Here is useful information regarding your GoldMine system as well as new offerings from Beachwood Systems.
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If you have any questions or would like to schedule an appointment with a consultant, please feel free to call us at (216) 765-0220.
The GoldMine Team at Beachwood Systems Consulting
Key Business Metrics. What do they say about your business?
Looking for ways to keep your finger on the pulse of your business? A handful of key metrics can help you to do just that.
The first set of metrics relates to the value of your marketing dollar. Identify the total number of leads you generate each year. Factor in the cost of acquiring those leads and determine how much each lead costs you. To take this one step further, section out your leads and marketing expenditures, by type. Determine which type of marketing activities generate the most leads, and compare these numbers again to the costs associated with those activities. Using the same theories, calculate the total number of qualified leads generated each year. Compare this against the costs, and again break each down by the type of marketing activity. Finally, tally the number of new customers acquired during the year, compare against the marketing costs, and break down by type. This should provide a very clear understanding of the value of your marketing dollars. It is important to work this analysis all the way from lead to qualified to customer to get a true picture of how effective your marketing truly is. Generating a lot of leads, doesn’t always mean generating sales.
The next set of metrics is useful to manage your sales force. It is important to not only review the activities of your sales force such as total number of appointments or calls, but also the automated activities such as literature being mailed. Evaluating only new leads that have become customers, calculate the total number of “touches” between the time the lead was created and they became a customer. Divide this number by the total number of new customers, and you have your average touches. Knowing how many communications or touches it takes to close a sale is very important in keeping your sales force motivated to make the next call or to continue follow up. Using the same group of customers, calculate the average “sales cycle” by taking the difference between the sale date and the lead date. Don’t let your sales force give up on a lead, just before they are ready to buy – make every lead active for at least the average sales cycle or the average number of touches.
The prior metrics deal with getting new customers and new business. Finally, we discuss the metrics involved in keeping your current customers and current business. The first metric is most obvious; how many active customers do I have this year, and how does that compare to a year ago? The key here is a good definition of “active”. You may determine that an active customer is any customer who purchased a given dollar amount, or placed a given number of orders. Either way, the measure needs to be the same each year. Knowing whether your base of active customers is growing or in decline can say a lot about your business. Do you need to spend more time managing or marketing your existing customer base? The next metric takes the total number of existing active customers divided into the total sales created by those customers. This figure tells you how much retaining each customer is worth to your business each year.
If you’d like more information about these key metrics, and how to setup GoldMine to help you acquire these metrics, please contact one of our consultants. More information about GoldMine and our services can be found here.
Beachwood Systems is proud to announce several new training courses added to our class offerings. The new courses and their descriptions appear below. You can enroll in a class by calling Amy Augustyn at extension 100 or online.
You’re a manager. You’re responsible for producing results. You’ve made the decision to use GoldMine as a tool to achieve these results. And, you’re frustrated.
Technology is a two edged sword. It can make things easier, but there is much in the “black box” that you don’t understand and when something breaks down, the feeling of frustration arises. Even Microsoft, the best software company in the world, does not make a perfect product that can operate without problems.
Do not worry another day! Rather than increasing frustration by 1) expecting perfection, and 2) trying to solve all problems internally, simply plan support from outside specialists into the process. (Most companies do not hire an attorney full-time even though they require these services on a regular basis.) Don’t be penny-wise and pound-foolish. Gain control by setting aside some funds each year for computer hardware and software support from the experts.
Beachwood Systems Consulting has specialists in the entire product line of GoldMine software. These highly trained consultants can help you better use your software and solve problems rapidly before they compound. Very reasonable support plans are available that guarantee that you are going to have a reliable and responsive service partner. If you’d like more information on the support plans that are available, feel free to reply to this email or send a new email to email@example.com.
Canadian mobility software developer Xybo Systems of Markham, Ontario has continued to stake out a leadership position in enabling the rapid deployment of wireless solutions by launching Wireless Contact Server, a wireless extension to the GoldMine software package that will deliver significant productivity gains for an enterprise's mobile workforce. This extension to GoldMine, the successful contact management solution, operates as an interface for any wireless-enabled device and allows users to access critical real-time customer and prospect information.
"By extending the GoldMine software solution to wireless devices, mobile workers are now empowered to more effectively manage and deepen their customer relationships," comments Raymond Ho, President and CEO of Xybo Systems. "Wireless Contact Server is a breakthrough application in that it delivers total access to valuable data anytime, anywhere, and on any device for mobile professionals. This powerful solution can provide companies with a key source of competitive advantage in an increasingly mobile marketplace," he adds.
Wireless Contact Server permits GoldMine users to have full access to the most vital elements of this software through any Internet-enabled device while they are on the road. This includes access to essential information such as scheduled appointments, customer contact information, sales leads, and pending action items, amongst others. Xybo has designed the solution so that multiple remote users can view the same data and so that any alterations are immediately updated. The company's thin-client approach enables real-time access for users and ensures that a company's mobile workforce can readily view critical back-office information.
This is a first-of-its-kind solution that adds a dynamic, intelligent component to customer relationship management for companies. "Wireless Contact Server is particularly well-suited to organizations with a large and dispersed sales or field force, since 'always-on' access increases productivity by streamlining the management of customers, both existing and prospective. Wireless device optimization has been embedded in this solution, allowing companies to fully extend the benefits and functionality of GoldMine to the out-of-office environment," noted Ho.
With an estimated 25 percent of the current North American workforce mobile in nature, and this number projected to increase dramatically going forward, the value of mobilizing CRM solutions for an enterprises' employees is evident. More effective lead management and greater speed and responsiveness to customers through the Wireless Contact Server extension afford a significant opportunity for top-line revenue growth and lucrative return on investment.
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