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In order to build a loyal customer base that delivers superior financial returns, it’s absolutely necessary to understand the overall satisfaction of the customers. This information allows the company to improve itself in each area where it lacks proficiency, efficiency, service, customer relations or any other aspect that can ensure stronger engagement from the customer side.
This BI solution is used to increase revenue by retaining current customers, encourage them to expand their use with company products and make them ‘promoters’ as a result of high satisfaction.
Keeping the customers we already have is usually better and cheaper than trying to find and win new ones. This is why most businesses aim to convert first-time buyers into long-term profitable customers. Customer Churn is a powerful analysis as part of the retention efforts, and takes into account the percentage of subscribers to a service who discontinue their subscriptions to that service within a given time period.
This BI solution is meant to help you retain as many customers as possible.
Relative market share indexes a firm’s or a brand’s market share against that of its leading competitor. For example, if a company sells one out of every four computers, it has a 25 percent market share in computers. The relative market share measures the company’s market share compared with the percentage of the market it does not control. According to studies, relative market shares of 33 percent or larger are considered strong.
This BI solution enables you to assess a firm or a brand’s success and its position in the market.
Understanding your sales funnel and its key components is critical before you can begin to evaluate and improve results – starting from leads through to closing sales opportunities.
By analyzing the efficiency of your sales funnel, you will be able to spot bottlenecks and take the required action to improve the health of your business. Armed with the idea that each proposal has a sales funnel of its own, you will be able to advance your business proposals to new levels.
In order to evaluate the strength of a particular firm within a specific market, relative market share can shed some light into new opportunities for improvements, compare performance vis-a-vis a different market, and more. For instance, 30% market share might sound like a good place to be. However, when it is normalized according to a leading competitor which has 65%, the 58% relative market share emphasizes the distance from the market lead and indicates that there is a lot of room for improvement.
This BI solution helps you assess the company’s relative market share to the market lead, as well as the company’s growth potential.
As a rule of thumb, a high GPM would indicate that our company/brands are likely to make a reasonable profit as long as we keep the remaining costs (Manufacturing overhead, operating expenses, etc.) under control. A low GPM would indicate that the production costs are too high and changes need to be make to production processes.
We’ll use this indicator to understand which of our brands is best utilized and study its behavior over time, compare our brands across different locations (countries) and more.
For some organizations, mostly global companies, the majority of the selling process takes place via phone calls\online meetings. In the last few years a few companies have been established for one purpose – to allow those organizations to analyze their sales calls with prospects in order to find opportunities to improve their sale process.
This BI solution is meant to help you identify covariates that can significantly impact the chance to close a deal.Business Intelligence for Marketing