Everyone wants their cash for junk cars or any other business to grow. This seems pretty obvious considering the effective and successful growth of any business has to be centered on boosting revenue, brand awareness, loyalty, and much more. The big question we need to ask ourselves is what do highly successful companies do to ensure they put themselves in a position for strong and consistent growth? One of the strategies they heavily dwell in is market penetration.
Market penetration refers to the amount of a product or service that is sold to customers as compared to the estimated total market for that product or service. It is a measurement used to determine the potential market size and can be used to develop a strategy for increasing market share for a specific product or service.
It is important to frequently monitor your market penetration to identify any increases or decreases in penetration. If you are wondering how often to calculate market penetration, a good rule of thumb is to calculate it after every marketing and sales campaign. Doing so helps you highlight any changes in penetration and as a result, you will have a better idea of the success of your campaigns.
A company can use market penetration at the industry level to review the potential for a specific product or service and to gauge the acceptability it will have on the market. It can also help in giving you insights on how the market and your customers will view your products and customers. When it comes to market penetration, you want yours to be high. There are many benefits associated with high market penetration.
When you have a high market penetration;
– You are an industry leader
– You sell products and services that are already established within your industry
– You have a wide and recognizable brand
– You have good visibility in the market
– You have a strong brand equity
– You have a high sale volume and this means you have a strong leverage
High market penetration will offer you a marketing advantage and more potential for the continued growth and success of your business. High market penetration is the goal and should always be what businesses should aim to achieve. A good way to penetrate the market should start with market development.
Market development is a necessary strategy or action when trying to increase market share or penetration. It requires a clear set of steps that will lead to a boost in the number of potential customers. A market penetration strategy is focused on a company works towards a higher market share by tapping into existing products in existing markets.
Different market penetration strategies are many. You can change pricing, revamp your marketing, identify the need for a new product and launch it, or change your products or specific features of your product. You can also grow business in new territories and offer franchise opportunities. Additionally, you can identify a business partner to work with.
Businesses are now doing their best to gain new customers while putting key measures to retain existing ones as well. A 5 percent increase in customer retention can lead up to a 75 percent increase in customer lifetime value. Customers who are familiar with Cape Coral Towing more likely to buy from this company since they can relate to it. Returning clients provide a lot of value to your business over time.
But before we can discuss more, it’s good we understand what we mean by the customer base.
A customer base is a group of people who repeatedly buy your company products and services. They are customers who frequently engage with your business and provide the most financial value your company needs. Depending on the industry you are involved in, your customer base can be a specific group of people or a target audience in accordance with your buyer persona.
Companies need to identify their customer base because they are people who are incredibly valuable to your business. They buy your products and most of them rely on your products to achieve their goals. When you have a good recognition of them, it will help you in your marketing and sales as well as customer service.
Within a customer base, there is what we call an installed base. These refer to the group of customers within your customer base who are actively using your products. This group will exclude the people who are yet to make a purchase and are not engaging with the offers from your business. When you identify these customers, it will help your company in providing timely services and improving retention.
To Grow your customer base, there are a couple of tips you can follow;
Provide excellent customer service
This one goes without saying. Companies that fail to deliver exceptional customer service stand to lose a lot. Customers will stop doing business with you if your customer service sucks. Customers expect perfection in the whole process of doing business with you and will be more than ready to switch brands if you are not offering them what they need. Ensure you engage with all your customers and have their issues resolved.
Encourage Customer Advocacy
It will be difficult to attract new customers to your business if they have never heard of your products and services. Today’s customers are very skeptical of advertisements and will not be swayed by just marketing efforts. They need to feel confident in your company and what to be associated with one that is in line with their goals. One of the best ways to build customer trust is to leverage your customer advocates and encourage advocacy.
Additionally, you can create premium offers for your customers. With premium offers, you get a unique way to grab the attention of potential leads. With freemium offers, you will be giving out something valuable for free in exchange for some information. This information will be used to create your buyer personas.
To create the optimal customer experience, sales and marketing teams need to be properly aligned. Companies dealing with roof replacement Fredericksburg are faced with challenges of aligning distributed teams across various regions, which are dealing with sales and marketing, to make the most from opportunities presented to them.
If your sales and marketing teams are purely remote and operate in different locations, it can be more difficult to align the teams that it would be doing the same in person.
Here are some sure tips you can follow to ensure your sales and marketing teams are well aligned.
Align your goals
The first step is to ensure your goals are aligned across the teams. It is important to ensure both teams have clearly identified and goals that are also mutually beneficial. For your marketing team, look at metrics that are focused on the quality of leads generated rather than quantity. Let the sales team commit to work on leads that marketing generates and keep track of the success of closing those leads. Continue to foster meaningful relations and meetings that allow both teams to collaborate in ensuring goals are met.
Have marketing team listen to sales calls
You should allow your marketing team to listen to sales calls or better, join slack conversations. If your team is largely remote, most of the tasks will be done via conference calls. It can be easier to integrate marketing into the sales process and enable the marketing team to occasionally listen on communication with prospects, to ensure the marketing team is delivering relevant content. When marketing teams are given the opportunity to listen to such calls, they can better understand the personal and get to know the type of content and messaging that goes between sales teams and prospects.
Promote more collaboration and team understanding
You need to create both formal and informal opportunities for marketing and sales teams to have more collaborations. When teams work together for long and with a lot of collaborations, they create mutual understanding, and tasks flow easily. You need to set clear expectations and be more transparent in dealing with teams for effective collaboration.
You can implement a couple of cross-department virtual meetings where both teams can ask questions and ensure priorities are well aligned. Additionally, ensure sales teams can have an understanding of what happens across the marketing department, as well as strategies and priorities that the marketing team has set. Doing so will also help the sales team align their priorities as well.
Include contests within teams and have other more casual events that promote bonding. If possible, introduce quarterly remote happy hour, cross-departmental bonding activities, and trivia games. Leaders of such teams need to have a genuine interest in the success and well-being of their teams. The last thing you would want is a remote team to feel isolated or unwanted.
Additionally, consider sending surveys to your sales and marketing teams to collect insightful data that can be used to enhance operations and promote more collaboration.
Successful investing involves making choices that meet your today’s needs as well as your future financial goals. Whether you are saving for your retirement, home, child’s education or whichever investment, you must devise a plan to grow your money. To become a smart investor is easy. Actually, it’s easier than running a business such as Tysons Corner Tow Truck. To get on the route to success as an investor, you need first to pay costly loans such as credit card dues and personal loans. You also need to reduce your expenses so that you have some money in hand. From there, you can start the investment process.
People have different investment goals and objectives, and equally, have varying levels of taking risks. Here are simple tools and rules to make a smart investment that will secure your financial base.
Know the incomes
You need to know what kind of income comes from your different investments. Returns from investments are in the form of interests, dividends, capital gains among others. Before you commit to any investment, understand what type of income you will be expecting to receive. Ask yourself, if you are dealing with ordinary earned income such as salary or returns from portfolio investments.
Earn Money Passively
You need to find ways to earn money passively. Investing in assets is an excellent way of earning passively because it means that money can start working for you. An example is when you buy a property and put it on rent. Another example is investing in fixed income securities to get a positive cash flow or a regular income. When in doubt about what you need to do, seek help from an investment advisor who can help you handle investments in a more mature way.
Buy Assets with Positive Returns
You need to buy those assets that have a positive return. Financial assets such as shares and bonds can lose value and thus become liabilities. We understand that there is no investment that is risk-free, but you can make wiser investment decisions by buying assets that attract a positive return. These may include assets such as land and real estate.
Make use of opportunities
To become a smart investor, you must be ready to make use of the opportunities that come your way. A smart investor buys undervalued shares and securities in a bear market or other lucrative real estate deals in foreclosure. A bad investor enters that market when it is at its peak and locks in losses of a stock by panicking when the market experiences a slump. To become a smart investor, you must make decisions based on the fundamental principles of investment and not being controlled by emotions.
Have defined financial goals
If you have defined financial goals, it will be much easier and cheaper to achieve them. With financial goals set, you can use the right tools such as fixed income securities for short-term and equities for long-term to achieve your long-term goals. You also need to be prepared to uncertainties. You should understand how the market is, as well as the economic future direction it is taking.
Becoming a millionaire is something within reach of those who start it young and develop the right financial habits. Investing in the stock market is one of the ways that can put you up the ladder to becoming a stock market millionaire. It takes less work to become a stock market millionaire than you think. The hardest part of the whole process is getting started. Suppose you have a business such as http://www.platinumaccesslimos.com/ that brings you some steady income. You need to set a certain percentage of your earning all dedicated for the stock market.
If you take an hour or so of your time to lay the foundation of stock trade, you set yourself on a higher percentage of becoming a stock market millionaire and here is how;
Creating an Investing Strategy
The first thing you need is to create an investment strategy. You cannot just jump into the stock market without doing the right analysis. If you don’t have a plan to know where you’re going, chances of success will be very slim. Investors who jump right into the stock market without having an idea will never realize any true value in their portfolio. Understand why you’re investing.
Open an Account
It may be basic to say this point out, but it is essential. You need to make a solid decision to choose a good stockbroker who can help you achieve your goals faster. Understand the terms your broker will set to you as well as the minimum amount required to invest. Set out your time horizon, which determines the time it will take for your investment. Understand the amount of money you need to get started as well as your risk tolerance.
Set up Automated Transfers
Once you have your account open, you need to set up a transfer that reoccurs to your account every month. All listed brokers usually allow for an ongoing transfer. To become successful in the stock market, you have to invest on a regular basis. There is no way you can spend $1 and wait for it to become $1 million. See an example; if you invest $100 every month and earns an interest of 8% annually, it can take you 53 years to become a stock millionaire. The critical point is to invest as much as you can on a regular basis.
Pick Low Investments
You can get to the millionaire status faster by picking low fee investments. Most people do not understand that they pay fees annually for their investments. You may not see the bill for it, and this is because the fee comes out of the return from the fund itself. When getting entirely into the stock market, diversification is critical.
When it comes to investing, you must realize that risks and rewards are related. The higher the returns you may want to achieve, the more the risks you’re going to face, and that is the nature of the market. To stay on the safer side, you must diversify your stock investments. Lastly, don’t chase returns, but instead, stay invested. When you chase returns, you end up costing yourself more money through commissions and trading fees.
Assets that produce income are those businesses and investments that generate a constant revenue with just your minimal effort or even no effort at all. They are income producing assets as those investments that allow you to make money passively. Many investors use assets to pay all their living expenses. With a good income producing asset, you can give yourself freedom and control to explore other areas of investment and care less about money.
When we talk about investing in assets, their levels of risk significantly differ from one asset class to the other. There are safe income producing assets that produce lower income but have a lower risk. There are also higher income producing assets that equally have a higher risk. Let us have a close look at some of the best income producing assets you can start today;
Certificates of Deposits
A certificate of deposit commonly abbreviated as CD is a low-risk financial investment that is offered by banks. CDs work straightforwardly; you loan the bank money for a fixed amount of time, and you gain interest as agreed during this time. A typical length of time can be anywhere from three months to five years. During this period, you won’t be able to withdraw your money without the bank slashing a penalty on you. However, you are guaranteed that your money is growing at a fixed rate.
Just like a certificate of deposits, bonds operate the same way. The only difference is that instead of lending money to the bank, you’re lending money to corporations or the government. Bonds can be classified in three main ways; there are those that are extremely stable – with these ones, you know exactly how much you will get back when you invest. There are those with a guaranteed return – In this category, you can even choose the amount you want a bond for, be it one year, three years etc. The last category is those smaller in their returns ability, especially if we compare them to other aggressive investments such as stocks.
Real Estate Investment Trusts
Abbreviated as REITs, they are like the mutual funds of real estate. REITs are a collection of properties that are operated by a company – i.e. a Trust that uses a pull of money from investors to purchase and develop real estate. If you want to get involved in real estate, REITs offer a fantastic choice especially for investors who don’t want to be subjected to all the hustles of purchasing and financing the property.
A stock is considered to be a risky producing asset. The earning potential of riskier investments is high, and so is stock. To make money in stocks, you’re paid dividends. These dividends may be paid by companies to its shareholders each quarter. Other riskier investment options include property rentals, peer to peer lending and creating your own products. These products may be eBooks, online courses, podcasts, and webinars among others. Having a digital product may prove to be an effective way to make money on the move.
Have you ever wondered why some entrepreneurs and businesses seem to get almost everything right and prosper, while others do not? The key to success in these businesses lies in some secrets we do not know. Entrepreneurs rarely have the chance to speak about their experiences to share tips and secrets of their business success. If you study successful entrepreneurs, there are many things you can learn from them, be it their hard work or long hours they spend trying to make things happen.
The definition of success varies from one person to another. We all need some form of motivation to propel us to the next level. Based on research and feedback given by top performing entrepreneurs, there are some vital tips on secrets to business success.
Hard work breeds success. We all know that success is not achieved overnight. Success comes from hard work and dedication is required if you want to achieve success. Kevin Durant, a professional basketball player for the Golden State Warriors, once said, hard work beats talent when talent fails to work hard. Many successful entrepreneurs share that hard work is the single greatest competitive advantage as there is no shortcut to lasting success.
Today’s leading companies have achieved a lot due to their efforts on customer satisfaction. Many startups fail to reach their full potential because they focus on transactions instead of building customer relationships. No company can expect to grow without putting the right amount of effort to ensure customers are satisfied. Today’s customers want to have a personalized experience.
Have a Mentor
Research shows that a high percentage of entrepreneurs, – about 93 percent attribute their success to having a mentor besides them. Mentors help in regulating and actively participating in your growth. They teach you what to do and what not to do. Look for mentors who have built companies that you admire and spoke with them to learn their secrets. Find someone who is ready to tell about their failures and sacrifices.
Have a Winning Team
Identify your primary skills and that is well talented and have skills that complement each other. You need to hire people who are good at what they do and are determined to deliver you results. The starting point for your business growth and prosperity is selecting the right people for you. Focus on building a team rather than embracing individual skills. If you hire the wrong people, no matter what you do or even the techniques you employ, the end may not be so right.
Prepare for Hard Times
As an entrepreneur, you have to understand that businesses can be unpredictable. Things can get out of control to put you in a tough situation. It can be as a result of a competitor who launches a better version of your product or just a better business idea. Whatever the situation might be, be prepared to adapt and be flexible in case things do not go according to plan. When times become tough, be ready to embrace change and act accordingly.
Should you buy Amazon stock? That is the question many potential investors are asking themselves today. At a glance, Amazon was started by its CEO- Jeff Bezos in the 1990s as an online bookseller. It has seen an aggressive growth ever since. During the founding period, Jeff never cared about making a lot of profit but focused intensely on customer satisfaction. That move is what makes Amazon be among the most profitable companies in the world today.
More than 20 years later, Amazon is very profitable with reported revenue of more than $200 billion yearly. Majority of Amazon sales are generated from its increasing online shopping platform which sells almost everything you can imagine. What makes Amazon so profitable and ever growing is its founder’s obsession with customer satisfaction. So this brings out the question, is it worth to invest in Amazon by buying shares? Let’s find out;
Shares of Amazon have skyrocketed by more than 300 percent over the last three years. Amazon as an e-commerce giant outpaces the growth of other companies such as Facebook experiences. Investors now understand that Amazon is one of the biggest and fastest growing companies in the world. The company is acquiring other companies and startups every day.
Why Buy Shares in Amazon
A couple of reasons make it worthwhile to buy shares at Amazon. First, you as an investor, you will be associating yourself with the world’s best CEO. Jeff is a founder who is continually propelling his company. He leads a huge market by giving consumers the best deals. He keeps in investing in growth opportunities and attracts the most capable talent.
Second, if you acquire Amazon shares, you will set yourself to grow through new products and acquisitions. The Amazon’s growth comes through adding and selling new products. The company sells millions of products and has acquired hundreds of companies. As a shareholder, you will be associating yourself with a company that is turning capabilities into new profit streams.