to identify and address customer concerns, build trust, and ultimately convince customers to make a purchase. Time and Resource Management:Sales managers have a lot on their plates, and effective time and resource management skills are essential to their success. They must be able to prioritise tasks, allocate resources efficiently, and manage their time wisely to achieve their goals. This involves setting clear priorities, delegating tasks, and avoiding distractions. Data Analysis and Decision-Making: Sales managers must be able to analyse and interpret data to make informed decisions. This involves understanding sales metrics, identifying trends, and using data to drive sales strategies. By leveraging data, sales managers can optimise their sales processes and improve overall performance. Relationship Building:Building strong relationships with customers, team members, and industry peers is crucial for sales managers. They must be able to establish trust, rapport, and mutual respect with all stakeholders. This involves listening actively, understanding customer needs, and providing exceptional customer service. Adaptability and Resilience: The business outlook is constantly changing, and sales managers must be adaptable and resilient to succeed. They must be able to quickly adjust to new market conditions, embrace change, and learn from setbacks. This involves staying up-to-date with industry trends, being open to new ideas, and continuously seeking opportunities for improvement. Continuous Learning and Development:The world of sales is constantly evolving, and sales managers must be committed to continuous learning and development. They must stay updated with the latest sales techniques, technologies, and industry trends. This involves attending workshops and conferences, reading industry publications, and seeking out opportunities for personal and professional growth. By cultivating these 10 essential sales management skills, sales managers can position themselves for success in 2024 and beyond. They will be able to lead their teams to exceptional performance, drive revenue growth, and achieve organisational objectives, making them indispensable assets to their organisations. Sales metrics that managers should keep on top of Sales managers should closely monitor key performance indicators (KPIs) to assess their team’s performance and identify areas for improvement. These metrics serve as quantifiable measures of sales success and help managers make data-driven decisions. Here are some essential sales metrics that managers should keep on top of: Revenue and Profit: These are the fundamental indicators of a sales team’s success. Managers should track total revenue, profit margins, and revenue growth rate over time. By analysing these metrics, managers can assess the overall financial performance of the sales team and make adjustments to sales strategies as needed. Sales Growth Rate: This metric measures the percentage change in sales revenue over a specific period, usually compared to the previous year or quarter. A positive sales growth rate indicates that the sales team is effectively expanding its customer base and increasing revenue. Managers should analyse trends in the sales growth rate to identify periods of growth or decline and take appropriate actions to sustain or accelerate growth. Customer Acquisition Cost (CAC): CAC measures the cost incurred to acquire a new customer. It includes expenses such as marketing, advertising, and sales commissions. Managers should monitor CAC to ensure that the cost of acquiring new customers is sustainable and does not outweigh the revenue generated from those customers. By optimising CAC, managers can allocate marketing and sales resources more efficiently. Customer Lifetime Value (CLV): CLV represents the total revenue that a customer is expected to generate throughout their relationship with the company. It considers factors such as average purchase value, purchase frequency, and customer retention rate. Managers should track CLV to identify high-value customers and develop strategies to retain them, as they contribute significantly to long-term revenue growth. Sales Team Productivity: This metric assesses the efficiency and effectiveness of the sales team in generating revenue. It can be measured by metrics such as the number of sales per salesperson, average deal size, and sales cycle length. By monitoring sales team productivity, managers can identify underperforming individuals or areas and implement training or process improvements to enhance overall team performance. Sales Forecast Accuracy: Sales forecasting involves predicting future sales based on historical data and market trends. Managers should track the accuracy of sales forecasts to evaluate the effectiveness of their sales planning and decision-making. Accurate forecasting enables better resource allocation, inventory management, and proactive response to market changes. Win Rate: The win rate measures the percentage of sales opportunities that result in closed deals. It provides insights into the effectiveness of the sales team in converting leads into customers. Managers should monitor the win rate to identify any issues in the sales process and take steps to improve conversion rates. Customer Satisfaction: While not directly a sales metric, customer satisfaction plays a major role in long-term sales success. Managers should track customer satisfaction metrics, such as customer retention rate, customer feedback, and Net Promoter Score (NPS), to ensure that customers are satisfied with the products or services and the sales experience. High customer satisfaction leads to repeat business, positive word-of-mouth, and increased customer lifetime value. By closely monitoring these sales metrics, managers gain valuable insights into the performance of their teams and can make informed decisions to drive revenue growth, optimise sales strategies, and enhance customer satisfaction. How to be a good Sales Manager? To be a successful sales manager, it’s important to set clear goals and expectations for your team. This means communicating the organisation’s overall sales objectives and breaking them down into individual targets for each sales representative. Make sure your team understands what is expected of them and provide them with the resources and support they need to achieve their goals. Regular feedback and coaching are essential for helping your sales team improve their performance. This involves providing constructive criticism, as well as recognising and rewarding achievements. By offering guidance and support, you can help your team members identify areas where they can improve and develop their skills. Motivation and inspiration are key to driving success in sales. As a sales manager, it’s your role to create a positive and supportive work environment where your team feels valued and motivated. This can be achieved through recognition and rewards, as well as by providing opportunities for professional development and growth. Finally, it’s important to create a positive and supportive work environment for your sales team. This means fostering a culture of collaboration and teamwork, where team members feel comfortable sharing ideas and supporting each other. By creating a positive work environment, you can help your team stay motivated and engaged, which will ultimately lead to improved sales performance. How LIKE.TG can help LIKE.TG is a powerful customer relationship management (CRM) tool that can help sales managers be more successful. It provides a variety of features and tools that can help sales managers with sales forecasting, lead management, opportunity management, sales performance management, and reporting and analytics. With LIKE.TG, sales managers can easily create and manage sales forecasts, track leads and opportunities, and monitor sales performance. They can also use LIKE.TG to generate reports and analytics that can help them identify areas for improvement and make informed decisions. In addition to its CRM capabilities, LIKE.TG also offers a variety of other tools that can help sales managers be more successful. These tools include: LIKE.TGIQ:A lead generation and management tool that helps sales managers find and qualify leads. Pardot: A marketing automation tool that helps sales managers nurture leads and convert them into customers. Einstein Analytics:A business intelligence tool that helps sales managers analyse data and make informed decisions. By using LIKE.TG and its suite of tools, sales managers can improve their efficiency and effectiveness, and ultimately drive more revenue for their organisations.

In the current business sphere, achieving sales and marketing alignment is crucial for organisations that want to thrive. Sales and marketing misalignment can lead to missed opportunities, wasted resources, and decreased revenue, underscoring the urgent need for businesses to address this issue for growth. It’s the key to ensuring a seamless customer experience, driving revenue growth, and boosting overall business performance. This blog post will explore the essential steps to help businesses establish effective sales and marketing alignment, which is pivotal for successful sales. From breaking down silos and fostering collaboration to leveraging technology for seamless integration, we’ll provide practical strategies to help you create a cohesive sales and marketing team that works together towards achieving common business goals. What Is Sales and Marketing Alignment? Sales and marketing alignment is a strategic approach emphasising the collaborative efforts between sales and marketing teams to achieve a common business goal, specifically aligning sales for maximum effectiveness. It involves a tightly integrated relationship where both departments work seamlessly to attract, engage, and retain customers. Effective sales and marketing alignment ensures that the marketing team generates qualified leads for sales while the sales team provides valuable insights and feedback to marketing. When sales and marketing are aligned, it creates a cohesive customer experience, resulting in increased customer satisfaction, higher revenue, and improved overall business performance. Aligning sales and marketing is essential. It can significantly shorten the sales cycle, increase conversion rates, and foster greater interest in products and services by ensuring that both teams work towards shared KPIs and strategies. Customers receive consistent messaging, personalised interactions, and efficient problem resolution, leading to increased loyalty and repeat business. Alignment also fosters a culture of collaboration and communication between sales and marketing teams. They share data, insights, and best practices to develop targeted strategies that address customer needs and drive business growth. This collaborative approach eliminates silos, promotes teamwork, and ensures that both departments are working towards the same objectives. Sales and marketing alignment isn’t just an option but a necessity. It is the key to unlocking both teams’ full potential and achieving sustainable business success. What Does Marketing Do for Sales? Marketing is vital when it comes to supporting sales. It provides valuable insights, generates leads, and builds brand awareness. Marketing departments are necessary for aligning sales and marketing efforts to work towards shared objectives, offering assistance through cross-departmental shadowing, ensuring sales-focused marketing efforts, and facilitating the sharing of valuable information. Here are some essential functions that marketing performs to assist the sales team: Market Research and Insights: The marketing team conducts thorough market research to understand industry trends, customer behaviour, and competitor activities. They provide sales with comprehensive insights into target markets, customer needs, and pain points. This information enables sales representatives to tailor their pitches and strategies to address customer challenges and preferences better. Demand Generation and Lead Nurturing: Marketing creates demand for the company’s products or services. They develop and execute campaigns that attract potential customers and generate leads. This can include various strategies such as content marketing, search engine optimisation (SEO), social media marketing, email marketing, and paid advertising. The marketing team nurtures these leads by providing valuable content, building relationships, and guiding them through the sales funnel. By focusing on marketing qualified leads, marketing assists sales by not only generating but also qualifying leads, ensuring that the sales team can concentrate on the most promising prospects. Branding and Positioning: Marketing develops and manages the company’s brand identity, positioning, and messaging. They create compelling brand narratives, visual identities, and unique selling propositions that differentiate the company from competitors. Effective branding helps sales representatives communicate the company’s value proposition and build customer trust. Content Creation and Thought Leadership: The marketing team creates high-quality content that educates, informs, and engages the target audience. This content can take various forms, including blog posts, articles, infographics, videos, podcasts, etc. By establishing thought leadership and providing valuable insights, marketing supports sales in building credibility and positioning the company as an industry expert. Online Presence and Social Media Management: Marketing manages the company’s online presence, including the website, social media channels, and online reputation. They create and curate engaging content, respond to customer inquiries, and monitor online conversations. A solid online presence and effective social media management help sales teams connect with potential customers, build relationships, and generate leads. By aligning marketing and sales efforts, businesses can create a seamless customer journey, deliver a consistent brand experience, and more effectively achieve their revenue goals. What Does Sales Do for Marketing? Sales reps, through their close collaboration and communication with the marketing team, play a significant role in providing valuable insights and feedback. This partnership enhances the creation and utilisation of sales content, aligns goals, and leverages data to improve lead quality and customer insights. In return, sales also play a vital role in supporting marketing. Here are some key functions that sales perform to assist the marketing team: Customer Insights and Feedback: Sales representatives interact directly with customers and have a deep understanding of their needs, preferences, and pain points. They provide valuable insights and feedback to the marketing team, which helps refine marketing strategies, improve messaging, and develop more effective campaigns. Lead Qualification: Sales representatives qualify leads generated by marketing efforts. They evaluate the potential and readiness of leads to determine if they are a good fit for the company’s products or services. This helps marketing focus its resources on high-quality leads and optimise its lead generation strategies. Content Validation and Improvement: Sales representatives can provide feedback on marketing content, ensuring it aligns with customer needs and effectively communicates the company’s value proposition. Their input helps improve marketing materials’ relevance, accuracy, and effectiveness. Building Customer Relationships: Sales representatives build customer relationships, establishing trust and credibility. They can provide valuable insights into customer behaviour, preferences, and buying patterns, which helps marketing develop more personalised and targeted campaigns. Competitive Intelligence: Sales representatives are often at the forefront of competitive activities and have a good understanding of competitors’ strategies, strengths, and weaknesses. They can provide valuable intelligence to the marketing team, enabling them to develop more effective competitive strategies and differentiate the company’s offerings. By working together and sharing information, sales and marketing teams can create a synergistic relationship that drives business growth and success. Aligning these two critical functions ensures that the company’s efforts are cohesive, effective, and focused on achieving common goals. Understanding the benefits of sales and marketing alignment for revenue growth Achieving alignment between sales and marketing functions offers numerous advantages that can significantly enhance the overall success of a business, especially in driving revenue growth and improving customer experience through collaboration, unified communication, and mutual support. One of the primary benefits is the potential for increased revenue. When sales and marketing teams are aligned, they work cohesively to generate qualified leads, shorten the sales cycle, and increase conversion rates. This collaborative effort leads to improved sales performance, resulting in higher revenue growth for the organisation. Another advantage of aligning sales and marketing functions is cost reduction. Businesses can save valuable resources and reduce operational costs by eliminating duplicate efforts, optimising marketing campaigns, and streamlining lead management processes. This cost efficiency allows companies to allocate resources to other strategic initiatives that drive business growth. Sales and marketing alignment also contributes to improved customer satisfaction. When sales and marketing teams work together, they better understand customer needs and preferences. This knowledge enables them to deliver a consistent and seamless customer experience, from the initial marketing interaction to the final sale. Satisfied customers are more likely to become loyal brand advocates, increasing customer retention and positive word-of-mouth referrals. Furthermore, sales and marketing alignment enhances brand reputation. When both teams collaborate effectively, they create a unified brand message and present a cohesive brand image to the market. This consistency builds trust and credibility among customers, stakeholders, and industry peers. A strong brand reputation attracts new customers, improves customer loyalty, and differentiates the business from competitors. Last but not least, sales and marketing alignment facilitates better organisational decision-making. By sharing data, insights, and feedback, sales and marketing teams can make informed decisions based on real-time information. This data-driven approach minimises guesswork and allows businesses to allocate resources effectively, optimise marketing campaigns, and improve sales strategies. Breaking down silos and promoting collaboration between sales and marketing teams The first step to achieving sales and marketing alignment is to break down silos and promote collaboration. This can be challenging, as sales and marketing teams often have different goals and priorities. However, it is essential to overcome these challenges to create a cohesive customer experience. One way to break down silos is to foster a culture of open communication and transparency between the two teams. This can be done by holding regular cross-functional meetings, sharing information and data, and encouraging employees to collaborate on projects. Another way to promote collaboration is to create shared goals and incentives. When sales and marketing teams work together towards common goals, they are more likely to be successful. To further this goal, aligning marketing and sales teams is needed to break down silos and foster collaboration, ensuring both departments work together seamlessly. To foster a culture of open communication and transparency, it is important to create opportunities for sales and marketing teams to interact with each other. This can be done through regular meetings, workshops, and social events. It is also important to encourage employees to share their ideas and feedback and create a safe environment where they feel comfortable doing so. Aligning the sales and marketing teams on the company’s overall objectives is important for creating shared goals and incentives. This can be done by developing a shared vision and mission statement and setting clear goals and metrics for success. Incentives that reward sales and marketing teams for working together, such as bonuses or commissions, are also important. By breaking down silos and promoting collaboration, sales and marketing teams can create a more cohesive customer experience and achieve more tremendous success. Establish clear roles and responsibilities Establishing these clear roles and responsibilities for sales and marketing departments is an all-important step for achieving alignment and ensuring that both teams work cohesively towards shared objectives. Establishing a clear understanding of roles, continuous communication, and joint efforts towards shared objectives between sales and marketing departments is essential. Here are some key considerations for defining roles and responsibilities: Define Objectives and Key Performance Indicators (KPIs): Clearly outline the overall goals and objectives for both sales and marketing departments. Set specific and measurable KPIs that align with the company’s strategic priorities. These KPIs should be tied to the business’s overall success and should be regularly monitored and evaluated to ensure alignment and improve business performance. Outline Specific Tasks and Responsibilities: Detail each team member’s specific tasks and responsibilities within sales and marketing. This includes defining who is responsible for lead generation, qualification, nurturing, and closing deals. It also outlines who is responsible for market research, content creation, branding, and online presence management, ensuring a shared understanding of roles. Empower Teams to Make Decisions: Empower both sales and marketing departments to make decisions within their respective domains. Provide them the autonomy to execute their strategies and make necessary adjustments based on market conditions and customer feedback. This fosters a sense of ownership and accountability, leading to more effective decision-making. Regular Review and Updates: Roles and responsibilities should not be set in stone. They should be regularly reviewed and updated to ensure they align with changing market dynamics and business priorities. This adaptability allows sales and marketing departments to respond swiftly to new opportunities and challenges, maintaining alignment and optimising performance. Create a unified sales and marketing strategy This is essential for achieving alignment between the two departments. This involves developing a shared vision and objectives for both departments, ensuring their goals align with the overall business strategy. Regular joint planning sessions should be held to discuss strategies, brainstorm ideas, and ensure that both teams are on the same page. Creating a content calendar supporting sales and marketing goals is critical, as it allows for consistent messaging and campaigns. Additionally, sharing customer insights and data between sales and marketing teams is essential for understanding customer needs and preferences and developing targeted strategies that meet those needs. By fostering a collaborative environment and breaking down departmental silos, businesses can create a unified sales and marketing strategy that drives revenue growth, improves customer satisfaction, and enhances overall business performance. Leverage technology for seamless integration Technology is vital in achieving seamless integration between sales and marketing teams. One essential tool is customer relationship management (CRM) software. CRM systems provide a centralised platform for managing customer interactions, including contact information, communication history, and sales opportunities. By sharing this data, sales and marketing teams can comprehensively understand customers, enabling them to deliver personalised and consistent experiences. Marketing automation tools are another valuable technology for sales and marketing alignment. These tools help automate repetitive tasks like email marketing, social media management, and lead generation. By automating these tasks, teams can focus on higher-value activities, such as building customer relationships and closing deals. Integrated sales and marketing platforms offer a comprehensive sales and marketing alignment solution. These platforms combine CRM, marketing automation, and other tools into a unified system. This allows teams to access all the information they need in one place, making collaborating and executing campaigns easier. Finally, analytics and reporting tools are essential for measuring the success of sales and marketing alignment efforts. These tools provide insights into customer behaviour, campaign performance, and overall business results. By analysing this data, teams can identify areas for improvement and make data-driven decisions to optimise their strategies. Technology is essential for achieving sales and marketing alignment. By leveraging the right tools, businesses can break down silos, improve communication and collaboration, and create a unified customer experience. This leads to increased customer satisfaction, higher revenue, and improved business performance.

Because acquiring new customers can be far more expensive than selling to existing ones, companies will often employ techniques like upselling to increase sales revenues. For example, a salesperson could show a customer the luxury model of a car side by side with the basic model or point out the benefits of an upgraded computer with a faster hard drive. Upselling is often confused or used interchangeably withcross-selling, which is the practice of offering customers additional products to compliment an existing purchase. An example of cross-selling would be to recommend speakers to go with the computer, rather than an improved version of the computer itself. Both upselling and cross-selling are methods of increasing sales to existing customers, but use slightly different approaches in doing so. LEARN MORE ABOUT CROSS SELLING What we will cover: Steps Involved in UpsellingHow to Identify Upselling OpportunitiesUpselling TechniquesIt’s All About Customer RelationshipsWhat is Upselling? Key facts and FAQs Steps Involved in Upselling CRM helps users focus on their organisation’s relationships with individual people including customers, service users, colleagues, or suppliers. 1) Building Customer Trust and Loyalty Upselling should function as a two-way street: customers gain added value in exchange for their loyalty and trust. Often, when people think of being upsold, they imagine a used car salesman trying to trick them into buying a sports car when all they needed was something practical. That is not how successful upselling works.Instead, sales personnel should be working tobuild reciprocal relationships with customersand encourage long-term customer loyalty. To start with, this can be done by taking on the role of a consultant instead of a salesperson: Know your product inside and out.It’s important to be well informed about the product or service you are selling and prepared to help customers and offer individualised support as needed. If you are unable to answer questions or address individual issues, they could lose faith in your company or product. Make suggestions based on customer preferences.Customers can easily be alienated if they feel like they are being pushed to buy something that they don’t need. Instead, it should be clear that making the purchase provides them with a real added value. Make customer service a priority.Overall, apositive customer experiencecan be the deciding factor in whether or an offer is accepted, while indifference accounts for more than half of lost customers. 2) Get to Know Your Customers and Their Needs Thorough knowledge of your clients is essential to upselling. Understanding customer wants, needs, and preferences increases their trust in your relationship. One way this is done is by listening to prospective buyers: often, customers will contact sales staff themselves and inquire about specific features and benefits – this is the exact information you want, being handed to you voluntarily. It can also be helpful for the sales team to have personal experience with the products and services they are selling. This will allow them to put themselves in the customers’ shoes and better anticipate customer needs. Another way to acquire more information is togather and analyse all relevant customer data and history. Using software for sales automation and analytics can help with this process and make it easier to engage with and understand existing customers. This information can be used to optimise customer service, providingindividualised offers and information based on customer needs. In fact, one LIKE.TG survey found that customers are not onlyhappy to share personal datain exchange for personalised deals and offers but that they also tend to be more loyal to companies that use this practice. LEARN HOW A CRM CAN HELP DISCOVER CUSTOMER NEEDS 3) Making the Right Recommendations As mentioned above, customers can start to lose interest if you offer them products and services that they don’t want or need.Making the right recommendations is key to successful upselling and should be done using the knowledge you’ve acquired about your client. Understand the customer’s wants and needs.Whatever you are upselling should somehow reflect the customer’s overall needs. While it may seem to be in the company’s best interest to make as many offers as possible,recommendations should be limitedto avoid confusing or overwhelming the customer with too many options. Upsell, don’t oversell.Additionally, recommending upgrades that are too expensive in proportion to the original purchase could drive the customer away. The general rule of thumb is thatan upsell should not increase the total price by more than 25%. Using available data from CRM and marketing automation, appropriate recommendations can be tailor made to best suit a customer’s needs. How to Identify Upselling Opportunities In a nutshell, the ideal upsell customers are the ones who are most engaged with your products and services. The whole concept of upselling is based on growing relationships with existing customers, meaning that upselling inherently involves regularly following up with clients to asses their current status and needs. That can involve a variety of methods, such as: Ask open-ended questions and listen to customers.When they talk about their needs. Consider whether a product or service exists on the market already.If so, how can you improve upon it? If not, would it be possible to develop one? Investigate whether there are ways to improve upon your own existing product.If you already offer a satisfactory version, can you also provide an extraordinary version? Analyse your revenue sources.Seeing where your company earns the most can help to identify your clients’ needs and how to best upsell strategically. Determine what your market segment can actually use and afford.For example, if you are selling a software package to college students, you may not spot many opportunities to upsell them the business suite. On the other hand, you could potentially offer a student discount on a more comprehensive package. Look at customer data across departments.Customers have different contacts within a company depending on what they need. All of those contacts will have information about them. Learn more about your customers through information available online.Such as customer reviews, interactions over social media, page views, shares, etc. Upselling should happen almost organically as a means of solving a problem or filling a need. Staying informed about what customers need from a variety of angles is the most effective way of identifying upselling opportunities. Upselling Techniques Upselling opportunities can arise out of a wide variety of situations. Because of that, companies employ a wide variety of techniques to ensure customer satisfaction and maximise success. Some suggested techniques include: Make sure you deliver what you promise. Customer satisfaction is critical to upselling and fulfilling any promise you’ve made – whether it be writing an email or resolving a service issue – is a major part of that. Communicate the value to everyone involved. It’s easy to overlook stakeholders that aren’t your main contact. Even if you have communicated the value to some of the stakeholders, you should make sure that everyone on the client side is aware of the benefits that have been created for them. Upsell as part of the solution to a customer service issue. Once an issue has been resolved, upselling (and cross-selling) can be used to improve the situation further. Nurture existing customers. No matter what type of selling you are doing, it is always important to nurture and maintain relationships with existing customers. This is part of building trust and loyalty. What is LIKE.TG? Learn more about how LIKE.TG CRM can help you and your business. What is LIKE.TG? – What does LIKE.TG do? Take away the risk. When a free trial or money back guarantee is available, customers are more likely to make purchases and have confidence in your product or service. Consider time-based issues. Remind customers of issues they had in the past or how your products and services can prevent or improve issues in the future. Use sales automation and analytics. Sales and analytics software is designed help you interact with customers and keep track of any relevant information. Upsell with Sales Cloud Discover how Sales Cloud can help your teams improve the customer experience and increase sales. It’s All About Customer Relationships Upselling is an effective sales strategy for increasing revenue while continuing to build relationships with clients. It should be a give and take scenario, in which customers gain added value in exchange for making a larger purchase or commitment to a company. For upselling to be successful, it is particularly important to know your customers well, earn and maintain their trust, and make appropriate recommendations. While there are a number of upselling techniques and ways to identify upselling opportunities, understanding the customer’s needs and experience is at the core of all of them. That’s a lot of info! Here’s what you should take away from this article: What is upselling?Upselling is the process of recommending a more expensive or higher-end item or service when a customer is making a purchase. What are the steps involved in upselling?Upselling starts by building customer trust and loyalty, identifying needs in the customer, and then addressing those needs through the right product or service. How do you know when to upsell?To identify upselling opportunities, analyse your customer data, look for gaps in the market, gather customer feedback and identify unmet needs. What are some upselling techniques?Upselling techniques include communicating value, delivering on promises, identifying and solving problems, and using analytics to address personal needs. Can upselling help build customer relationships?Yes. Upselling involves understanding customers and their needs, and then providing value. This in turn builds trust and stronger relationships. FREQUENTLY ASKED QUESTIONS What is upselling? Upselling is the practice of selling a customer a higher-end version of an item they’re interested in. For instance, an electronics retailer pointing out the benefits of a better TV, a faster laptop or a more durable tablet would be an example of upselling. For many businesses, upselling is an important technique for driving revenue. What is the difference between upselling and cross selling? Upselling is the practice of offering a higher-end version of a product to a customer, while cross-selling is offering customers additional products that are compatible with their purchase. For example, if a customer were buying a laptop, offering them a case would be cross-selling, while offering them a better laptop would be upselling. Why is upselling important? Upselling is important because it adds value for both businesses and their customers. Successful upselling addresses customers’ needs or solves a problem by offering them better or more relevant products or services, which in turn builds trust and loyalty. This not only leads to higher revenue, it leads to better long-term relationships.

Prospects — the potential customers you want to sell to — are the fuel for the sales pipeline. Every prospect represents a possible deal. Growing your base of sales prospects and working to nurture them will grow your revenue. Even though sales prospecting is important, it may sometimes feel like you’re just wishing and hoping the right people will show up. Let’s see how to make prospecting a science instead — less like drilling for oil and more like filling up on gas. What you’ll learn: What is sales prospecting? Why is sales prospecting important? How does sales prospecting work? The stages of the sales prospecting process How to find sales prospects Inbound vs. outbound prospecting How to move sales prospects to the next stage in the sales cycle How to qualify a sales prospect Sales prospecting questions to ask Prospecting email examples How to use sales prospecting tools What is sales prospecting? Prospects are potential customers, and prospecting is the process of finding them. Sales reps use sales prospecting to expand the size of their potential customer base. They’ll reach out to leads (potential sales contacts) and nurture them into opportunities (leads who have been warmed up over time). There are various sales prospecting techniques, from making calls to sending direct mail, attending networking events, and connecting on social media platforms such as LinkedIn. (Back to top) Why is sales prospecting important? Sales prospecting is fundamental to what we do because it sets the stage for everything that follows in our sales funnel. It’s about focusing on and engaging those most likely to benefit from our products or services. From my experience as an account director, effective prospecting directs our resources toward the most promising opportunities and gives us a steady stream of leads for conversion. By focusing on the right leads, we enhance our chances of conversion and align our sales strategies with the expectations and needs of our prospects. That drives our business forward. (Back to top) How does sales prospecting work? Reps need to understand that the lead coming to a website has likely already done a lot of legwork. Eighty-one percent of prospects conduct research before inquiring about your product or service, according to the latest State of Sales report. They’ve formed opinions about your offerings before they’ve even engaged with any of your content, such as articles, white papers, or webinars. The challenge? Capture the attention of these well-informed prospects and convert their interest into engagement. Reps may face a prospect with preconceptions and opinions based on generic messaging received from others. So the rep’s outreach has to be personalised. It has to resonate. A rep must do their own legwork to understand the prospect’s needs, the technologies they’re using, and how they make buying decisions. That helps move them through the sales funnel, from interest to an actual sale. (Back to top) The stages of the sales prospecting process The sales process goes from cold leads to warm opportunities to red-hot deals. Prospecting is what happens in between: From leads … Sales and marketing source leads.Leads are unqualified prospects. Leads can come from marketing (think a webinar that requires a form fill) or sales (think cold outreach). … to opportunities … Sales qualifies leads into prospects.Sales gets to know leads and decides whether they’re a good fit for the product. If they are, the lead is “qualified” to become a prospect. Sales nurtures prospects into opportunities.As sales works to make prospects more and more interested in the sale, these prospects become “opportunities” who are more and more likely to buy. … to customers Sales closes opportunities into deals.In the end, after many conversations, there will be two kinds of opportunities: “closed-lost” (boo) or “closed-won” (yay!). (Back to top) How to find sales prospects We could talk about all the other platforms out there. However, we’ll let Stephanie Svanfeldt, LIKE.TG Strategic Sales Vice President, Auto Vertical, say it for us: “When it comes to sourcing prospects online, LinkedIn is the biggest game in town.” Indeed. So, here are some tips to get into that game: Identify top target accounts: When choosing prospects, start with a strategic approach and focus your list. If you’re assigned 100 accounts, concentrate on the top 10. Plan meticulously to ensure every engagement is targeted and relevant. Tap into the power of social selling: Social selling and sales management tools can help reps better understand the organisational dynamics of target companies. For example, reps can map out the decision-makers within a company and learn about their roles and influence. That helps tailor messages to the person who can make or steer purchasing decisions. Use your CRM to speed up research on your prospect: Let your customer relationship management (CRM) system do the heavy lifting by automating prospect and account research. This saves you time and gives you instant access to the insights you need to connect with your prospects more effectively. Personalise your outreach: Reach out with custom messages that demonstrate a clear understanding of each prospect’s business needs and challenges. For example, you could send a video message to a potential lead to introduce yourself and briefly cover how your solution could address a specific challenge they mentioned in a recent LinkedIn article or post. The goal is to make every communication feel customised and relevant, showing you’ve done your homework. Continue to deliver value: Keep the conversation going by offering value in every interaction. This could be by sharing industry insights and relevant articles or inviting your prospect to events that align with their interests. It’s about continuously reinforcing their positive opinion of you and subtly positioning yourself as a go-to resource in their professional network. Evaluate and refine: Monitor and analyse the effectiveness of your outreach strategies. Adjust your approach based on what’s working and what isn’t. Pay attention to the technologies your prospects use and look for integration points that can streamline their processes or enhance their existing systems. This iterative adjustment ensures your tactics remain fresh and effective. (Back to top) Inbound vs. outbound prospecting Inbound and outbound prospecting are key tactics in a sales strategy. Though they serve different purposes, each presents unique advantages. Inbound prospecting attracts prospects through content, SEO, online chats, and social media interactions. The main advantage is that it draws in higher-quality leads who initiate contact on their own terms, making it less intrusive. However, this strategy requires a significant investment in time and resources to develop effective content and optimise digital channels that attract these leads. On the other hand, outbound prospecting involves actively reaching out to potential customers via email, phone calls, and direct messaging on platforms such as LinkedIn. It allows for quicker lead generation because you’re directly initiating conversations with potential buyers. However, it can be seen as more of an intrusion, and the quality of leads might vary if they haven’t shown previous interest in your offerings. Combining the two strategies covers more ground — capturing those looking for solutions and those who may not yet be aware of how a product or solution can help them. (Back to top) How to move sales prospects to the next stage in the sales cycle Research is important, but you’ll need more than that to take the conversation to the next level. After all, it’s just as easy for prospects to research you as it is for you to research them. You won’t get anywhere with them by repeating the same general information from your company’s website. How can you go deep and deliver an insight no one else has? You’ll need to learn their accent — not just their language — and become knowledgeable about their lives at work. That means learning about specific trends in their industries, their companies, and even their lives. Keep the conversation moving. Don’t just think about closing the deal. Think about closing every step of the deal. It can be easy to get carried away in your excitement to move the conversation along. But don’t forget to cover all your bases: Obsess over the next step: Don’t forget to end every conversation with a question. “Can we connect for five minutes after you’ve taken a look?” “Is there someone on your team I could work with on that?” “If you’re not the right person to ask, can you tell me who is?” Advance but qualify: Prospecting is all about marching onward. But don’t over-focus on a deal that won’t be worth the effort. As you move the conversation forward, you need to keep qualifying at the same time. At every stage, ask whether the prospect is still a fit. Qualification also means making sure that they’re ready to move on to the next step. You won’t have all the answers, but someone else will: Selling is a team sport. You need to lean on everyone you can to get the information you need. Ask subject matter experts at your company to teach you about a new domain. Reach out to technical and digital advisors to help you map out a solution. Ask marketing for help with a new pitch. You don’t have to do this alone. Qualifying a prospect is an important piece of the puzzle, but don’t mistake “qualifying” for “deciding whether someone is important.” Everyone you talk to is important — because if they’re not the right person to talk to, then they can point you to the person who is. (Back to top) How to qualify a sales prospect Qualifying a prospect is an essential part of the sales process, and a highly qualified prospect will check most of these boxes to move to the next stage of the sales cycle. Remember, though: “Qualifying” doesn’t mean “deciding whether someone is important.” Everyone you engage with is significant. If they’re not the right contact, they could lead you to someone who is. To qualify whether a prospect is a good fit, consider these questions: Is this the right person? Does the prospect fit your ideal customer profile? Are they already interested in your product? Do they have the influence to push the deal forward, or the authority to make buying decisions? Is this the right company? Is the company within your designated territory? Is the industry compatible with your business model? What is the organisation’s size? Think beyond the number of employees. For instance, if you’re selling a subscription or usage-based service, consider the potential volume of its usage. Is this the right project? Is the department funded to pay your price? Will the project be a priority for the company this year? Will the team be using the product for the right use case — in a way that will create an impact? (Back to top) Sales prospecting questions to ask Good sales prospecting questions start a dialogue that qualifies the prospect and builds a relationship by showing genuine interest in their needs and challenges. Here are a few to start with: What challenges are you currently facing with [insert relevant topic or service]? This question helps identify their pain points, allowing you to build your discussion around how your product addresses these issues. What has been your experience with similar products or solutions? This tells you what has (or hasn’t) already worked for them, helping you position your solution better. Can you tell me about your decision-making process? Who else should I invite to the next call? Knowing that is crucial for understanding how decisions are made and ensuring all decision-makers are engaged early on. What is your timeline for implementing a solution? This helps determine their urgency and expectations, which can guide your engagement strategy. Do you have the budget allocated for this project? Directly addressing the budget helps you qualify the prospect in terms of financial capacity. It also guides the conversation toward realistic solutions within their price range. (Back to top) Prospecting email examples From my perspective, standout emails and smart LinkedIn engagement strategies can make all the difference. Here are some tried-and-true examples from my own experience: Email outreach: When it comes to sales prospecting, it’s all about making that connection count. Here’s an email I sent during the holidays. It wasn’t just a pitch; it started with a genuine “thank you” for the recipient’s military service, which creates a moment of personal recognition and gratitude. It’s about finding common ground. Here’s an example that worked well: [Name], We connected briefly on LinkedIn before the holidays. I wanted to thank you for your service. My brother-in-law, a lieutenant colonel, has served in Iraq and Afghanistan, and I’ve seen the challenges firsthand. I noticed your work in driving transformation and improving processes at major financial institutions, which is crucial for staying competitive. Digital acceleration makes understanding customer journeys and reducing friction challenging. Leaders like you have shared that personalisation and efficiency are key struggles. Glassbox is designed to address this, providing session replay and analytics for improved customer experience visibility, helping banks optimise journeys, enhance quality, and cut costs. If you’d like to connect to discuss this further, let me know. Regardless, thank you for your service. Best, Lindsey Video outreach: One of my reps used this video strategy, sending a personalised video right after connecting with a prospect on LinkedIn. That’s going the extra mile. It shows you’re about more than just words; you’re making real connections. The response? An immediate engaged reply that opened the doors to further conversation. Hi [Name], Great to connect! I see you’re working with [tool] for digital experience analytics. I’d love to show you how [company] can add even more value. Let’s chat soon if you’re up for it! LinkedIn outreach: And let’s not forget the power of a LinkedIn notification. Tagging a prospect in a post tailored to their interests gets their attention. It’s like giving them a virtual tap on the shoulder and saying, “Hey — thought you might find this interesting.” This works because it directly engages them with content relevant to their interests, making your approach feel personal and showing that you understand their professional needs. (Back to top) How to use sales prospecting tools CRM systems don’t just keep track of data; they turn it into a tool of its own. These systems keep a history of prospect interactions within reach, so every touchpoint is relevant and personalised. However, in my experience, the key is not just to rely on sales tools, but to use them to enhance the human elements of sales. Identify your ideal customer profile (ICP): Get a clear picture of who your ideal customer is. What are their pain points? What solutions are they seeking? Understanding your target audience is the first step in effective prospecting. Build a list of contacts: Cast a wide net. Scour various channels — from LinkedIn to industry forums — to identify potential leads that match your criteria. It’s all about finding those needles in the haystack. Create an omnichannel approach: To connect with prospects effectively, you’ve got to be everywhere they are. Don’t limit yourself to one channel of communication. Connect with prospects in their preferred space, whether it be email, social media, in person, or a phone call. Use the right tools at the right time: Don’t just use sales prospecting tools for the sake of it. Be strategic. Tools such as Sales Engagement or LinkedIn Sales Navigator are for understanding the landscape: who the decision-makers are and what messages will resonate with them. It’s about crafting persona-based messaging that hits the mark. Build real connections: Think beyond just generating leads, and use soft skills as a prospecting tool. Whether sending an email acknowledging professional milestones or sharing tailored content, a rep who leans into active listening and empathy skills can help prospects feel valued — and more than just a potential sales target. (Back to top) Fuel your sales prospecting engine Sales prospecting isn’t just about wishing and hoping for the right opportunities — it’s about making it a science. By using a combination of inbound and outbound strategies, personalised engagement, and effective sales tools, sellers can rev up sales prospecting and turn more potential leads into closed deals.

The latest data from IT leaders around the world reveals how AI, automation and APIs are driving business value and innovation, and where organisations still have work to do on their digital transformation efforts. Digital transformation isn’t just a trend. It’s a core shift to the business landscape, with IT leaders refining their strategies, headcounts and budgets to cater to growing customer expectations and project demands. The 2024 Connectivity Benchmark Report sheds light on the state of digital transformation worldwide, with the latest trends in AI, integration, automation and API management. So how do businesses in the APAC region measfure up in the evolving digital landscape? IT leaders are optimistic about AI The report reveals that 88% of organisations in APAC are already using AI, and adoption is continuing to grow. IT leaders in the region foresee an 89% increase in their usage of Large Language Models (LLMs) over the next three years, exceeding the 69% increase expected globally. Moreover, 86% are confident that AI will increase developer productivity at their organisations in that timeframe. This optimism is a good thing, considering they’re simultaneously reporting a 39% increase in IT requests. AI will play an essential role in sustaining productivity under these demands, helping IT teams to manage growing workloads and expectations both efficiently and cost-effectively. Organisations need to get their data ready for AI Despite the optimistic outlook, 69% of APAC IT leaders say their organisation is ill-equipped to harmonise data systems to fully leverage AI, with 82% pointing the finger at data silos as hindering digital transformation efforts. While this figure is lower than the 81% global average, organisations across APAC still have a way to go to break down silos and better integrate data across the business. Integration hurdles are blamed by IT leaders for stalling digital transformation for 82% of APAC organisations. Kurt Anderson, Managing Director and API Transformation Leader at Deloitte Consulting LLP explains, “A lack of integration is the top barrier to adopting emerging technologies, especially AI. And as demand grows for seamless, personalised customer experiences, the interoperability of systems is crucial for harnessing the full potential of data, AI, and automation. That’s why integration should be the cornerstone of every IT leader’s digital transformation efforts in 2024.” The potential of AI is limited only by the data that organisations can connect it to, and the outcomes they can drive from it. The report shows that IT leaders across APAC are increasingly aware of these integration and automation challenges, and underscores the need for a robust data strategy, with a focus on data currency, reuse and access. IT teams are under pressure, but workflow automation can help With 98% of APAC IT teams struggling to integrate efficiently, workflow automation emerges as a solution. Robotic Process Automation can drive efficiency and reduce the workload on IT teams. As automation is demanded across businesses, IT often plays a gatekeeper role, but workflow automation permits other teams to self-serve. The global investment in RPA is now 31%, up significantly from 13% in 2021, as IT teams realise its potential. Singapore Institute of Management (SIM) underwent its digital transformation with LIKE.TG and MuleSoft, integrating multiple back-end systems to streamline the end-to-end experience for its learners and administrators. Learners can now access courses with a single sign-on and automated processes encourage self-service and more efficient case management. APIs become a strategic lever for growth APIs are now a staple in the digital ecosystem, with 99% of organisations using them to streamline data access and fuel growth. In APAC APIs and API-related offerings contribute to 33% of all revenue. Furthermore, APIs have contributed to increased revenue for 41% of APAC respondents and cut operational costs for 27%. M1, Singapore’s most dynamic communications company, found its legacy on-premise API gateway was too labour-intensive and slowed down the delivery of new offerings. Supported by MuleSoft Professional Services, it migrated to a more agile solution in just 9 months and is now completing 13% more projects a year through API reuse, while saving 15 man-days per project. “I’m really excited about the scalability we have with MuleSoft. In a fast-paced industry, we now have the confidence that we can stay ahead of the game with a future-proofed environment and delight our customers as we grow our business,” says Chiam Chee Kong, Deputy Head of Software Engineering Architecture at M1. With outlets in Thailand and Malaysia, popular retail brand Lotus’s chose LIKE.TG and MuleSoft to unify its systems and data so it can provide more personalised and streamlined customer experiences. MuleSoft’s API reuse and prebuilt assets helped it complete its digital transformation in just 14 months – half the time it allotted.“We knew that with MuleSoft as our API gateway and integration layer we would be able to be more agile and transform more quickly,” says Wiphak Trakanrungsi, Head of Technology Software Development and Innovation at Lotus’s. Digital transformation is the competitive advantage An enterprise API strategy that facilitates data integration across applications will empower leaders to accelerate innovation and operationalise AI to drive business value and growth for the future. Through revenue generation, operational cost reduction and the promotion of self-service, integration, automation and APIs will help businesses maintain their competitive edge in 2024 and beyond. Read the full 2024 Connectivity Benchmark Report for a comprehensive understanding of the digital transformation landscape in APAC and beyond.

Connecting small business departments is one of the best ways to leverage expertise and get the most out of the workforce. A lack of data sharing between departments can lead to inefficiencies. Team members may lack the understanding of how exactly their work fits into the bigger picture. Just as importantly, businesses that haven’t empowered departments to share information do not give those departments a complete view of the business or the customer. This makes it more difficult to deliver exceptional service and relevant offers. Compartmentalisation may have been the norm not long ago. But now, in an era of massive digital transformation, small businesses are smashing silos, cross-skilling workforces and getting connected. Traditional departments like sales are targeting a range of new channels and touchpoints – becoming much more data-driven. Other departments like marketing are leveraging AI to automate mundane tasks, freeing up their reps to focus on the customer. As small business departments change, roles in those departments are changing as well. New training platforms make it easier for businesses to empower team members to work across functions and roles. And while the most popular organisational structure still prioritises grouping departments by expertise, it’s becoming more and more important to create flexibility and agility. Let’s look at which small business departments are the most important and how those departments can be organised. What are the six central functional units of a business? The six central functional units are production, research and development, sales, marketing, human resources, and accounting/finance. Some businesses, especially those with smaller teams, will combine these functions, requiring team members to take on multiple roles. Larger companies may have dedicated departments beyond the six functional business units, such as technology and equipment, business strategy, and purchasing. What small business departments are needed? Some small business departments include: Administration/operations Research and development Marketing and sales Human resources Customer service Accounting and finance Some small businesses may combine these departments, for instance, by making HR and customer service part of operations. Other companies may require additional departments, such as a dedicated IT unit. Others still may have just a small number of people handling all of these functions, especially if a business is starting. Businesses with smaller teams can implement technologies to streamline processes and work smarter. For example, a business without an IT department can use cloud-based technologies that rely on off-site infrastructure and then utilise LIKE.TG’s Lightning Platform to create apps with no coding knowledge. What is the structure of a small business? Most small businesses use a functional organisational structure. This type of structure has both benefits and drawbacks. In a functional organisational structure, departments are separated by skill sets. This means that while team members are uniquely qualified to excel within their dedicated silos, they have limited insights into the business as a whole. Without a holistic view of the business, it’s difficult for these team members to support other functions and departments, even if their expertise could be helpful elsewhere. What is the best organisational structure for a small business? The best organisational structure for a small business is one that helps its workforce realise its full potential. How this is done depends on the nature of the company and its unique needs and objectives, but there are several things to consider. Using a functional organisational structure where departments are separated by expertise is an excellent way to keep the workforce focused. But by going a step further to smash silos and unite data, businesses can empower their teams to provide support across departments, thus getting the most out of their workforce’s collective brainpower. Flexibility and agility are increasingly important in the new normal. By upskilling and cross-skilling their teams, businesses can take a more hybrid approach to organisational structure. Digital, on-demand tools such as My Trailhead offer organisations a quick and easy way to cross-skill their workforce. What departments are needed to run a small business? Small businesses don’t usually have the same resources or objectives as their larger counterparts and occasionally have to be creative with their departments. This means that a small team or even a single person is responsible for handling various duties. That said, there are three essential departments needed to run a small business – even if those departments consist of just the owner. Sales and marketing: Sales are the lifeblood of small businesses, so every business will need to generate sales and build relationships. In a smaller company, this will often also include marketing and account management. Operations and production: While marketing and sales drive brand awareness and revenue, the operations department delivers on a business’s promise. This means handling production, fulfilment and customer service. Finance and administration: A finance department will track revenues and expenses, provide balance sheets, handle payroll and file end-of-year taxes. Admin functions typically include management and hiring. Creational an organisational structure for your small business departments A small business may have fewer resources than a bigger company, but that doesn’t mean it should lack structure. Having an organisational structure enables businesses to clarify roles and improve efficiency. Small businesses can start creating an effective organisational structure by focusing on the three essential elements highlighted above: Sales and marketing, operations and production, and administration and accounting. Look at what sub-roles these three small business departments might require. For example, sales and marketing may need a public relations executive, a copywriter or a digital marketing specialist. Operations may require an IT expert and service reps. Other functions, such as accounting and product development, might be handled by external contractors. The future of small business departments is flexibility A business should be able to transform its organisational structure to keep up with new objectives and needs, so maintaining flexibility is crucial. As technology and customer behaviour change, so will roles and responsibilities. And as businesses grow – or use technology to streamline their operations – their organisational structure should evolve along with them. With new customer-centric tools, on-demand training platforms, and innovative strategies that prioritise flexibility and agility, the sky is the limit for today’s small business.

We surveyed thousands of marketing leaders about today’s marketing trends. What did we find? Marketers ranked artificial intelligence (AI) implementation as both their number one priority and number one headache — highlighting its pivotal role as both a beacon of promise and a daunting challenge. Key takeaways from our new State of Marketing report To some, the words “new era” mean big ideas and fresh innovations. To others, it means unanswered questions, uncharted territory, and unsolved challenges. No matter which camp you find yourself in, we’re all trying to build better relationships that move our business forward. We surveyed marketers about how they are tackling this new era. The results found in our new State of Marketing report reveal trends that are impacting marketers —emerging AI, data unification, and personalisation tools — and the challenges they face to continue to create customer connections in a new era. Let’s take a look at highlights from the report. 1. Successful AI implementation leads 2024 marketing trends There’s a difference between AI implementation and successful AI implementation. In our survey, only 34% of marketers are completely satisfied with their efforts to reap the value of AI. Even fewer are fully satisfied with their attempts at unifying customer data to improve the customer experience. The two go hand in hand. Unlike other marketing trends and technologies, AI isn’t a standalone tool. It can touch and impact almost every aspect of a marketing strategy. Looking to build better personalisation? Predictive AI can forecast customer behaviour and trends, allowing businesses to anticipate needs and tailor their strategies accordingly. Curious about how to create engaging content quickly? Generative AI generates various types of content at scale based on data analysis and natural language processing algorithms. Our report found that 71% of marketers plan to use both predictive and generative AI within the next 18 months. While marketers are embracing AI, they’re also considering associated risks — data risks in particular. Marketers are focused on making AI successful with the right data but are concerned about its integrity, protection, and customer trust as adoption ramps up. But it’s not just data that keeps marketers on their toes. One in four team leads is worried about generative AI replacing human workers.However, unlocking AI’s full potential requires a strategic fusion of human expertise and cutting-edge technology. What better AI means for marketers Predictive insights, segmentation, and content generation is just the beginning when it comes to better AI. But don’t let the magnitude of AI scare you away — or worse, jump in without a vision. Start small and focus on solving a specific, well-defined problem that aligns with your organisation’s goals and capabilities. Gradually scale up as you gain experience and insights from initial deployments. There’s power in experimentation — as long as it’s followed by implementation. 2. Trustworthy data powers genuine customer connection More than two thirds (68%) of customers said advances in AI make it more important for companies to be trustworthy. And 98% of marketers say trustworthy data is more important in times of change. Marketers who prioritise trustworthy data may just have a head start in the new era. Trustworthy data is free from errors, biases, or manipulation, and adheres to established standards and best practices for data collection, storage, and usage. Access to this data builds better external and internal relationships. Externally, it allows you to build better connections with your customers, and a foundation built on trust and fulfilled expectations. When you have a clean set of data, you know you’re making decisions based on accurate, up-to-date information. It allows you to personalise messages and put the customer first in marketing decisions, knowing that you’ve got a complete picture of their journey and preferences. Personalisation isn’t just one of the hot marketing trends today — it’s the expectation. Internally, marketers are using trustworthy data to track and assign value to accounts and move sales forward through approaches like account-based marketing, which require close marketing and sales team collaboration. Our survey found that marketers use an average of nine different tactics across the customer experience to collect this data, with customer service data, transactional data, mobile apps, website registration/account creation, and loyalty programs topping the list. It’s clear that there’s no shortage of data. Putting that data to work is the challenge. As third-party cookies are deprecated and AI continues to develop, marketers are trying to bring that data together into a holistic understanding of customers. But how important is data if you can’t act on it when you need it? More than half of marketers can get real-time data, but they need technical assistance to activate it. What better data means for marketers The right data is the backbone to actionable customer profiles, analytics, and decision-making — actionable as the key differentiator. Centralised data management platforms that aggregate and harmonise data from various sources in real-time are that much more critical as marketers navigate new marketing trends. 3. Marketers are all in on personalisation Personalisation is the new marketing mantra, but what that means can vary. A lifecycle approach is evolving as more than half of marketers (57%) aim to provide personalised content across the entire customer journey — not just their journey to become a customer. In fact, marketers are more likely to personalise content for existing customers, including support and customer retention content. But they’re not forgetting about their prospects either. Effective personalisation, although a work in progress for many, requires cross-channel recommendations. Let’s say a customer has recently been browsing your website. Based on this history, they later receive an email promoting a new product, followed by a social media ad showcasing the same product. Suddenly, you’ve created a connected and personalised experience across multiple channels. The challenge with implementing cross-channel personalisation is not only the ability to access trustworthy data across all these channels, but do so consistently on the channels customers prefer. And there’s a stark difference between how the highest- and lowest-performing marketing teams are adapting. Underperforming marketers are fully personalising across only three channels, compared with five channels for moderate performers and six channels for high performers. What better personalisation means for marketers When marketers personalise across more channels, they are customising their messaging and interactions to what customers want — and where they want it. Doing this creates a more consistent experience for customers, strengthening brand relationships and making it more likely they keep engaging and converting. Adopting AI and machine learning algorithms can help automate data analysis and segmentation. This allows you to derive actionable insights and give your customers a more tailored experience, no matter where they interact with your brand.. New marketing trends are pushing progress for marketers as expectations around data and AI rise. Marketers are still figuring out what they can and can’t do – and how they can make this tech work for them. However, what’s fuelling this new era is still the same: building strong relationships that deliver value for both the business and the customer.

Delivering exceptional customer service is a necessity within the business space. Businesses across various sectors are increasingly turning to Business Process Outsourcing (BPO) to enhance their customer service capabilities. But what exactly is customer service in BPO, and how can it transform your business? This article explores the intricacies of BPO customer service and its pivotal role in modern business strategies. What is Customer Service in BPO? A Business Process Outsourcer (BPO) is a third-party service provider that manages customer interactions on behalf of other businesses, specialising in BPO customer service to handle client queries, resolve issues, and ensure a seamless customer journey. These interactions can range across various channels such as telephone, email, chat, and social media. Essentially, a BPO acts as an extended arm of a company, handling all aspects of customer communication and service. By partnering with a customer service BPO provider, businesses can leverage specialised teams dedicated to offering personalised assistance and improving the overall customer experience. How Does Customer Service BPO Work? The core function of a customer service BPO is to enhance the quality and efficiency of client interactions. This is achieved through a combination of expertise, technology, and a well-trained workforce, including customer service representatives. BPOs may operate as call centres managing both inbound (customer queries) and outbound calls (telesales or market research), IT help desks providing technical support, or omnichannel services ensuring a seamless customer experience across multiple platforms. The goal is to deliver exceptional customer service by leveraging the latest tools and technologies, along with thorough training for customer service representatives to ensure they can promptly respond to customer queries, deliver customised financial advice, and minimise waiting time while minimising the potential for miscommunication. The Benefits of Engaging a Customer Service BPO for Customer Satisfaction Expertise and Specialisation: BPOs bring specialised knowledge and skills that can be pivotal in managing complex customer service scenarios. They often employ experts who are adept at navigating the nuances of customer interactions effectively. Cost Efficiency: By outsourcing customer service, companies can significantly reduce operational costs associated with hiring, training, and maintaining an in-house team. BPOs leverage their infrastructure and economies of scale to provide services at a lower cost. Flexibility and Scalability: Customer service demands can fluctuate with seasons and market trends. BPOs provide the flexibility to scale operations up or down based on the business’s needs, ensuring that customer service quality does not dip during peak times. Extended Coverage: BPOs can operate across different time zones, offering 24/7 services that are especially beneficial for businesses with a global customer base. Improved Customer Satisfaction: By ensuring quick and efficient service, BPOs can help improve overall customer satisfaction, which is essential for retaining clients and enhancing brand reputation. Customer Loyalty: Achieving customer loyalty is paramount in the BPO industry, as it directly contributes to a business’s success. BPOs play a critical role in building a base of loyal customers by providing exceptional customer service that not only retains existing customers but also satisfies them to the extent that they become brand ambassadors. Through personalised communication, real-time support, and efficient issue resolution, BPOs enhance customer satisfaction and loyalty, leading to reduced turnover, attracting new customers, and ultimately driving profits. Access to Advanced Technology: BPOs often invest in the latest technologies including AI and machine learning to streamline customer service processes and provide data-driven insights that can improve service delivery. Challenges and Limitations in Achieving Customer Loyalty Despite the advantages, outsourcing customer service to BPOs is not devoid of challenges. Issues such as loss of control over the customer service process, potential data security concerns, and the need for continuous coordination can pose significant challenges. Additionally, for businesses in highly regulated industries such as healthcare or finance, BPOs might not always be a viable option due to stringent compliance requirements. Choosing the Right BPO Selecting the right BPO customer service partner is critical for outsourcing customer service needs. Businesses should consider factors such as the BPO’s industry experience, technological capabilities, language and cultural alignment, and the ability to provide personalised services. It’s also essential to assess their performance metrics, such as customer satisfaction scores and response times, to ensure they align with your business objectives. Maximising Business Potential through Customer Service BPOs Excellent customer service and exceptional customer service are foundational to the BPO industry, setting the stage for businesses to elevate customer satisfaction and loyalty. Customer service in BPO is an effective strategy for businesses looking to enhance their customer interactions, reduce costs, and focus on their core competencies. By choosing the right BPO partner and leveraging their expertise, businesses can significantly improve their customer service operations and, by extension, their market competitiveness. As customer expectations continue to rise, the role of customer service BPOs will become even more integral to business success. Understanding and implementing effective BPO strategies will not only help businesses manage their customer service needs more efficiently but also enable them to adapt to changing market dynamics and consumer behaviours. Incorporating good customer service and great customer service is crucial in enhancing market competitiveness and adapting to consumer behaviours.

Understanding your salary slip is important for managing your finances and staying informed about your compensation. A salary slip, also known as a payslip or wage slip, is a detailed breakdown of your earnings and deductions for a specific pay period. It is an important document for payroll processing and can be useful for tax filing, budgeting, and applying for loans. We’ll take a closer look at salary slips, including what they are, why they are important, and how to keep accurate records. We will also answer some common questions about salary and pay slips, and discuss how a Financial Services CRM like LIKE.TG can help you manage your salary slips more effectively and improve your overall financial operations. What is a Payslip? A payslip, also known as a salary slip or wage slip, is a document issued by an employer to an employee, providing a detailed breakdown of an employee’s earnings and deductions for a given pay period. It is a critical tool for financial management and offers insight into an individual’s compensation. Payslips are a detailed summary of an employee’s compensation, providing proof of income. They typically include the employee’s name, the pay period, gross salary, deductions, and net pay. Payslips are more than just a record of your pay. They are also important for tax purposes. They help you to declare your income accurately to the tax authorities. Payslips are also useful when you apply for a loan or credit. They show how much you are earning and help lenders decide if you can afford to repay what you have borrowed. Understanding and analysing your payslip is important for getting a clear picture of your financial situation. It can help you budget your income, allocate funds to different areas of your life, and plan for future financial goals. It can also help you catch any mistakes or discrepancies in your pay, so you can make sure you’re getting the right amount of money for the work you do. When are payslips distributed or salary slips given out? Salary slips are usually handed out on the same day you receive your salary. However, there are instances when they might be distributed a few days before or after payday. The timing can also depend on your company’s payroll schedule. Some companies distribute salary slips weekly, while others do so biweekly or monthly. Many companies now offer the ability to create payslips using online tools, which can be accessed anytime through a company portal or HR system. You must be aware of your company’s salary slip and bonus distribution schedule to plan your finances effectively. For instance, if you know that your salary slip is issued on the last day of the month, you can ensure that you have sufficient funds to cover your expenses until your next payday. In some instances, you may not receive a hard copy of your salary slip. Instead, your employer might provide access to an online version through a company portal or HR system. This can be a convenient option, allowing you to view your salary slip at any time without the need to keep track of a physical document. Whether in print or digital form, your salary slip is an all-important piece of documentation to retain for your personal records. It serves multiple functions, from tax declarations to financial planning and loan applications. Salary slip format Although the format of a basic salary slip can differ from one company to another, there are certain key elements that are typically included. These are: Using online tools to generate payslips ensures statutory compliance and data security, allowing users to input various details about the company and employees to create and download payslips. Employee Information: This section includes basic details about the employee, such as their name, employee ID, and job designation. Pay Period: The pay period tells you the dates you’re being paid for, for example, 1 January 2023 to 31 January 2023. Gross Salary: This is the total amount of earnings before any deductions are applied. It includes basic salary, allowances, bonuses, and any other earnings during the pay period. Deductions: Here you can see all the items that were subtracted from your gross pay. Common deductions include federal and state income tax, Social Security, Medicare, and health insurance. Each deduction is listed separately, and typically includes the amount taken out of your paycheck. Net Pay: Net pay is the final amount an employee receives after all deductions have been subtracted from gross pay. This is the amount that is typically deposited into the employee’s bank account. Other Details: Some salary slips may also include additional information about employees such as the number of hours worked, overtime pay, leave balances, and any bonuses or incentives earned. Meticulously examine your salary slip, verifying the accuracy of all details and ensuring a clear understanding of the deductions. Should you detect any discrepancies or errors, promptly engage with your employer’s payroll department to seek clarification and resolution. Components of a salary slip A salary slip, also known as a payslip or wage slip, is a document that details an employee’s earnings and deductions for a specific pay period. It serves as an essential financial record and offers valuable insights into an individual’s compensation. Understanding the components of a salary slip is essential for employees to effectively manage their finances and ensure fair remuneration. Personal Information: This section includes your name, employee ID, and contact details such as your address, phone number, and email address. This information is a key player for identification and communication between you and your company or employer. Equally vital is the employer’s name and contact information. This section should feature the employer’s legal name, business address, and contact details, including a phone number and email address. By including this information, you enable all your employees to easily get in touch with you should they have any questions or concerns about their salary slip or their employment in general. The pay period and date are also prominently displayed on a salary slip. The pay period refers to the specific timeframe for which the employee is being compensated. It is typically a fixed duration, such as a month or a fortnight, and is indicated on the payslip. The pay date, on the other hand, refers to the specific date on which the employee receives their salary. Gross salary is the total amount of income you earn before any deductions are made. This includes your base salary and any additional earnings, such as bonuses, commissions, or overtime pay, that you may have received during the pay period. It’s important to understand your gross salary so that you can calculate your total income and plan your finances accordingly. Net salary, on the other hand, is what an employee takes home after all deductions have been made. This includes taxes, social security contributions, health insurance premiums, and any other authorised deductions. The net salary is the actual amount of money that an employee can spend or save, making it a critical component of financial planning and budgeting. In summary, a salary slip is a vital document that provides a clear breakdown of your earnings and deductions for a specific pay period. By familiarising yourself with its components, you can take charge of your finances, ensure the accuracy of your compensation, and make well-informed financial choices. 7 essential elements to include on a payslip A payslip is a vital document that provides information about an employee’s pay and any deductions. To make sure your payslips are clear and contain all the necessary information, they should include: 1. Employee Information: The payslip should prominently display the employee’s full name, employee identification number, and contact information, including their address and phone number. This information helps identify the employee and ensures accurate record-keeping. 2. Pay Period: Clearly indicate the specific pay period covered by the payslip. This information is crucial for employees to understand the timeframe for which they are being compensated. 3. Gross Salary: Your gross salary is the sum you earn before any deductions are made. It includes your base salary, any bonuses, and any other forms of compensation or benefits you receive from your employer. 4. Deductions: This section is where you detail all the different deductions you make from your employee’s gross pay. Common deductions include federal and state taxes, FICA taxes, health insurance premiums, and retirement plan contributions. Each deduction should be clearly labelled and the amount deducted should be specified. 5. Net Pay: Net pay, also known as take-home pay, is the amount that remains after all deductions have been subtracted from the gross salary. This is the actual amount of compensation that you receive. 6. Employer Information: Your payslip should include your employer’s name, address, and contact information, and if applicable, the company logo. This information is important for verifying the payslip’s authenticity and for any inquiries you may have. 7. Additional Details: Depending on your company’s policies and practices, your pay stub might include additional information. This could be the number of hours you worked, any overtime pay, your leave balances, and any bonuses or incentives you’ve earned. These details can give you a more complete picture of your compensation and work status. By including these key components, a payslip becomes a clear and informative document that helps both employers and employees understand their pay, manage their money, and make sure they’re being paid fairly and accurately. The importance of salary slips The salary slip’s importance cannot be overstated. These documents serve as a crucial tool for you to understand your financial standing and manage your finances effectively. One of the primary reasons why salary slips are important is that they provide a detailed breakdown of your compensation and deductions. This information is essential for you to accurately track your income and expenses, and to make informed financial decisions. Salary slips are indispensable for loan applications and visa processing. Lenders often require them as proof of income when you apply for a loan. Similarly, when applying for a visa, they demonstrate your financial stability and income source. Without accurate employment, and up-to-date salary slips, you may face challenges in securing loans or obtaining visas. Salary slips are a key component in tax compliance. They furnish a detailed account of your taxable income and deductions, simplifying the process of filing your taxes accurately and avoiding potential discrepancies. Armed with access to this information, you can fulfil your civic duties and contribute to the smooth operation of the tax system. For many financial transactions are essential. When you apply for a credit card or open a bank account, you may need to provide your salary slip as proof of income. This helps the financial institution understand your financial situation and make a decision about whether to provide you with credit or other financial services. Your salary slip is a document of great importance. It’s not just a piece of paper that shows your earnings; it’s a tool that can help you manage your finances better, apply for loans, process visas, and comply with tax regulations. By understanding the significance of your salary slip and using it to your advantage, you can take control of your finances, make informed decisions, and secure your financial future. Frequently asked questions How frequently should you receive a payslip? The frequency of receiving a payslip can vary depending on your company’s payroll policies and practices. Generally, payslips are distributed on the same day that employees receive their salaries. However, some companies may distribute them a few days before or after payday. It is important for you to be aware of your company’s salary slip distribution schedule so that you can plan accordingly. What to do if you find an error on your payslip If you spot an inaccuracy on your payslip, don’t hesitate to reach out to your employer’s payroll or human resources department. Offer the specifics of the error and any relevant documentation, such as prior payslips or bank statements. The payroll department will investigate and ensure the necessary adjustments are made. How Long to Retain Payslips It is recommended to keep your payslips for at least one year, as they may be required for various purposes such as tax filing, applying for loans, or calculating your average income. Some individuals may choose to keep their payslips for a longer period for their own records and financial management purposes. What details are usually found on a payslip? A payslip typically includes the following information: – Employee information: name, employee ID, contact information – Pay period: start date and end date of the pay period – Gross salary: total earnings before deductions – Deductions: various deductions such as taxes, social security contributions, health insurance premiums, etc. – Net pay: the amount of salary paid to the employee after all deductions have been made – Employer information: name, contact information, employer identification number Can I use my payslip as proof of income? Absolutely. Your payslip is a valuable document that can be used to confirm your income when applying for a loan, renting an apartment, or obtaining a visa. It provides a clear and verifiable record of your earnings and deductions. Financial Services CRM and payslip generator at LIKE.TG Financial Services Cloud is a cloud-based financial services CRM software that delivers a complete, 360-degree view of your customers and their needs. It includes features such as lead management, opportunity management, account management, and customer service. It also offers integrations with other LIKE.TG products and third-party applications. This helps financial services companies to improve customer service, increase sales, and reduce costs. Let’s break down the features: Lead Management: Track, generate and manage leads from various sources, such as online forms, phone calls, and referrals. Opportunity Management: Manage your sales pipeline and track the progress of deals. Account Management: Get a centralised view of customer accounts, including contact information, account history, and open opportunities. Customer Service: Track and resolve customer issues and requests. Beyond these core capabilities, Financial Services Cloud offers a suite of features tailored to the financial services industry. These include: * Compliance management: Assisting financial services companies in meeting regulatory requirements and industry standards. * Wealth management software: Equips you with the tools to manage your investments and monitor your financial progress. * Insurance: Features for managing insurance policies and claims. * Lending: Equips you with the tools to create and manage loan applications and monitor loan performance. Financial Services Cloud is a robust CRM platform designed to elevate your customer service, boost sales, and streamline operations. By offering a comprehensive, unified view of your customers across all channels and business lines, Financial Services Cloud empowers your financial advisors to provide personalised, efficient service to their clients. Discover what a salary slip or payslip entails, including its importance for managing finances, tax filing, budgeting, and applying for loans.

Both service and field service organisations are increasing their investment in AI to meet rising customer expectations and unlock revenue-generating opportunities, according to new research fromLIKE.TG’s sixthState of Servicereport. Gathering insights from over 5,500 service professionals in 30 countries, theState of Servicereport highlights the priorities, challenges, and strategies shaping customer service in the AI era. “Service and field service teams are getting more proactive and productive with the power of data and AI,” said Kishan Chetan, EVP and General Manager ofService Cloud. “They’re deflecting more issues with smarter self-service. And they’re devoting more time and energy to generating revenue — pointing to a fundamental shift in their role within the business.” Service organisations double down on revenue generation The trend ofviewing service as a revenue driverinstead of a cost centre is accelerating. Eighty-five percent of service decision makers now say their teams are expected to contribute a larger slice of revenue over the coming year through upselling, cross-selling, and customer retention. This parallels a jump in the number of organisations tracking service-driven revenue — from 51% in 2018 to 91% in 2024. The strategic emphasis on revenue generation is fueling bigger budgets and larger teams. Overall, service decision makers expect budgets to grow by an average of 23% over the next year. Meanwhile, over three-quarters (76%) anticipate expanding their headcount. Agents and mobile workers face mounting pressure With88% of customers sayinggood service makes them more likely to purchase from the same company again, it’s clear that customer experience is key to driving revenue. However, delivering on expectations isn’t as simple as in years past: 86% of agents and 74% of mobile workers say customer expectations are getting higher. 81% of agents and 76% of mobile workers say customers expect more of a personal touch. This may be why service decision makers cite keeping up with changing customer expectations as their organisations’ top challenge. One expectation is especially tricky. Over half of customers (53%) — and nearly three-quarters of business buyers (73%) — want companies topredict their needsbefore they arise. However, there’s a disconnect between what businesses think they’re doing and what customers actually experience. While 61% of service teams believe they are proactive in addressing issues, only a third of customers (33%) agree that companies generally anticipate and act on their needs ahead of time. On top of increasingly sophisticated demands from customers, 76% of service organisations anticipate higher case volumes in the year ahead. The risk of burnout or failure in this scenario is a major factor for agents, who are already stretched thin. Organisations lean into AI, automation, and data to boost efficiency, sales AI and automation may present solutions for over-burdened agents tasked with revenue generation. Currently, agents spend just 39% of their time servicing customers amid competing demands like internal meetings, administrative tasks, and manually logging case notes. Ninety-three percent of service professionals at organisations with AI say the technologysaves them time. By responding to simple queries and crafting self-helpknowledge articles, AI clears the way for human agents to focus on more fulfilling and higher value work, such as building customer relationships and resolving complex cases. At companies with AI, 88% of agents cite building customer relationships as a key responsibility. Meanwhile, just 75% of agents say this at organisations without AI. Service organisations also report using AI to directly help with revenue generation by providing intelligent recommendations and offers to agents. Savvy service organisations are taking note of the promise AI and another efficiency driver, automation can bring. Currently, 79% of organisations have invested in AI while 81% use workflow or process automation. Looking ahead, 83% of decision makers plan to increase their AI investments over the next year, with the same amount planning to boost automation investments. For both AI and employees, personalising service interactions requires customer knowledge, which often is drawn from many different data sources. Empowering AI and employees with a complete view is a clear priority for decision makers, 83% of whom plan to boost investments in data integration over the next year. Existing investments appear to be paying off. As AI, automation, and data capabilities mature, organisations are getting better at striking the right balance between service speed and quality — a notoriously difficult challenge. In 2022, 76% of agents cited juggling these competing priorities as difficult, but that percentage dropped to 69% in this year’s report. More information Readthe full State of Service report Exploremore top generative AI statistics Registerfor our upcomingState of Servicewebinar Trythis interactive calculator to learn about Service Cloud ROI Methodology LIKE.TG conducted a double-anonymous survey of over 5,500 professionals in roles including service operations, service agents, mobile workers, service managers/directors, and service leadership/head of service. Respondents were sourced from 30 countries and five continents. The data was collected between December 8, 2023, and January 22, 2024.

Just-in-time (JIT) inventory management is a streamlined inventory management philosophy that aims to minimise inventory waste and optimise production efficiency. The Toyota Production System, developed by Eiji Toyoda and Taiichi Ohno in post-World War II Japan, was created by Japanese industrial engineers to minimise resource consumption and add value to the product. By producing goods only as needed, JIT helps businesses reduce holding costs, improve cash flow, and free up valuable storage space. This article takes a closer look into the intricacies of JIT inventory management, exploring its methodology, advantages, and potential drawbacks. It also addresses common questions and considerations for businesses contemplating the adoption of JIT and time inventory management techniques. What Is Just-in-Time (JIT) in Inventory Management? The Just-in-Time (JIT) is an efficient approach that aims to revolutionise the way businesses handle their inventory. JIT operates on a fundamental principle: producing goods only when they are needed, thereby slashing inventory waste and optimising production processes. This demand-driven strategy hinges on accurate forecasting and seamless collaboration with suppliers, ensuring that the right products reach the right place at the right time. By adopting JIT, companies can reap a wealth of benefits. First and foremost, it leads to significant reductions in inventory costs. With less inventory sitting in warehouses, businesses can free up valuable capital, allowing them to invest in other areas of their operations. Furthermore, JIT enhances cash flow by minimising the amount of cash tied up in inventory. Instead, companies can use their cash to fund other essential business activities, such as marketing and expansion. Another advantage of JIT is the efficient use of space. By keeping inventory levels lean, businesses can optimise their storage facilities and allocate space more effectively. This can lead to reduced rental costs and increased operational efficiency. JIT fosters a culture of continuous improvement within the organisation. By constantly striving to minimise waste and optimise processes, companies can enhance their overall productivity and quality. However, it’s important to acknowledge that JIT is not without its challenges. One potential risk lies in the bullwhip effect, which refers to the tendency for small fluctuations in demand to amplify as they move upstream in the supply chain. This can lead to disruptions and inefficiencies if not managed effectively. JIT also requires a high level of coordination and trust between a company and its suppliers. Any disruptions in the supply chain can have a ripple effect, impacting production schedules and customer satisfaction. Despite these challenges, the JIT process remains a powerful inventory management strategy when implemented effectively. By carefully considering the demand patterns, supplier reliability, and production capabilities, companies can harness the full potential of JIT and achieve remarkable improvements in efficiency, cost reduction, and customer satisfaction. Just-in-Time (JIT) Inventory Management Explained Just-in-time (JIT) inventory management is a method of managing inventory that seeks to minimise inventory waste by producing goods only as needed. This is in contrast to traditional inventory management methods, which involve keeping a large stock of unsold inventory, on hand in order to meet customer demand. JIT is based on the idea that it is more efficient to produce goods only when they are needed, rather than to produce them in advance and store them in inventory. This can help companies reduce their inventory costs, improve their cash flow, and free up space in their warehouses. JIT can be a very effective inventory management method, but it is not without its risks. One of the biggest risks of a JIT system is that it can lead to stockouts, which can occur if there is a sudden increase in demand for a product. Stockouts can damage a company’s reputation and lead to lost sales. Another risk of JIT is that it can make it difficult for companies to respond to changes in demand. If demand for a product increases, a company may not be able to produce enough of the product to meet demand. This can lead to lost sales and dissatisfied customers. Despite these risks, JIT can be a very effective inventory management method for companies that are able to manage their inventory levels effectively. JIT can help companies reduce their costs, improve their cash flow, and free up space in their warehouses. Advantages of JIT Inventory Management Just-in-time (JIT) inventory management offers a unique approach that streamlines operations and provides several advantages for businesses. One of the key benefits is cost reduction, achieved by producing goods only as needed. This eliminates the burden of holding excess inventory, minimising storage, insurance, and obsolescence costs. JIT improves cash flow by reducing tied-up capital in inventory, freeing up resources for investments in growth and innovation. Space optimisation is another advantage of JIT inventory management. With reduced inventory levels, businesses can allocate previously occupied storage areas for other productive purposes, such as expanding production or enhancing customer service. This leads to increased efficiency and overall productivity. JIT also enhances responsiveness to customer demand. By aligning production with real-time demand, companies can adapt swiftly to market fluctuations. This agility enables businesses to meet customer expectations promptly, providing a competitive edge in delivering the right products at the right time. However, it’s essential to acknowledge potential risks associated with JIT inventory management. The bullwhip effect of inventory control, a phenomenon where minor shifts in customer demand trigger significant changes in production and inventory levels, can disrupt operations. This may result in stockouts, shortages, lost sales, and dissatisfied customers. Furthermore, JIT demands seamless coordination and trust between businesses and their suppliers. Delays or disruptions in the supply chain can have cascading effects on the entire production process. Despite these challenges, JIT inventory management offers significant benefits when implemented effectively. By minimising costs, optimising cash flow, maximising space utilisation, and ensuring customer responsiveness, the JIT inventory system empowers businesses to achieve operational excellence and sustained profitability. JIT Inventory Methodology Just-in-time (JIT) inventory management is a production strategy that aims to minimise inventory by producing goods only as needed. This approach contrasts with traditional manufacturing methods, which involve producing goods in advance and storing them in inventory until they are sold. JIT inventory management can help businesses reduce costs associated with holding inventory, such as storage costs, insurance, and spoilage. It can also help businesses improve cash flow by reducing the amount of money tied up in inventory. One of the key principles of JIT inventory management is to establish a close relationship with suppliers. JIT manufacturers rely on their suppliers to deliver goods on time and in the exact quantities needed. This requires a high level of trust and cooperation between the manufacturer and its suppliers. JIT manufacturers also typically use electronic data interchange (EDI) systems to automate the ordering and receiving of goods. EDI systems help to ensure that orders are accurate and that goods are delivered on time. Another key principle of JIT inventory management is to minimise waste. JIT manufacturers strive to eliminate all forms of waste in the manufacturing process, including waste of materials, labour, and time. This can be achieved through a variety of methods, such as using lean manufacturing techniques, reducing setup times, and improving quality control. JIT inventory management can be a very effective way to reduce costs and improve cash flow. However, it is important to note that JIT inventory management can also be risky. If there are any disruptions in the supply chain, JIT manufacturers can quickly run out of stock. This can lead to lost sales and customer dissatisfaction. Overall, JIT inventory management is a complex and challenging strategy, but it can be very rewarding for businesses that can implement it successfully. Why Use JIT Inventory Management? JIT inventory management offers several advantages that make it an attractive option for businesses seeking to optimise their operations. Reduced Inventory Holding Costs: One of the most significant benefits of JIT inventory management is the reduction in inventory holding costs. By minimising the amount of inventory on hand, businesses can save on costs associated with storage, insurance, and handling storing inventory. This can lead to substantial cost savings, particularly for businesses that deal with large volumes of inventory. Improved Cash Flow: JIT inventory management also helps improve cash flow by reducing the amount of capital tied up in inventory. This can free up cash that can be used for other purposes, such as investing in growth opportunities or paying down debt. Improved cash flow can lead to greater financial flexibility and stability for businesses. Reduced Risk of Stock Obsolescence: With JIT inventory management, businesses produce goods only as needed, which reduces the risk of stock becoming obsolete. This is especially important for businesses that operate in fast-changing markets or deal with products that have a short shelf life. By minimising the risk of obsolescence, businesses can avoid losses and maintain profitability. Increased Responsiveness to Customer Demand: JIT inventory management enables businesses to respond more quickly to changes in customer demand. By producing goods only as needed, businesses can adjust their production schedules to meet market demands more effectively. This can lead to increased customer satisfaction, improved sales, and a competitive advantage. Enhanced Overall Supply Chain Efficiency: JIT inventory management promotes collaboration and coordination throughout the entire supply chain. It encourages businesses to work closely with their suppliers to ensure that goods are delivered on time and in the exact quantities needed. This collaboration can lead to improved supply chain efficiency, reduced lead times, and better overall performance. Lower production costs: By reducing the amount of inventory on hand, JIT inventory management can help companies reduce their production costs. This is because companies do not need to invest as much money in raw materials and finished goods. Disadvantages of Just-in-Time Inventory Techniques While JIT inventory management can offer significant benefits, there are also some potential drawbacks to consider. One major disadvantage is the increased risk of stockouts and production delays. with JIT inventory systems, manufacturers rely on their suppliers to deliver goods on time and in the exact quantities needed. If a supplier experiences a disruption, it can cause a ripple effect that leads to production delays and stockouts. Stockouts can lead to lost sales and damage to customer relationships. Another disadvantage of JIT inventory management is increased vulnerability to supply chain disruptions. JIT manufacturers have little inventory to fall back on if there is a disruption in the supply chain. This can make them more vulnerable to events such as natural disasters, strikes, or transportation delays. Higher transportation costs can also be a disadvantage of JIT inventory management. JIT manufacturers often rely on frequent, small shipments to keep inventory levels low. This can lead to higher transportation costs compared to traditional inventory management methods. The potential for increased waste is another disadvantage of JIT inventory management. JIT manufacturers strive to eliminate all forms of waste, but there is always the potential for waste to occur. For example, if a supplier delivers goods that are not up to standard, they may have to be scrapped. Finally, JIT inventory management can be more difficult to manage and control than traditional inventory management methods. JIT manufacturers must have a high level of coordination between their production, purchasing, and logistics departments. They must also have a robust system for customer orders, tracking inventory levels and managing supplier relationships. Questions to Ask If You Are Considering JIT Inventory Management Before adopting JIT inventory management, companies should conduct a thorough assessment of their operations and capabilities to determine if JIT is the right fit for them. Here are some key questions to ask during the decision-making process: Is your supply chain reliable? JIT inventory management heavily relies on timely deliveries from suppliers. If your suppliers have a history of delays or inconsistencies, JIT may not be feasible. Assess the reliability and track record of your suppliers to ensure they can consistently meet your demands. Can your suppliers meet your quality standards? JIT inventory management requires high-quality inputs to avoid production disruptions and customer dissatisfaction. Evaluate the quality control processes and standards of your suppliers to ensure they align with your expectations. Establish clear quality agreements and conduct regular supplier audits to maintain quality consistency. Do you have the flexibility to adjust production schedules? JIT inventory management demands agility and responsiveness to changing customer demands. Analyse your production processes and determine if you have the capability to quickly adjust production schedules based on real-time demand signals. Consider factors such as equipment flexibility, workforce adaptability, and raw material availability. Can you afford the risk of stockouts? JIT inventory management operates with minimal inventory buffers, increasing the risk of stockouts. Assess your business’s tolerance for stockouts and the potential impact on customer satisfaction, revenue, and reputation. Consider the criticality of your products and the lead times required to replenish inventory. Do you have the necessary inventory management systems? JIT inventory management requires robust inventory management systems to track inventory levels, manage supplier relationships, and optimise production schedules. Evaluate your current inventory systems, and processes to ensure they can support JIT implementation. Invest in technology and software solutions that provide real-time visibility, data analytics, and automated replenishment capabilities. By carefully considering these questions and conducting a thorough analysis of your business operations, you can make an informed decision on whether JIT inventory management is the right strategy for your company. Implementing JIT successfully requires a comprehensive understanding of your supply chain, production capabilities, inventory system, and risk tolerance. JIT Inventory Management FAQs How does JIT affect customer service? After all, if you don’t have enough inventory on hand, won’t that lead to longer wait times and unhappy customers? The answer is not necessarily. In fact, JIT can actually improve customer service by reducing the risk of stockouts and ensuring that customers receive fresh, high-quality products. Is JIT suitable for all businesses? The answer is that it depends on the specific business. JIT is best suited for businesses that have a stable demand for their products, reliable suppliers, and the ability to adjust production schedules quickly. However, JIT can be challenging for businesses that experience unpredictable demand, have long lead times, or operate in highly competitive markets. JIT risks of stockouts? If a supplier fails to deliver goods on time, it can lead to a stockout, which can have a negative impact on customer service and sales. To mitigate this risk, JIT businesses must have strong relationships with their suppliers and develop contingency plans for dealing with disruptions in the supply chain. How to implement JIT successfully? There are a number of steps that businesses can take to implement JIT, including establishing close relationships with suppliers, minimising waste, using inventory management software, and educating employees about JIT principles.

Introduction to STP (Segmentation, Targeting, Positioning) There’s a common saying in the business world, “If you try to be everything to everyone, you’ll end up becoming nothing to anyone.” Far too often, businesses fall into the trap of positioning their product(s) as something that ‘everyone’ benefits from. Their rationale is this: if they cast their net wide enough, they’re bound to catch enough customers soon. This approach is flawed in two ways- The company’s resources – budget and employees – get spread too thinly in chasing far-flung customer segments. It leads to brand dilution, where the company’s ‘real’ target customers stop seeing value in the brand. Think about it: you build a product or many products to solve a specific problem. Not all 7.9 billion people in the world would have that problem. Even if your product is something as essential as a toothbrush, it has to stand out from the existing toothbrushes in the market in some way to bring in sales. Say, from the media and your conversations with friends you notice that an increasingly large number of people are moving towards sustainable living. You strike up this idea of creating toothbrushes out of bamboo shoots. At the very outset, you plan to target all the toothbrush users by positioning your product as an environmental-friendly alternative to plastic brushes. This strategy is going to create a negligible impact, almost like a drop in the ocean. This is because 85% of your audience doesn’t care for sustainable living. While you could still go after them by creating awareness, you need to first educate them on the adverse effects of using plastic on the environment. Tell them how your product addresses the issue, and finally, how it benefits the customer individually. This is a long-drawn process that can strain your time and budget while giving minimal returns. You’d fare better targeting the other 15% – people who are already looking for sustainable alternatives. They’re already aware of ‘why’ they need your product, so you can go ahead and directly pitch it to them. By skipping the motions, you save on resources and use them where they are needed the most. Also, since your target’s needs are aligned with your product offering, the customer acquisition cost is low. The above scenario is an apt use case for the segmentation, targeting, and positioning model of marketing. Now that we have some context, let’s dive deeper into what the segmentation, targeting, and positioning (STP) model is. What Is STP marketing? Segmentation, targeting, and positioning (STP) is a marketing model that redefines whom you market your products to, and how. It makes your marketing communications more focused, relevant, and personalised for your customers. In short, STP is a marketing approach where you segment your audience, target the best-fit audience segments for your product, and position your product to capture your target segment effectively. The STEP Formula The easiest way to remember the STP model is through the STEP formula, which is A closer look at this formula tells us that the product positioning for each target segment is different. This forms the essence of the STP (Segmentation, Targeting, and Positioning) marketing model. Let’s take a closer look at each of these parts of segmentation, targeting and positioning. Segmentation: Identifying Your Market When you start creating a GTM strategy for your product, you have an idea of who your audience is. You can target the entire group that fits the broad definition of your audience, but chances are a generic message may fail to resonate with a huge chunk of that group. Segmenting the audience into smaller groups based on specific attributes gives you better clarity on who benefits the most out of your product and how. With this clarity, you can make your messages more focused and relevant to target groups. While you can segment your audience using any criteria that best suits your business, the below criteria are commonly used: How do you get started with segmentation? To perform audience segmentation, you first need to know about your audience. Solutions such as LIKE.TG CDP (Customer Data Platform) allow you to unify data from across touchpoints – like sales, service, marketing – and use Artificial Intelligence (AI) to mine richer audience insights from it. You can enrich this with first-party data from other platforms like social media, websites, customer forums, etc. This helps marketers build a single, comprehensive view of all audiences using a central, user-friendly interface. With an accurate population count and AI-enabled features, you can create highly targeted and customised audience segments. Segmentation gets you better results even when you’re nurturing your existing subscribers. Using tools like LIKE.TG’s Email Studio, you can segment your current subscribers’ list based on their profiles and send targeted email campaigns, improving your open and click rates. Segmenting your existing customer base also helps you make an informed guess about your larger audience. By extrapolating current customer data, you can identify potential audience segments and build your marketing strategy around them. Segmentation with an example Suppose your product is plant-based milk. Your general audience is people who want to move away from dairy-based products. You can segment this audience into two categories: Segment A: people who are looking at dairy-free alternatives for lifestyle purposes, typically high-income groups. Segment B: lactose-intolerant people looking for other options. The message you use for these two segments is obviously going to be different from each other. Using tools like Data Studio, you can further segment the above two segments into groups that already use a competitor product and those that don’t. You can then hone your messaging according to it. Targeting: Reaching the Right Audience The next step in the STP model is targeting. This is the stage where you decide which segments you created during the segmentation phase are worth pursuing. You should ideally consider the below criteria to choose your targetable segments: Size: Your audience segments must have enough potential customers to be worth marketing to. If your segments are too small, you may not get enough conversions to justify your marketing efforts. Difference: There should be a measurable difference between any two segments. The lack of it leads to unnecessary duplication of efforts. Reachability: The segments should be accessible to your sales and marketing teams and not be marred by technical or legal complications. Profitability: The segment should have a low-to-medium customer acquisition cost (CAC) while bringing in high returns, i.e., the audience must be willing to spend money on your product. Benefits: Different benefits attract different segments. In our plant-based milk example, Segment A would go for cruelty-free while Segment B for dairy-free. Knowing which audience segments to target comes from having all-around visibility of those segments in one place. This makes comparing segments and weighing the pros and cons of targeting some segments over others easier. In our example of plant-based milk, you’ve determined through research that veganism is all the rage, and roughly 60% of the people are searching for dairy-free alternatives. You also discover that approximately 80% of the people in your chosen demographic are lactose intolerant. Though the audience size is more significant in the second segment, you’re likely to get more returns when you go after the first segment as it consists of high-income groups who are ready to pay a premium for quality lifestyle-changing products. LIKE.TG CDP helps unify such audience and customer data from multiple sources to get more comprehensive insights. With more data and insights, segmenting and targeting your audiences becomes much more precise and granular. Then, you can translate all of this data into action by using a tool like Journey Builder to create highly personalised and relevant journeys throughout customer lifecycles. Positioning: Differentiating Your Brand The final stage of the STP model, positioning, is where you use the insights gained from segmentation and targeting to decide how you’re going to communicate your product to chosen audience segments. While segmentation and targeting are about customers, positioning is about your product from the customer’s perspective. You can consider positioning as the bridge that connects your product with the audience. This is the stage where you perform competitor analysis, figure out your value proposition, and communicate that to your customers. Based on what your brand stands for, you can position your product in several ways. If you’re in the luxury market, you can appeal to the ‘desire for prestige’ among customers by positioning yourself as a status symbol. Or, if you fall in the budget category, you could differentiate yourself by offering more benefits to your target at a lower cost than your competitors. The best way to approach positioning is by drawing a Product Positioning Map that has two key market attributes as its axes and plotting your competitors and you in it. This will give you a clear picture of how you stack up against your competition and where you should place your product to maximise profits. How to make STP marketing actually work Now that you’ve narrowed down your market, sharpened your segments, and have an attack plan, all that’s left to do is craft and deliver your message. This is where a core concept – personalisation – comes in. Looking back, the entire segmentation, targeting, and postioning model is geared towards making marketing personalised for customers, so your message and the channels through which you communicate it should reflect that. Luckily, some solutions help you meet customers where they are and drive personalised, 1-to-1 engagement with them. LIKE.TG Marketing Cloud offers a product suite that enables marketers to hyper-personalise every interaction across channels. Here’s how: LIKE.TG CDP allows you to unify all your customer data and build finer audience segmentation for better targeting With Email Studio, you can segment your subscribers using drag-and-drop, and deliver 1-1 marketing messages Social Studio lets you listen to customer conversations about your brand on social channels and engage and support customers on their preferred channels Using Advertising Studio, you can launch paid digital advertising to create 1-1 customer experiences Interaction Studio allows you to manage all your marketing interactions in real time so you can offer a personalised experience across touchpoints Journey Builder enables you to create personalised experiences at every touchpoint and stage of the customer lifecycle You can drive higher RoI by using Datorama‘s analytics and reporting features With Pardot, you can build greater sales and marketing alignment to perform personalised, automated marketing at scale Manage all your mobile messaging efforts using Mobile Studio Delight and engage your best customers with Loyalty Management Combine the power of LIKE.TG and Google by integrating Google Analytics 360 into Marketing Cloud Benefits of STP marketing Improved engagement: Because you’re targeting precise audience segments with personalised messages, your audience finds you relevant and is more likely to engage and convert. Reduced marketing costs: Since you’re going after only those segments with a high potential return on investment, you’re no longer wasting your budget on channels and segments that don’t work. More robust product: Because you know precisely whom you’re pitching your product to, you can make improvements based on feedback from that audience segment, fostering focused product innovation. STP case studies Apple Apple has nailed the STP model. It positions itself as a lifestyle, targeting those audience segments with a keen design aesthetic, who want to stand out from the crowd, and are well-off. Apple follows a “closed” software ecosystem with an emphasis on security. In doing so, it creates an aura of exclusivity that makes people feel privileged to own Apple products. Apple’s STP model works so well that the brand name has become synonymous with expensive, high-performance, luxury gadgets. McDonald’s McDonald’s name evokes images of a family with kids enjoying a ‘happy meal’ of burgers, fries, and Coke. McDonald’s target audience is low to middle-income segments, and it positions itself as an accessible, budget-friendly brand, consciously staying away from the luxury fine-dining market. You can find a McDonald’s on almost every street, which is a sign of its accessibility. Apart from segmenting its audience by their income, McDonald’s also does geographic segmentation quite well. It customises its menu for each country based on cultural preferences, making it more appealing to its target audience segments. Godrej Group Godrej Group is a very popular and trusted Indian company that is serving customers across product categories – from household goods to real estate. Every Indian household is aware of Godrej’s products like furniture and locks. But to engage and make aware customers of other product categories as well, Godrej has adopted social listening as a tactic to identify what their target audiences are talking and reading about. They are using audiences’ content consumption patterns to shape their content marketing strategies in a manner that deliver maximum engagement and awareness. Coca-Cola Coca-Cola is one brand that has the entire world as its market. But it also has cut-throat competition in the form of another brand, Pepsi. To gain a competitive edge over Pepsi, it introduced new variants such as Diet Coke and Coke Zero to target niche, health-conscious audience segments. It also brought in more flavoured variants to target the younger, experiential population. Beyond segmentation and targeting, Coca-Cola positions itself as a drink that brings families and friends together. This is evident from its advertisements, which typically feature get-togethers, festivals, and celebrations in which Coke plays an integral role. How to create an STP model for your business: Implementation strategy We’ve covered the basics of the STP marketing model with benefits and examples. Now, it’s time to get down to the brass tacks; that is, see how you can implement a segmentation, targeting, and positioning model for your business step-by-step. Step 1: Define your market The world may be your market, but breaking it down into manageable segments is how you conquer it. To know the market segment in which you can hit the bullseye, you start by defining your Total Available Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM). Let’s look at what each of these is: Total Available Market (TAM): TAM is the total market demand for a product or service. In other words, it’s the biggest available market for the brand. TAM is the maximum revenue that a business can generate if it achieves 100% of its market share. Serviceable Available Market (SAM): SAM is a subset of TAM, that is, a portion of the total available market that fits your product or service. You can define SAM by geographical or product specialisation constraints. Serviceable Obtainable Market (SOM): SOM is a subset of SAM, that is, the segment of the serviceable available market that you can realistically reach after considering factors like product differentiation, budget, and competition. In the case of Coca Cola, its TAM is the entire beverage market, while its SAM would be soft drinks. Its SOM is the market that Pepsi does not capture. For Diet Coke, the SOM would be health-conscious, sugar-free drinkers. Step 2: Create audience segments Now that you know your market definition, you can segment the audience within that definition. You can segment the audience based on geography, demography, behaviour, or psychography, but ideally, a mix of all four can help you achieve clearly differentiated segments. The more segmentation layers or variables you add, the more delineated your segments would be. For example, suppose you’re selling a luxury makeup product. In that case, you can target high-income working women (demographics) in India (geography), who follow makeup handles on social media (behaviour) and are willing to spend money on premium makeup products (psychography). This kind of repeated layering and segmentation creates focused audience groups that you can target with hyper-personalised messages. Research by McKinsey found that companies that excel at personalisation generate 40% more revenue from those activities than average players. Step 3: Identify the more attractive segments Have all the segments data in one place and evaluate the attractiveness of each segment. You can use metrics like return on investment, segment size, and growth potential in your evaluation. Again, solutions like LIKE.TG Data Studio and CDP help gather data and get comprehensive visibility into different audience segments, improving segmentation. Step 4: Evaluate your competition With your audience segmentation sorted, it’s now time to look at your product and determine how it stacks up against your competition. Prepare a table that lists down all of your product capabilities and your competition’s, do a SWOT analysis, identify gaps, and figure out the most viable entry point into your desired customer segment. Step 5: Fix your positioning The groundwork on segmentation and targeting is now out of your way, so you can focus on positioning your product to grab the lion’s share of the market. You can follow any one or a mix of the following positioning strategies: Competitor-based positioning: where you show in what aspects better than your competitor. Consumer-based positioning: how well your product aligns with consumer needs. Price-based positioning: how you’re competitively priced and give customers more value for their money Benefit-based positioning: how your customers benefit from buying your product, either individually or over your competition. Attribute-based positioning: what your unique selling point or value proposition is, above and beyond benefits and price. Prestige-based positioning: how customers get a status boost from buying your product. Step 6: Determine your marketing mix The final step of the segmentation, targeting, and positioning model is to choose your ‘marketing mix’ that helps reinforce your positioning. The marketing mix consists of four Ps – Product, Price, Placement, and Promotions. Product represents factors like quality, benefits, features, design, services, support, availability, and edge over the competition. Price reflects what customers are willing to pay for the product. It covers list price, discounts, payment methods, etc. Pricing your product much lower than your competitor might fetch you immediate benefits but will be detrimental to revenue in the long run. Placement covers “where” your product is available. It includes ecommerce, physical stores, inventory, logistics, trade channels, etc. Promotion takes into account “how” your product reaches your customer. It covers marketing campaigns, advertising, public relations, sales promotions, word of mouth, influencer marketing, and so on. Conclusion STP model is a scientific, tried-and-tested marketing approach that helps businesses identify segments where they can indeed provide value, personalise their marketing communications, and reap sizeable profits. If you want to get started on your segmentation, targeting, and positioning journey, you could give solutions like the LIKE.TG Marketing Cloud a try. The products inside Marketing Cloud provide you deep insights about your audience, help you identify the most viable segments, and hyper-personalise communications across channels, leading to 1-1 customer connect.