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Nov 25 2021
How Manufacturers Can Get Started Selling Directly To Consumers

Let’s face it: Manufacturers’ traditional sales models can hurt both the company and the customer. Because of the pandemic causing havoc on supply chains, selling direct has become a more popular option for many manufacturers. 

Looking forward to the 2020s, the old model of selling through a distribution/broker/retailer channel may still be alive, but many company leaders are finding that their customers prefer to buy directly from them. On top of that, restrictive middleman margins can increasingly put a chokehold on manufacturers’ profits.

When Covid-19 hit, people ran to the internet to shop for just about everything. I think manufacturing as an industry reached a tipping point between the pandemic, a global supply chain malfunction where production halted and even stopped for some companies, and some online retailers refusing to change policies to adapt to these situations.

These factors led many manufacturers to ramp up and increase their investments in a direct-to-consumer (DTC) strategy, where they have 100% control over pricing, inventory levels, and — increasingly — access to critical customer data. As the co-founder of a company that creates digital sales channels for manufacturers, I have some advice for those just getting started with selling directly to consumers.

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Uli LOKSHIN 0 Comments
Nov 16 2021
How To Calculate (And Improve) Lifetime Value

Lifetime value (LTV) is a significant metric that helps estimate the growth of a company.

By comparing LTV to customer acquisition cost, the results can help make crucial decisions. This might include devising your advertising and marketing budget, for example.

Businesses can use LTV to acquire and retain high-profile customers.

This means more income, thus scaling. But, if customer acquisition costs are higher than LTV, scaling is impossible.

For you to predict and improve customer lifetime value successfully, you’ll need to know how to measure customer lifetime value.

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Juwel Tan 0 Comments
Nov 8 2021
Why Lifetime Value Is The Most Important Metric For Measuring Clients

As a marketer and business owner, I know just how important it is to keep your eye on metrics related to your marketing campaigns, revenue and overall business. From cost per lead to conversion rates, understanding the health of your company comes down to a lot of different numbers.

Unfortunately, those numbers can quickly start to run together. When you have so much to track and analyze, it can become difficult to know exactly what they’re telling you. You can waste a lot of time monitoring analytics without learning much.

Instead of trying to track it all, I’ve found that focusing on just a few key metrics can help you understand how your marketing is performing. One of my favorites is lifetime value (LTV). The lifetime value of a customer is the amount of money a customer contributes over their entire life as a customer.

Let’s take a look at why LTV is so important for your business, how you can find it and how it should influence your marketing and business decisions.

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Uli LOKSHIN 0 Comments
Nov 5 2021
Enabling Data-Driven Decision-Making To Give Businesses A Post-Pandemic Competitive Edge

Data is the new reality of the current age. As the Covid-19 pandemic clutched all businesses under its tight grip, there has been a drastic change in communication and decision-making. The role of data in organizational decision-making increased by leaps and bounds. Though data and analytics have always been critical to a company’s success, the pandemic drove everyone to step up their data efforts, functioning as a sort of wake-up call.

Unanticipated business challenges that cropped up overnight needed to be addressed instantly, and only those with a data-driven approach were able to change their gears prudently in such unprecedented times. Such data-driven decision processes are based on insightful evidence rather than intuitions. Others that were devoid of data-powered intelligence lost their grip amid this havoc. Perhaps, some are in the process of rejigging their strategies, trying to make proactive use of them for decision-making.

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Uli LOKSHIN 0 Comments
Nov 4 2021
The Hype About Data-Driven Decision-Making Is Not Being Matched By Reality

This study commissioned from research firm Forrester found that 78% of enterprises report gaps in their data management that prevent them taking full advantage of their data and 64 percent said they find it challenging to actually move CRM data to platforms where it could be valuably used. 

Half of large enterprises worldwide (47%) feel they cannot rely on their CRM data to provide a single source of truth regarding customer data.

For the past few years CRM platforms have been stressing data, data, data.

They’re using AI (Artificial Intelligence) as a marketing tool to lure companies into the enticing world of being able to predict what customers and prospects will do in the future based on their prior behavior. But the reality is not living up to the hype. 

Why?

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Juwel Tan 0 Comments
May 15 2021
Data Is The New Oil — And That’s A Good Thing

Back in 2017, The Economist published a story titled, “The world’s most valuable resource is no longer oil, but data.” Since its publication, the topic has generated a great deal of discussion, and “Data is the new oil” has become a common refrain. The problem is that the discussion usually focuses on why this is a bad thing.

Sure, there are legitimate concerns about how tech giants are exploiting what they know about us. But at the same time, there are myriad ways in which all this data can (and does) improve the world.

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Juwel Tan 0 Comments