5 tried and tested ways to respond to professional ghosting

5 tried and tested ways to respond to professional ghosting

5 tried and tested ways to respond to professional ghosting

June 29, 2024

Responding to proffesional ghosting

As Jamie McCann, Founder of 3AM Marketing Services says, for whatever reason, professional ghosting is much more commonplace today. Why is that? I contend prior to desktops/laptops starting taking hold, all meetings were either scheduled in person or via the phone. Rare was the meeting missed or needing to be re-scheduled. Today, with all the technological advances (Outlook, Calendly, Jobber, Acuity, and a myriad of other scheduling software), people are too reliant on technology to keep themselves organized.

Remember the Franklin Planners? Meetings occurred regularly with few hiccups. Or, how about the old-fashion paper calendar method where we just scribbled reminders that we had a budget meeting at 3 on the 17th? Very seldom were meetings missed. Professional ghosting never happened. Today, with all the technology at our fingertips, we’re often double-booking ourselves and our cohorts, thereby overlooking meetings scheduled elsewhere or by others without our knowledge.

At a minimum, professional ghosting can be frustrating. And, can often lead to a reprimand, or worse, if it occurs often.

5 way how to respond to professional ghosting

Let’s see how to respond to professional ghosting whether it’s from clients or partners. The key point is to not take it personally.

Humour is key

My first two attempts are your typical easy to ignore attempts. By the third time, I responded in a way that was pretty tough to ignore. Humor is key. 

I’ll send a video of Lionel Richie’s Hello or a meme. This will continue where each email gets more outrageous. After about 6 or 7 attempts you either get the theme song from the old Hulk TV show where Bruce is walking away while the credits roll which means I’ve given up on you. 

Or, if I REALLY want your attention, I’ll either send something like a remote control helicopter with my phone number as a banner, a pizza in a custom box with my logo on it, or a singing telegram. Eventually, you’ll respond by then.

Marc Ensign, The Big Cheese at LoudMouse

Be understanding and ask for the reason

When someone professionally ghosts you, it’s important to realize that there is probably a pretty good reason and that they aren’t doing it deliberately just to frustrate you. We are all busy people and the last thing that is going to make them want to talk with you, and perhaps work alongside you (or pay you money for that matter), is if you get angry at them. 

Instead, come from a place of understanding asking them saying you understand they probably have a lot going on, and that you would wish to constructively move forward, while figuring out how that is most likely to happen.

John Davis, CMO at Check4Lead

The three stages of recovery

Ghosting is very easy to take personally but is an important experience to learn from. When I get ghosted, I go through several stages of recovery. 

The first is frustration. I let myself feel irritated for no more than 5 minutes. The second stage is analysis. I think about the potential reasons the individual ghosted me (e.g. personal situations, lack of buy-in to an opportunity, poor communication/lack of transparency). The third stage is reflection. I reflect on the things that I can do differently to encourage open and clear communication between myself and the candidate. 

The amount of ghosting I experience has decreased significantly because of improved communication and transparency with the people I work with.

Hannah Kuspira, Co-Founder and Recruiter at KNOWLEJOBLE

Reach out one in a while

Ghosting is increasingly happening in the workforce as Generation Z becomes more prominent. It oftentimes comes from a weak connection built and from someone not feeling comfortable to express how they really feel. It’s best to just reach out every once in a while and maybe try to add some humour to it. 

For example, “Hey – are we giving up on this?”. Those kinds of messages tend to get the best response rate.

Kyle Pavlich, CEO & Founder of ZedConsults

Send one final email

This happens more often than I would like to admit. You receive an inquiry for a quote, then you respond, maybe exchange a couple of emails and just when you get your hopes up, crickets. 

I completely dislike playing the waiting game, so to have control of my reaction I send one final email to the client thanking them for their time and letting them know that due to no response, I will be closing their file in 24 hours. This includes deleting their information, and archiving any quotes. Any coupons or price guarantees are no longer valid. 

Abby Herman, Director of Strategy at Snap Agency

Conclusion

When it comes to professional ghosting, fight the urge to send an angry email or to call and scream at them. More often than not, there’s a sensible reason for the ghosting and the communication can be continued with a little bit of patience. However, there would be cases when it’s best to sever ties and move on. Hopefully, the above examples will help you decide on your response.

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30 small business growth tips that have been proven effective

30 small business growth tips that have been proven effective

30 small business growth tips that have been proven effective

June 29, 2024

Business growth tips that have been proven effective

Even if you’ve only just started your entrepreneurial journey, it’s natural to contemplate small business growth. After all, no one opens a business without the intention to scale. Having a growth-mindset has proven to be an instrumental trait for success in entrepreneurship.

This doesn’t mean that all small businesses should become large corporations one day. It just means to maximise the company’s potential and stabilise revenue. The following small business growth tips will give you an idea of how you can do it. It takes action and constant effort to take your business on the next level. 

Customers and clients won’t come knocking at your door if you don’t show them the door, and more importantly, what’s behind that door.

 1. Don’t give up

 2. Automate with technology

 3. Customer-focused mindset

 4. Focus on one lead source

 5. Listen to your customer

 6. Keep innovating

 7. Reflect on your marketing actions

 8. Detach yourself from day-to-day workings

 9. Invest in your team

 10. Personalise the customer’s experience

 11. Find out who your ideal client is

 12. Start with organic marketing

 13. Find a mentor

 14. Learn from your most loyal clientele

 15. Collaborate with other businesses

 16. Focus on your vision and goals

 17. Delegate work

 18. Keep a rolling budget

 19. Retain existing customers

 20. Cut costs wherever possible

 21. Take calculated risks

 22. Build a marketing strategy

 23. Prioritise opportunities

 24. Have realistic goals

 25. Be committed to growth

 26. Go online

 27. Create a financial forecast

 28. Develop profit-improvement strategies

 29. Leverage digital marketing

 30. Go extra miles for your customers

30 unique small business growth tips

Many of these unique small business growth tips look obvious and intuitive but it’s safe to say our brains often ignore the evident and try to overcomplicate things. So let’s see how many of them you’ve already implemented.

Don’t give up

Don’t quit. You may not be the biggest, most unique, or in-demand product or software, but you have the drive. Stay driven. Utilize technology when you can to automate your workflows, and get yourself a team of mentors. Just don’t quit.

Guillermo Gette, CEO at Workast

Automate with technology

Use technology to your advantage to automate manual or repetitive processes. There are great tools like Zapier and Glide Apps to automate repetitive tasks and help you keep track of everything that is going on in your business.

Jesus Vargas, Founder of LowCode Agency

Customer-focused mindset

My number one tip would be to think about your customers and put yourself in their shoes. Ask yourself questions like what does my product/service do/what problems can it help them solve? You need to have a customer-focused mindset and focus on both attracting and retaining customers.

Jacob Dayan Esq, CEO and Co-founder of Community Tax

Focus on one lead source

My number one tip for business growth is to focus on one lead source/marketing avenue at a time. There are so many ways to grow a business, whether it be through online advertising, direct mail, or partnerships. However, because each lead source is different, you need to dedicate time to learning the ins and outs of each one. If you focus on too many lead sources at once, you won’t be effective at any of them.

Filip Duz, Owner of Giraffe Window Cleaners

Listen to your customer

Proactively approach your existing customers and ask them what current pain-points they experience, what needs they have, which products or services they wish they had. You already did the hardest part – acquiring a loyal customer. There are likely tons of opportunities to up-sell or cross-sell them new products and services that would make them even more in love with your business while helping you grow faster! 

Julia Lemberskiy,  Co-Founder and Managing Director of JJ Studio

Keep innovating

Never stop innovating should be the constant organizational theme. By staying ahead of the curve and creating a distinctive niche in the marketplace, that alone should generate a competitive advantage while better serving the needs of clients and prospective clients. Effectively marketing one’s unique selling proposition while always under-promising and over-delivering is then expected to produce exponential results. 

In other words, an effective organization is always exceeding expectations with a high-touch client experience that generates repeat business and future referrals, thus, minimizing acquisition costs. And at the same time, there should be a keen institutional focus on promoting underlying brand values both internally and externally in order to create a positive culture that fuels continued growth.

William Scott Goldman, Founder of Goldman Law Group

Reflect on your marketing actions

When a business owner comes to me for business growth advice, the first thing I encourage them to do (and share with me) is to reflect on what they’ve already been doing to market the business – sometimes that honest review shines a light on opportunities and weaknesses. Both are areas to improve. From there the business owner can set specific goals. 

With that evaluation in tow, my advice is consistent: seek out more ways to educate their audience with their marketing and storytelling. Finding ways to show-not tell and to add value for the audience – without asking for the sale. It may seem counterintuitive to give value for free but it is a winning strategy that I’ve seen pay off many times.

Stephanie Riel, Founder of RielDeal Marketing

Detach yourself from day-to-day workings

When it comes to growing a business you’ve got to allow others to carry some of the load for you, which is hard when you are building your vision. You need to invest in good tools that free up your time, like an automated CRM platform (we use ActiveCampaign), a kick-butt PMS (try Teamwork), and a rock-solid Invoicing/Billing System (QuickBooks or Zoho). Look for cost-effective ways to hire enthusiastic superstars that are self-lead (remote staffing companies can be a good way to find an affordable helper). You also need to have an accountant that aggressively looks out for your business. 

The overall goal is to detach yourself from the day-to-day workings of your business so that you can build the free time needed to work ON your business instead of IN your business.

Cindy Moore, Managing Member of Senioridy LLC

Invest in your team

One of the best investments a small business owner can make is in their team because businesses do not scale without an efficient, gritty, multifaceted team. This means investing in educational/professional growth, prioritizing work-life harmony, host team building events, among other things.

When done effectively, this can retain great employees, increase performance, and creates a collective vision around the organization you’re trying to build.

Joel Keylor, CEO of Tresle Inc.

Personalise the customer’s experience

The trend of personalization continues to be a driving force in marketing strategy. Consumers have come to expect personalized experiences across channels, and brands must continue to implement data-driven personalization into their communications strategy at every level. Brands like Amazon, Starbucks, and Netflix get the most from consumer data by creating a customer experience built around the unique personality of each user.

The quest in 2021 continues to be finding innovative ways to merge personalization with segmentation both on a granular level and at scale while addressing a growing concern for consumer privacy. Keeping up with shifts in messaging delivery is another challenge, and machine learning software may be the key to fine-tuning relevancy for targeted personalized B2C campaigns.

Campaigns that hone in on what really matters to your customer base will continue to build that priceless loyalty needed to maintain a competitive edge. To master personalized messaging you have the power to speak to each unique customer with one process aided by automation.

Darren Litt, Co-Founder of Hiya Health

Find out who your ideal client is

To grow your business, find out who you serve, what they need, and how you can be their hero! Sometimes, entrepreneurs get hung up on being the best they can be and doing the work that’s self-satisfying but in order to grow, you must be solving a problem for your customer or client.

You can learn more about your ideal client by doing some soul-searching and studying. I always like to understand my client’s journey. Where did they start? What questions do they have? What roadblocks will they face? That’s where I start to relate to them and I jump in to save the day mode. You must find out where your client’s been, where they want to be, and what you’re going to do to get them there. 

The more you can understand your client’s journey, the better you can help them, and the more they’ll want your work.

Liz Illg, CEO of Liz Illg Consulting

Start with organic marketing

My advice to new small business owners is to find what works organically before paying for traffic. Understanding SEO and the keywords that tend to create a higher conversion rate will give a great foundation to build an advertisement campaign around.

Ben McLaughlan, Owner and Founder of Easy Mode Media

Find a mentor

I do invest time and money with mentors. There’s no other way for you to learn best practices but to be mentored directly by experts who can guide you on your skills-building goal. In my case, I continue to consult with my business mentor who’s been so kind to provide me with his opinions on what I do in terms of investing, sales, marketing and customer relations during this pandemic season. So far, I’ve been learning a lot and applying these lessons to my business.

Matt Rostosky, Owner of Cashofferky.com

Learn from your most loyal clientele

Amongst your existing customers or client base, find those who spend the most, complain the least, and refer new business to you. Then phone or email to ask them directly “What is better about us than our competitors?” They’ll quickly tell you your strong points and your advantage – the reason they choose your business.

Use that as a blueprint to craft your message to the market. Maybe you take it to the market at scale – outbound cold contact, or social campaigns. If you have a sales team, give them the cheat-sheet you’ve gained from your customer base, and go forth and multiply!

Ben Hirvi, Founder of Lead Commanders

Collaborate with other businesses

The most important way for small business owners to get exposure and expand is to not shy away from collaborating and working with others. Reach out to your peers in the industry rather than treating them as the enemy— it goes a long way.

Chris Vaughn, CEO, Founder of Saucey

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Focus on your vision and goals

A clear and meaningful vision empowers you to overcome the inevitable obstacles that challenge your growth.

Goals are the targets we aim to achieve our vision. Goals must be well defined, measurable, and time-bound. Break each goal into three parts – a goal you must do no matter what, a goal you know you can do, and a challenging goal.

Following this framework lays the path for growth in your business.

Blake Bobit, Founder of Solution Scout

Delegate work

Delegate, delegate, delegate. Don’t do everything yourself. As soon as you can afford it, outsource or hire people to work for you. Your business can’t grow if you do everything yourself. Don’t be the bottleneck.

John Jonas,  Founder of Onlinejobs.ph

Keep a rolling budget

Learn to keep a rolling budget and forecast for your business. It is easy to want to be extremely strict and rigid with your budget but, try as you may, you simply cannot expect the climate of your business to align with your predictions so make sure to allocate for both positive and negative fluctuations.

Benjamin Smith, Founder of Disco

Retain existing customers

The ability to retain and expand existing customers helped us as we didn’t have to depend on significant new business during COVID. Our operations could look into data and find customers who we could expand, customers who we could retain, and customers who we could offer free trials for a limited time. This significantly cut our costs on lead generation in times when there were none.

Rishi Kulkarni, Co-Founder and CEO of Revv

Cut costs wherever possible

Always aim to cut your costs when you can. Overspending is one of the main hindrances of small business so make sure to critically analyze your outcome and make it your goal to minimize wherever and whenever possible.

Roy Ferman, Founder and CEO of Seek Capital

Take calculated risks

Choose your risks and make them calculated. No one grows from their comfort zones. All business have risks with their first steps, if you don’t want to get out of your box, you’re not going anywhere. Every success started with these but not all are worth it, not everything brings fortune. So choose what you’re going to venture into. After putting up a goal, plan it out. Risks without calculation are suicide. Don’t rely on your good luck, instead sharpen your eyes to foresee possible roadblocks and plan ahead for their solutions.

Owen, Digital Editor at ODDigital

Build a marketing strategy

The best piece of advice I can give you is to build a solid marketing strategy. Your marketing strategy is like a battle plan. Have you seen any military force going into battle without a plan? I certainly haven´t! So, it makes sense for your business to go into the marketplace with all the ammo it can get and that starts with getting crystal clear on your buyer personas, your potential customers, essentially.

You and your team need to know their average day, pains, desires, where they hang out online, how they make decisions, what can prevent them from making decisions, etc. Market research is vital to the success of your small business, it’s not sexy like the latest marketing tool but without it, your enterprise is dead before even stepping into the battlefield.

Pedro Campos, Founder at Advertongue

Prioritise opportunities

Your growth problems may not be what you think they are. While more top-line growth is important, operations can significantly contribute to profitability. Look at your entire business holistically and determine where the greatest opportunity exists to make an impact. Prioritize the opportunities, then determine the best way to tackle each one. If sales growth is your biggest concern, research unsaturated channels and mediums so you can achieve lower cost amid reduced competition.

Jon Robinson, Founder of Second Eclipse

Have realistic goals

My advice to small business owners looking to grow – make sure your goals for growth are realistic. There is such a thing as growing too quickly! You can’t climb a mountain in an hour, and you won’t grow your business overnight. Instead, work out what growth looks like for you – whether it’s rolling out a new product line, expanding your workforce, or simply increasing revenue – and work backwards to map out mini-targets on the path to your overall goal. This approach helps to keep you focused, enables you to manage the growth sensibly, and recognizes the importance of small businesses by preventing your business from accelerating faster than you or your staff can handle.

Tom Dempster, Operations Director at True Boost Digital

Be committed to growth

Growth comes from clarity of direction, truthful outcomes, and taking the action to produce them. The first thing is that to grow, we have to be prepared and committed to growth. Commitment to growth means that there will be uncomfortable as well as happy and excited stages during this period. Clarity and commitment to the outcome is a must. After that is established, then a growth plan must be created, adhered to, and have a strong feedback community and accountability group.

Doug C. Brown, CEO of Business Success Factors

Go online

My advice for growth is to turn your business online without hesitation. You have ridiculous fees to get a boutique online compare to a brick and mortar shop, you can have double-digit year growth during years to come from SEO marketing (personally I aim and reach 30% growth a year for my own business), you are open 24/7 all year long with or without the pandemic situation, and the SEO marketing efforts you will make in 2021 will still serve you as far as 2026 and after, so this is the best long term effort you could make for growing your business.

Nicolas Tranchant, Owner and CEO of Vivalatina Jewelry Brand

Create a financial forecast

Growth is hungry and the fuel that it needs to grow is cash and/or access to capital. Cash is the lifeblood of a business and without it, a business can go under in as quick as 90 days. A business owner who is looking to grow should create a financial forecast that includes a proforma income statement, balance sheet and cash flow forecast. Ensure that it is based on appropriate, not optimistic assumptions. Make use of a professional to help with this if/as needed. From there, secure the cash or access to capital that is needed to support the cash flow shortfalls during growth. Increases in accounts receivable or inventory should be considered investments as they tie up cash.

Tracey Bissett, Chief Financial Fitness Trainer at Bissett Financial Fitness Inc.

Develop profit-improvement strategies

Ensure you have the right strategies in place and focus on the profit centres in your business. Actionable steps need to be taken to increase business revenue and maximise value. Look into your current situation and develop profit-improvement strategies that are tailored to your needs such as:

  • removing unprofitable products or services and only concentrate on those that are profitable;
  • review your pricing and adjust to meet demand;
  • increase your target market though getting new customers can sometimes be more expensive, ensure you manage to still retain the customers you have through innovation, incentives and more;
  • reduce your overheads by doing stock control and by reviewing where your greatest expenses are and how you can improve that by upgrading, automating or cutting back.

These four practical ideas will help SMEs to achieve business growth. 

David Toby, Director at Pathfinder Alliance

Leverage digital marketing

One of the easiest and most efficient ways of reaching a broad audience nowadays is digital marketing. I advise all business owners to make a good marketing budget that will allow them to advertise on multiple platforms. Social media marketing gives very good, fast results as well as Google ads or Youtube advertising. Of course, the type of ads will depend on the nature of a business, but this is the recipe for quick growth. 

Another great thing about digital marketing is the option to adjust the audience specifics based on the results you see in real-time. There’s no need to wait for complicated reports when you can access analytics and see all of the metrics at once.

Nick Chernets, CEO of Data for SEO

Go extra miles for your customers

When you listen to your customers and give them more value than they expected, they’ll start talking about your business. They would say “Wow!” if you provide great service by going the extra mile or adding value to their lives in some way. 

People love to talk about how they got amazing service from the grocery store or their mechanic. They would definitely share it with their friends. Word of mouth is powerful. When people start talking about your business, you’re getting free exposure and free advertisement. And it’s likely you’re also getting referrals. 

Moreover when you’re a small enterprise, producing customized items is one of the key growth channels. Use custom product packaging to your advantage, but you will need to experiment with each product and service line to find out what works best for your business. A lot of times, different regions have different tastes.

So, start by figuring out what your customers would really appreciate. Ask them if they need any improvement in your products or services. Look at what competitors are doing. Look at what businesses in different industries are doing. Then do something and see how your customers react.

Ben Simon, Marketing Manager at Finesse Literary Pass

Conclusion

It’s safe to say many of these small business growth tips revolve around customers. That’s no news, considering that customers are the backbone of every business. You can have the most amazing product in the world, but without no one to buy and use it, it’s all in vain. Nevertheless, growth requires constant action, analysis, and innovation.

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12 critical B2B marketing KPIs to keep track of

12 critical B2B marketing KPIs to keep track of

12 critical B2B marketing KPIs to keep track of

June 29, 2024

B2B marketing KPIs to keep track of

Just like everything else about B2B, determining the crucial KPIs you should be measuring can be a tricky job. Even though B2B marketing KPIs can often be the same as B2C, at their core, they have their differences. That’s why sometimes B2B marketing KPIs can be challenging to marketers who come from D2C backgrounds.

Oh, and if you were wondering what KPI stands for, it’s Key Performance Indicators.

Why do we need these B2B marketing KPIs actually? Because it’s not enough to craft a marketing strategy, put it to action and let it run on itself. You’ll have to keep an eye of the progress.
Let’s say you’ve put your focus on email marketing but the KPIs show it’s not doing as good as content marketing. You’d be unaware of this if you don’t keep track of your B2B marketing KPIs. Resulting in wasting time and resources, when all you want to do is minimise expenses. So in order to know what works and what don’t you need KPIs.

12 B2B marketing KPIs you should be measuring

Of course, your B2B marketing KPIs will greatly depend on your marketing strategy and OKRs, but the following examples can serve you as a guide for what you should focus on.

First Time Appointment

Our most important B2B marketing KPI is the First Time Appointment (FTA), which is a 1-hour in-person/video meeting with a qualified prospect to explicitly discuss their technology challenges, business goals, and the ROI if their problems are solved. We know we can close a specific percentage of FTAs within 90 days.

Perryn Olson, CPSM, Chief Strategy Officer at ECS + My IT

Customer Acquisition Cost

Being a founder of a Digital Marketing Agency, I believe Customer Acquisition Cost (CAC) is the most crucial metric in B2B marketing KPI. Customers are everything in business in order to make money, but you will need to invest resources into marketing to acquire them. CAC is your total expenses divided by the number of customers. It will give you an idea of how expensive a single customer is to acquire.

Stewart Dunlop, CEO of PPCGenius.io

First Activation

First activation i.e. the first experience a customer has with your product, is an important B2B marketing KPI that’s often overlooked. Just because someone converts to a customer doesn’t mean they’ll use it. Every moment after the conversion to a customer is important to turn them into a loyal customer, repeat customer, and advocate. Understanding the first activation can often show what are the series of steps that lead a customer to have an Aha moment. Focusing on these metrics will increase retention and revenue down the customer pipeline.

Nick Swekosky, CEO of Market Metrics

The Barrows Popularity Factor

In general, the key things that you want to know about any of your advertising and marketing are…

1) Does it sell?

2) How much did it sell?

3) Which copy and which products and which prices and which promotions worked best?

4) And how can you increase your sales, increase your profit and decrease your risk?

To do this kind of analysis, the best metric to use is some easy-to-use advertising math I developed called The Barrows Popularity Factor.

It’s math that actually lets you QUANTIFY the relationship between advertising and sales and businesses of all kinds can use the math to help them increase their sales, increase their profit and decrease their risk.

The reason the math works so well is very simple.

It reduces the relationship between your advertising and sales to its lowest possible common denominator…namely: How much did you sell? divided by/ How much did you advertise? (But the key is this, don’t do the math in dollars, do the math in units per gross impressions.)

In mathematical terms, the formula looks like this: The Barrows Popularity Factor (The BPF) = How much did you sell? (in units) divided by /How much did you advertise? (in gross impressions)

The answer you get is a rate of return on gross impressions. (Gross impressions is the number of ads multiplied by the audience per ad.) Once you can quantify your rate of return on gross impressions, then you can use some additional math to help you determine the best way to spend your advertising budget.

Robert Barrows, Advertising & Public Relations at R.M. Barrows

Time Between Social Referrals or Social Mentions

One B2B marketing KPI that many marketers either aren’t able to track—or aren’t thinking about—is the time between social referrals or social mentions. When you have a customer who’s happy with your product and service, this becomes an incredibly valuable indicator of how good a fit your ongoing product offering is for current customers, and how good a job your customer service and marketing teams are doing of keeping your customers engaged and coming back for more.

Erika Heald, Founder of Erika Heald Marketing Consulting

Website Traffic

Individuals visiting your site likely lead. Furthermore, leads ultimately convert into clients, depending on the nature of your content marketing. On the off chance that your B2B organization runs an eCommerce webpage, site traffic is a metric you should follow. Persistently observing site traffic gives you a look into who your guests are, the place where they’re from, how they land on your site – and eventually, what they need from you. The capacity to foresee what your clients hope to accomplish from your site permits you to focus on showcasing content that offers to your center crowds.

Abby, Editor at Wellpcb PTY LTD

Customer Retention

How long do people keep returning to you? Or do they just buy and say goodbye? Many fail to understand that getting new customers is much more expensive than reactivating existing customers.

The number of customers at the start of that period (S)

The number of customers at the end of a period (E)

The number of new customers acquired during that period (N)

Mariano Martene, Head of Growth at Octopush

Revenue

For B2B, revenue is often overlooked as offline conversions become difficult to track and customers tend to see a long sales cycle. As such, marketers revert to tracking goals such as form submission volume or clicks to call. But the issue with tracking goals in Google Analytics is that they’re leads, not sales. At least not yet.

As we approach a new year, we hope to see a renewed focus on attributing revenue back to the marketing campaigns that influenced them. Having a full understanding of a customer journey and using marketing to influence each stage will allow B2B marketers to get more from their budget, and their time.

Dave Smithbury, Head of Marketing at Ruler Analytics

Customer Effort Score

While a lot of B2B businesses measure long-term KPIs such as Net Promotor Score (NPS) or Customer Retention, many I have worked with still do not track the effect of individual interactions of the clients with their business – one way is the Customer Effort Score (CES). It is a simple question like “How easy was it for you to get what you wanted from us today?”, immediately after an interaction. This can be a pop-up on a website or a text message. CES is important because it will enable marketing and sales together to optimise the customer touchpoints and sales funnel at every step without doing guess work when getting an overall score like NPS or other surveys. 

Riccardo Weber, Founder of True Innovation

Funnel Conversion Rates

A lot of emphasis is placed on the top and bottom of the funnel – MQL/MQAs and Revenue – but there is also a lot of value in understanding what happens in between. Identifying the highest-converting channel, campaign, or profile can improve not only efficiency throughout the funnel, but also program spend. Working smarter, not harder is the aim of any good marketer and looking at conversion rates enables better quality prospect acquisition as well as identifies areas to double down on (or reduce!) your investment. They also play a critical role in forecasting and budgeting, allowing you to work backward from a revenue target to estimate the volume needed at each stage of the funnel.

DeAnn Poe, Vice President of Marketing at ZoomInfo

Customer Lifetime Value

One of the important B2B marketing KPIs that I think often gets overlooked is Customer Lifetime Value. Customer Lifetime Value is basically the average amount of money a customer will spend on your business until they have a bond with your company. It helps to evaluate how much profit a customer is bringing to your business. Through CLV, you will know how much customers like your products and services. It will give you an idea about what you are doing right and what needs improvement. CLV is important because the higher the number, the greater the profits.

Avinash Chandra, Founder and CEO at Brandloom

Velocity

Velocity is an important KPI to measure when looking into B2B marketing and setting its KPIs. Velocity KPIs are used to measure the time that a potential customer takes or spends at each step of its way when finalizing a purchase. It is on you what time duration you want to set in between different milestones as the KPI, so that you can measure the duration and judge accordingly then. Most people study MQL to SQL velocity, however, you can also measure SQL to quote velocity or quote to close.

Bradley Stevens, CEO at LLC Formations

Conclusion

When it comes to B2B marketing KPIs some are very obvious others are often overlooked yet extremely important. Hence we hope these examples served you right or inspired you to think of other B2B marketing KPIs that you should keep track of.

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5 sustainable ways to successful business growth

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June 21, 2024

Sustainable ways to successful business growth
Sustainability is now a necessary component of business growth. Sustainable growth refers to the “safe amount” that a business can develop before resorting to borrowing money to support its expansion. 

Sustainability should support the delivery and creation of value to benefit the company and its customers, investors, and suppliers. At the same time, sustainability should be able to foster healthy relationships with society and the environment.

5 tips for successful business growth

Here are some sustainable ways to successful business growth.

Brand engagement

Brand engagement refers to the customers’ attachment to brands or how they know the product well. It is the customer’s state of knowledge of a certain brand and one that allows them to differentiate a brand from its competitors.

So, why is brand awareness important? Remember that building brand awareness is important. It ensures that your business remains at the forefront of the customers’ minds, encouraging them to be loyal to your brand. There are many other reasons why brand awareness can help grow your business sustainably, even though the concept is relatively vague and difficult to measure in terms of monetary value. 

But if done right, brand awareness can help drive customers’ decisions when differentiating your brand from your competitors. It encourages repeat customers, which will lead to an increase in revenue.Brand awareness is also essential to businesses that proactively market their brands through social media. Since we’re currently in an age of constant technological development, brand awareness is especially necessary for most companies utilizing branded links. A good Bitly link example illustrates how customized URLs can aid in digital branding efforts and track engagement effectively.

Employee development

Preparing your employees for a job they might find after leaving your company is probably not your priority. But if you want your business to grow, you need to develop your employees and equip them with skills to help them be more productive. 

Setting up your employees for success starts by providing them with the tools and free and accessible training courses to help them perform their tasks well, including providing access to proven business development books professional development training. You should not only offer training at the start of their job, but you should do it continuously. There should be a knowledge base of critical information that new hires can refer to. 

Companies should also emphasise soft skills. Unfortunately, many companies find these skills relatively unnecessary. But according to experts, soft skills are highly complex and could take years to acquire. Remember that every organisation consists of human beings working together for a common goal. Therefore, developing core relationship skills, such as communicating and collaborating, is one way to help the business succeed.

Maximise customer value

Customer value refers to how much profit your company can make from each customer. A high customer value means that a customer brings in more revenue for the company. Thus, one way to sustainably grow your business is to maximise customer value. 

Improve your customer’s buying process to maximise customer value. Look for ways to make it easier and more convenient for your customers to purchase your products. Consider establishing an online platform where customers can easily browse your products and make a purchase without going to your store. Also, focus on improving your brand’s reputation. Brands known to give back to the community and advocate for causes can easily resonate with their audience since customers feel good supporting the brand. 

Another way to learn about what your customers find valuable is to ask them about it. Gather suggestions and feedback to help improve your product offerings and maximise the value of the products and services. Ask them to answer surveys and encourage them to leave reviews. Make it easy for your customers to reach out to you for any concerns. Knowing what your customers think about your products and services can help you enhance these features, which further maximise customer value.

Improve recruitment

Having a proper recruitment process is the best way to attract and retain the top talents. However, choosing the right employee to hire is not only about reviewing resumes or conducting reviews. You need to have a proper onboarding process in place, allowing you to recruit and hire the best talents, which are essential for business growth.

So, how do you improve the recruitment process? One way to do this is by implementing values-based recruitment, which requires knowing people through their values, passions, interests, and motivations. By knowing their values, you can tell if they are a perfect fit for your organisation. Values-based recruitment allows organisations to look into a wider pool of talents to search for people who have the values and behaviours that can make them a valuable asset to the organisation. 

Another option to consider when improving your organisation’s recruitment process is to use specialist recruiters that can help make the entire recruitment process run smoothly and effectively. They specialise in recruiting for one sector, which means they are fully aware of the skills and technical roles required for the specific jobs you need.  

Streamline your systems

Every day, businesses execute a series of systems to carry out numerous processes necessary for the company to operate. Streamlining your systems will require removing unnecessary steps or manual work that is often very time-consuming.

For instance, you can simplify the creation of invoices by coming up with a system that will consistently execute the same steps. That way, any staff who needs to perform this function for the business can use the same procedure each time. If you take the time to streamline your systems, you are minimising the risk of making critical mistakes that could hamper the growth of the business. For instance, you could recruit an iot engineer to find end to end solutions to your cloud systems so you can analyse the data from all your systems. Another example is adding a step in your recruitment process that requires conducting a background check can help to protect your company from hiring someone with red flags.

Streamlining your business processes will also allow your employees to consistently handle large quantities of information, which helps improve the efficiency of your business operations. It also helps to ensure that workers will only spend as little time possible doing manual work.

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Top 10 tips for entrepreneurs to navigate challenges in a startup

Top 10 tips for entrepreneurs to navigate challenges in a startup

Top 10 tips for entrepreneurs to navigate challenges in a startup

June 11, 2024

Top tips for entrepreneurs to navigate challenges in a startup
Starting a new business is an exciting yet challenging endeavor. Entrepreneurs face numerous obstacles, from securing funding to managing a growing team. The journey of a startup is filled with uncertainties and requires a strategic approach, resilience, and the ability to adapt to changing circumstances. Overcoming these challenges successfully can make the difference between a thriving business and one that fails to take off. For those looking to minimize initial costs, exploring options for a free LLC can be beneficial. To help entrepreneurs steer their startups through these turbulent waters, we have compiled a list of essential tips. In this blog, we will share the top 10 tips for entrepreneurs to navigate challenges in a startup.

Develop a solid business plan

A business plan is essential for any successful startup. This document should detail your business goals, strategies, target market, and financial projections. Serving as a roadmap, it guides decisions and keeps you focused on objectives. Additionally, a well-structured business plan attracts investors by showcasing your clear vision and detailed plan for success. Regularly reviewing and updating the plan ensures alignment with goals and adaptability to market or business changes. Using a business plan template helps streamline the process by offering a structured format, making it easier to organize and present your ideas.

Invest in leadership skills

Effective leadership is vital for navigating the complexities of a startup. Entrepreneurs must be able to inspire and guide their teams, making decisive choices under pressure. Investing in leadership skills can significantly impact your startup’s success. For instance, pursuing a masters of arts in organizational leadership can provide you with the necessary knowledge and skills to lead effectively. This program focuses on strategic thinking, team management, and ethical decision-making, all of which are essential for steering a startup through its initial challenges. Strong leadership not only helps in managing your team but also in building a positive company culture and driving the business forward.

Build a strong team

A strong, cohesive team drives innovation, enhances productivity, and fosters a positive work environment. Seek candidates with diverse skills and experiences that complement each other. Promote collaboration and open communication to create unity and a shared purpose. Your team is your most valuable asset, so invest in recruiting, training, and retaining top talent. A strong team can overcome challenges effectively and drive your startup towards success.

Focus on customer needs

Regularly gathering and analyzing customer feedback providing crucial insights to guide product development and improvements that enhance satisfaction. The key is focusing intently on solving real customer problems, incorporating their feedback, delivering great experiences, and remaining agile to keep pace with changing customer preferences. Startups that make their customers the central focus of their strategy and operations are well-positioned for sustainable growth.

Manage finances wisely

Start with a detailed budget outlining expected income and expenses, and regularly monitor your cash flow to make informed decisions. Seek funding that aligns with your goals, whether from investors, loans, or grants. Maintaining financial discipline is essential for sustaining your business in its early stages and beyond. 

Embrace flexibility and adaptability

Foster a culture of innovation that welcomes and tests new ideas. Regularly evaluate and adjust strategies to respond to market trends, customer preferences, and unforeseen challenges. Embracing flexibility helps your startup navigate uncertainties, seize opportunities, and maintain relevance in a dynamic environment. Adaptability ensures your startup remains competitive and resilient in the face of change.

Leverage technology

Technology plays a pivotal role in modern business operations. Leveraging the latest technological advancements can streamline your processes, improve efficiency, and give your startup a competitive edge. From project management tools and customer relationship management (CRM) systems to marketing automation and data analytics, there are numerous technologies available to support various aspects of your business. Stay informed about technological trends in your industry and invest in tools that align with your business needs. By integrating technology into your operations, you can enhance productivity, improve customer experiences, and drive growth.

Network and build relationships

Networking and building relationships are invaluable for startups. Attend industry events, join professional organizations, and engage with entrepreneurs, experts, and potential investors. These connections can lead to collaborations, partnerships, and mentorship opportunities that provide new opportunities and resources to support your startup’s growth. Strong relationships within your ecosystem expand your knowledge, access, and strategic advantage.

Prioritize self-care and work-life balance

Entrepreneurship often involves long hours and high stress, making it easy to neglect self-care and work-life balance. However, maintaining your physical and mental well-being is crucial for sustained success. Prioritize activities that promote relaxation and rejuvenation, such as regular exercise, meditation, and hobbies. Set boundaries to ensure you have time for family and personal interests outside of work. By taking care of yourself, you’ll be better equipped to handle the demands of running a startup. Additionally, promoting a healthy work-life balance within your team can improve overall morale and productivity.

Stay committed and persistent

Persistence is key and keep in mind that setbacks and failures offer valuable learning experiences. Maintain a positive mindset, focus on your long-term objectives, and celebrate small victories to keep yourself and your team motivated. Success rarely happens overnight, it’s the result of consistent effort, determination, and resilience. By staying committed and persistent, you can navigate obstacles and steer your startup towards success.

Conclusion

Overcoming the challenges of a startup requires a combination of strategic planning, strong leadership, and resilience. By developing a solid business plan, investing in leadership skills, building a strong team, focusing on customer needs, managing finances wisely, embracing flexibility, leveraging technology, networking, prioritizing self-care, and staying committed, entrepreneurs can enhance their chances of success. Each of these tips provides a foundation for addressing the various obstacles that arise during the entrepreneurial journey. By applying these strategies, you can better prepare your startup to thrive in a competitive business environment.

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