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Types Of Economic Moats To Help You Make Money

There are many factors you should consider when choosing those best-of-breed businesses that have great growth potential and are capable of generating substantial profits for you over the years. So, how important is it that a company has a well-established economic moat? The short answer: crucial.

An economic moat refers to the notion that the business has some durable competitive advantage, not unlike a moat that protects a castle from attack. The wider the moat the easier it is to fend off attackers.

Finding a business with a wide moat is key to finding a successful business to own; the wider the moat, the more predictable its future 20 years down the road. Having a competitive edge, allows for a company to have a degree of predictability.

As an investor, you are looking for not only sustainable growth rates but also consistent growth in cash flow, equity and sales over a 5 to 7-year period of time. With increasing cash flow, profitability for both the business and you the shareholder arises.

With increasing cash flow, a best-of-breed business can whether the ups and downs of the economic business cycle paying off debt when needed or investing capital for expanding into new markets.

Wide moat companies are also protected from inflation since their monopolistic position enables them to raise prices at will.

Here are seven types of economic moats to look for in a potential business:

Brand a product or service youre willing to pay more for because you know and trust it. Companies like Disney and Nike have good brand moats.

Secret – a patent, copyright or trade secret that makes competition difficult or illegal. Examples of these companies are 3M, Pfizer and Apple.

Toll – having exclusive control of a market through government approval or licensing thus being able to charge a toll for accessing that product or service. Such businesses as PG & E, a utility company and Time Warner a media business fit the mold.

Switching – being too much trouble to switch to another provider due to the high monetary and time costs. Microsoft and H & R Block are two good examples.

Low Price – products priced so low no one can compete because they enjoy massive economies of scale due to a huge market share. Both Home Depot and Wal-Mart are examples of businesses that have used pricing to establish an economic advantage.

Network Effect – the ability to quickly dominate a network of end-users by being first in the market. EBay was the first online auction business to dominate the North American market.

Unique Corporate Culture – a way of doing business that would be difficult to duplicate in another business environment. Southwest Airlines benefited from this type of economic moat in the early years.

You need not find a company with multiple moats to consider it to be a potential investment candidate. It should have one moat that seems hardest to cross and one that is sustainable long-term. Once again, the establishment of a viable economic moat shows up in the fundamentals. Companies with consistently high growth rates of over 10% per year in sales, equity and free cash over many years are the ideal candidates.

Tips For Sales Course Evaluation And Analysis

Sales course evaluation and analysis requires evaluating your sales development team and the sales training courses you are considering. Every investment must be researched and that includes an investment in training and development for your sales staff.

Sales training courses, or even one powerful sales course, can increase sales, motivate your staff, reduce staff turnover, and build your company’s credentials. A powerful sales course is one that fills and replenishes the express needs of the sales team and exceeds company objectives with the highest efficiency rate. The efficiency rate can not be determined without evaluating the return on investment the sales course will provide in the future; however, by thoroughly evaluating your sales team, your company and the sales training courses offered you will be able to find the sales course or sales training courses that will meet your goals.

No sales course or sales training courses should be committed to without determining the need for training. Even if the HR department is suggesting company training for no other reason than to satisfy company policy, a thorough determination of the training needs should first be determined. To accurately and narrowly define the training needs of your sales force, and to be able to select the sales courses and sales training courses for your sales team, you must systematically evaluate every task, process and policy. By drawing logical inferences from questioning and cross-examining, you will be able to narrowly define your sales training need and select the sales courses and sales training courses that meet your objective.

Once you clearly define the needs for the sales development staff, you should then examine your sales course choices based on the subject, the trainer, the company providing the courses, the content, the sales staff and your company.

The subject must clearly coincide with your accurately defined need. Review the subject matter of the sales course and sales training courses for engaging, problem-solving, concise and usable material and motivational delivery methods. The trainer and the sales course provider should have the credentials to train. In many cases, the higher the credentials the better the training but this is not true in all cases. Personality and method can drive effective training just as it drives sales.

The sales course or sales training courses you choose should clearly match the culture of your company. If you run a tight organization that adheres to strict standards, you would not want to invest in a course that expounds on the virtues of flexibility and freedom. This will backlash. Likewise, if your company is very flexible and focuses on individual creativity and ability, a sales training course in strict time management might stifle the creativity of your team (even if they need it).

Sales course evaluation and analysis of sales training courses will save your company from investing in ineffective training. Without sales course evaluation, your company might show a spike in motivation and sales, however it will quickly fall and taper as the refreshing beverage wears down. Sales course evaluation and analysis of sales training courses will turn the short spike into a solid step upwards. Each carefully evaluated sales course will be one more solid step up. And up is where you want your sales to be.

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What To Consider When Asking Web Design Agencies To Redesign Your Site

Redesigning a website requires a lot of effort if you want to achieve satisfying results. Because of that, it is very important to know what to ask web design agenciesbefore starting the process.

Take The First Step Yourself Before Starting Working With Web Design Agencies There might be various reasons for changing your web design; updating the company profile, following new trends, the need to improve user experience, and many more. Whatever it is, a business has to choose wisely while picking the best services from numerous web design agencies. In addition, it is crucial knowing what to ask, as even the most qualified professionals cannot offer a solution if you do not know the problem. .

At the very beginning, the proper research should be done. This means that you have to start with testing the existing design to notice crucial problems. This process should be followed by the identification of your target audience, as well as performing market and keyword research. Even if you did that some time ago, it is better to complete these tasks once again as the market is constantly changing. Only after knowing this can you ask web designers to recreate the website and adopt new and functional SEO, as well as other essential solutions. Things To Ask Web Design Agencies For Your Website Redesign

If you want to have a website that is better than your competitors, then pay proper attention to its redesign process. Here are some crucial features to consider for making your virtual home appealing. How to structure the website?The structure is the vital part of every website, so you have to find the best way to organise yours. Pages that provide the most traffic should be easily reached and visible. In addition, the customers’ journey through the website, from the home page to the desired action (purchasing, subscribing etc), has to be without any unnecessary interruption. The web page should also be created in a mobile-friendly version as more and more people are browsing the internet through smartphones or tablets.
How to structure the content? Although it seems that the content does not have anything in common with the design, it does. Only informative and interesting information can attract visitors, so it is important to decide how it will be structured. Is it enough to only have product pages, or should there be a newsfeed, or a company blog? Questions like this help to design the website in a way that provides visitors what they are looking for. What technical solutions should be made? You are not expected to know all the technical terminology, but there are things you can ask web design agencies to do. Firstly, the website should load as quickly as possible – people hate waiting and will leave your page for a faster website. In addition, a proper web page should comply with the international standards, such as W3C or having a cookies policy. Finally, the code has to be written in a way that ensures that search engines will easily identify your website and give it higher results.
Indisputably, when redesigning a website all design solutions like colours, fonts, or the arrangement, are crucial. However, usually businesses only focus on these and forget the features mentioned above. If you think you’ve got to make some changes in your digital space, ask web design agencies to change not only the appearance of it, but also the other important elements mentioned.

Qualified Web Design Agency For Satisfying All Needs If you are looking for a reliable web agency that could offer you quality solutions, Advansys can offer everything you need. With more than 13 years of experience, we help our clients to solve various problems from website structure to multichannel ecommerce. Would you like to have quality services provided by professionals? Contact us now! Telephone: 0845 838 2700 or email:

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Antihypertensives Market To 2016

In 2009, the global anti-hypertensive market was estimated to be worth $27.2 billion, representing a Compound Annual Growth Rate (CAGR) of 5.0% between 2002 and 2009. The market is forecast to reach $30 billion by 2016, indicating a CAGR of 1.5% between 2009 and 2016. The primary reason for slight and gradual growth in the market is the patent expiries of major blockbusters, which are expected to decrease the annual cost of therapy after 2007.

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The global anti-hypertensive market is expected to witness a series of patent expiries between 2007 and 2015, which includes most of the top selling blockbuster drugs in the anti-hypertensive market. The major drugs that are set to lose patent protection include Novartiss Diovan (2012), Sanofi Aventiss Avapro (2012), Novartiss Exforge (2012), Takeda/AstraZenecas Blopress/Atacand (2012), Pfizers Revatio (2012), Actelions Tracleer (2015), and United Therapeutics Remodulin (2014). All these drugs together accounted for more than $19.4 billion in revenues in 2009. Mercks Cozaar patent expired in April 2010. The sales of Cozaar for the year 2009 were $3.6 billion. Pfizers Norvasc, which was once the worlds most prescribed drug for hypertension and angina, saw a sales decline of 12% in 2009 due to genericization in 2007. Thus, the series of upcoming patent expiries in the hypertension as well as PAH markets are set to lead to a decline in the market in the near future. However, due to increased usage of fixed dose-combinations and the entry of generics, the market is expected to rise slightly after 2015.

The current anti-hypertensive pipeline does offer some promising novel products, such as SPP635, Actos, LCZ696, QT1571, ACT-293987, PS-433540, Macitentan and Riociguat, indicated for the treatment of hypertension and PAH. However, the revenues generated from these products are not expected to completely make up for the revenue losses due to patent expiries. Thus, the overall global anti-hypertensive market is expected to show flat growth during the forecast period.

GBI Research, a leading business intelligence provider, has released its latest research Antihypertensives Market to 2016 – Generic Erosion Following Patent Expiry of Major ARBs to Impact the Market. The report provides in-depth analysis of the unmet needs, drivers and barriers that affect the global antihypertensive market. The report analyzes the markets for antihypertensive disorders in the US, the top five markets in Europe (the UK, Germany, France, Italy and Spain), and Japan. Treatment usage patterns, sales, prices and volumes are forecast until 2016 for the key geographies as well as the leading therapeutic segments. Furthermore, the report provides competitive benchmarking for the leading companies and analyzes the mergers, acquisitions and licensing agreements that shape the global markets.

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The Benefits Of Sales Data Analysis Applications For Business

Business reports are records of the performance of a company in the past, and since they are also excellent tools for predicting performance trends of the future, you will need sales data analysis software that contains related metrics, or key performance indicators. These are essential for many reasons.

Strategies for businesses can only be successfully implemented and carried out when these reports are used in the task. Sales agents can keep track of the progress or regress of their performance against goals and previous performances so that they are able to revise their current plans and selling strategies for success. Prioritizing becomes much easier and much more effective. In addition, human resource management team members use these types of reports to calculate sales commissions, bonus payouts and additional types of compensation to employees when needed.

Using product benchmarking along with sales analysis and reports can include net revenue, top line revenue, profits, quotas and goals, the different types of revenues (or product mix), the sales pipeline, and the performance of a business shown as a percentage of sales goals. If you use custom applications to assist you with all of your product database and your sales data analysis, you will be able to produce your reports at different levels of interpretation for your department level, your team level and the representative level as well.

Another one of the most valuable and useful purposes of these reports is that they can be created from the data that comes from the database and can convert it into an organized template for the company. There are many different types of tools available out on the market that can make the task quick and easy, streamlining the process. The degree to which all of these product benchmarking applications and sales data analysis applications facilitate the tasks of businesses depends on several factors, including whether or not the programs have been customized, how many tasks they are designed to do, and so forth. The costs of such programs are also relevant to the degree of advanced technology that is used to design and create them, as well as the cost to customize them.

If you are interested, many of the best applications can automatically calculate everything in the blink of an eye, and they enable the users to upload everything to the Net for viewing either by a customer, management or other person or group. A sales data analysis program or application can change the way you see your own business!

Hr Consultant, Konsultan Hrd, Manajemen Sdm, Konsultan Sdm, Recruitment Hrd, Konsultan Hr Manajemen,

HR CONSULTANT, KONSULTAN HRD, MANAJEMEN SDM, KONSULTAN SDM, RECRUITMENT HRD, KONSULTAN HR MANAJEMEN, KONSULTAN PERSONALIA, MANAGEMENT HR CONSULTANT, HRD CONSULTANT, JOB DESCRIPTION CONSULTANT, SALARY GRADING CONSULTANT, KONSULTAN ORGANISASI, HRD MANAJEMEN, CALL: REKO HANDOYO (Business Consultant) PT. SIEN Consultant Jakarta, HP: 081389411679, 081932985325, 021-98567515, email: [emailprotected], [emailprotected], http://konsultan-manajemen.com

HR manajemen (manajemen sumber daya manusia) adalah bidang manajemen yang khusus mempelajari hubungan dan peranan manusia dalam organisasi perusahaan. HR manajemen lebih fokus membahas mengenai pengaturan peranan manusia dalam mewujudkan peranan yang optimal. Pengaturan itu meliputi masalah perencanaan, pengorganisasian, pengarahan, pengendalian, pengadaan, pengembangan, kompensasi, pengintegrasian, pemeliharaan, kedisiplinan, dan pemberhentian tenaga kerja untuk membantu terwujudnya tujuan perusahaan.
Peranan HR Manajemen dapat diringkas menjadi beberapa hal berikut:
1. menetapakan jumlah, kualitas tenaga kerja di perusahaan yang efektif sesuai dengan kebutuhan perusahaan berdasarkan job description, job spesicifation, job requirement, dan job evaluation.
2. Menetapkan penarikan, seleksi dan penempatan karyawan berdasarkan asas the right man in the right place and the right man in the right job.
3. Memonitor dan mengimplementasikan undang-undang dan peraturan yang berlaku mengenai ketenagakerjaan.
4. Menetapakan program kesejahteraan, pengembangan, promosi dan pemberhentian.

Fungsi pertama dari manajemen sumber daya manusia (HR manajemen) adalah pengadaan atau procurement. Proses pengadaan bukanlah proses yang mudah justru sebaliknya karena untuk mendapatkan dan menempatkan orang-orang yang kompeten, serasi, serta efektif tidaklah semudah membeli dan menempatkan mesin.
Karyawan adalah asset utama perusahaan yang menjadi perencana dan pelaku aktif dari setiap aktivitas organisasi. Pengadaan karyawan harus didasarkan pada prinsip apa baru siapa. Apa artinya kita harus terlebih dahulu menetapkan pekerjaan-pekerjaannya berdasarkan uraian pekerjaan. Siapa artinya kita baru mencari orang-orang yanng tepat untuk menduduki jabatan tersebut berdasarkan spesifikasi pekerjaan.
Job Analysis perlu dilakukan agar dapat mendesign organisasi serta menetapkan uraian pekerjaan dan evaluasi pekerjaan. Job Analysis adalah menganalisa dan mendesain pekerjaan apa saja yang harus dikerjakan, bagaimana mengerjakannya dan mengapa pekerjaan ini harus dilakukan.
SIEN Consultants adalah perusahaan konsultan manajemen dimana salah satu divisinya adalah services dibidang HR Manajemen yang meliputi:
a. HR Consultation
b. Training and Development
c. People and Organization Assessment
d. Manpower Supply and Outsourcing
e. Organization Development
f. Payroll Outsourcing
g. Business Process Development
h. Job Analysis
i. Employee Grading and Appraisal
Jika Anda membutuhkan informasi mengenai HR manajemen (manajemen sumber daya manusia) silahkan hubungi Business Consultants Mr. REKO HANDOYO untuk memberi informasi yang Anda butuhkan. Terimakasih.
CALL: REKO HANDOYO (Business Consultant) PT. SIEN Consultant Jakarta, HP: 081389411679, 081932985325, 021-98567515, email: [emailprotected], [emailprotected], http://konsultan-manajemen.com

Different Varieties And Types Of Pickup Trucks

Pickup truck is the type of truck which is categorized under the main head of trucks. There is not any specific design to produce this kind of truck. The pickup trucks are designed in such a manner that the small sized body has the capacity to carry the larger sized load. The pickup trucks are very convenient for the medium and the small sized business. Basically this is a type of truck which can fulfill nearly all the requirement of the business.

The front part looks more like a van where as the back side represents the look of the truck. The specialty is that the bed of the truck is open which allow loading even the big or enlarged sized things. The speed is also the sparkling factor as the speed is not affected by the weight of the load. The comfort in the drive also makes the customer to think about this truck. Also the safety, convenience, durability and effectively are some of the more important factors served by pickup trucks for sale.

The different features and factors served by the pickup trucks are pleasing and quite enough to increase the share of pickup trucks. Still to expand more and grow further, the various types of pickup trucks are designed to give specialized touch to each sub type of the truck. So, the sub types of the pickup trucks are listed in brief below,

Compact pickup trucks:
The compact indicates the reduced sized but in this type only the size is reduced and the performance is not at all affected. Basically the mini version of two axle drive is powered in this type. This is the type which is highly demanded in the market, among all the rest sub types of trucks. And the European market is dominated by this truck.

Full sized pickup trucks:
The full size is the truck which is covered from the back body. This is very unique and different type of pickup truck. This type is preferred more in North America for the purpose of general passenger transport. The things which are stored are covered from all the sides which protect the materials which is stored in the rainy or snowy regions.

Mid sized trucks:
The mid sized truck is usually known as the normal sized pickup trucks. The truck generally possesses 4 engine machines. The specialty of this type is the speed and the comfort which is offered to the driver to drive it more easily. United States is the place which is dominated by this sub type of the pickup truck.

Sports utility trucks:
The sport utility is that truck which has four doors and also the bed which is similar to the pickup trucks. So, the SUT comes under the sub type of the pickup trucks. It has the potential to carry all the capacity of load, whether it be light or heavy pay load.

These were the sub types of the pick up trucks where the specialized trucks are designed and brought into existence. In this manner the increased reputation and the increased sales was increased more and more by the differentiated pickup truck for sale.

A Coaching Scenario – Lack Of Motivation

There are so many varying scenarios under which a coach can alter the outcome. These may range from personal emotional crisis to simply improving the productivity of an already stellar employee. In any case, the skills of a coach must be moldable and adaptable to the individual. I wish to demonstrate this with a scenario.

Let us say that there is a young man by the name of Tyler who has come onto your team as a sales representative. In his interview with you and the other members of your management team, he demonstrated a strong confidence and great people skills. You felt certain that this young man would be a successful addition to your team. He knew how to interview well, and you could tell that he was convinced of his possibilities for success in your company. He loved the product and asked all the right questions to help you realize that he was prepared to work hard for you.

When Tyler started, he was partnered with another more experienced sales representative and was given the chance to step up and work on his own after just a short while. He exceeded expectations. His determination to find leads and get the close on clients was far beyond the company goals. His goals and accomplishments were independent of the rest of the sales team. He became well recognized for his efforts and was soon invited to relocate and gather new clients on another side of the country. He reports to you via telephone and email, and you note that he continues to perform as expected.

Soon, however, you notice a drop in his productivity. He begins to lose steam and is not sending as many new clients to HQ. When you are in contact with him you can sense that he is making many excuses for his failing performance. He avoids responsibility and attempts to convince you that he is still as determined as ever. Your concern for your employee is well placed.

At this point you need a game-plan to help Tyler get back onto his feet. You have seen what an amazing employee he can be, and you don’t want to lose him. What do you do to help Tyler without hurting his confidence in himself? Keep your eyes open for the second article which will help you to inspire Tyler back to his stellar position.

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Get The Most Professional Advice From The Best Life Insurance Broker

Your options for buying Life Insurance can be very confusing. Are you looking for qualified, professional advice from a life insurance broker you can trust?

Technology has given us many ways to get life insurance in Canada. You can find products and insurance companies via the internet, or deal with bank-owned life insurance companies through a call center. What you really need to ask yourself is, Is the insurance advice Im getting unbiased and really tailored to my needs? This article will outline the pros and cons of buying life insurance through the various sales channels and where you can buy personalized and professional life insurance advice.

Online sales

True online sale in Canada — via point and click programs, are very limited in Canada, at least for now. Usually these sales are limited to health and dental plans and some forms of critical illness and travel insurance. There is almost no life insurance being sold totally via the internet, as you still need to speak with a licensed life insurance broker/agent and sign some documentation. As a buyer of life insurance you might think that by cutting out the middleman would save you money. Not so. In fact, insurance companies will charge the same premium for a policy bought online as they will for one sold through a face-to-face advisor like a life insurance broker. There are no discounts on premiums in the Canadian marketplace to buy life insurance online.

And with getting policies online you do not get personalized service. Most life insurance policies have unique features from different insurance companies. They also offer many riders and benefits that can customize your plan for your unique situation. And there is future planning to take into account, where a relationship with an insurance broker can help you change your life insurance policies as your circumstances change. Online quotes and sales of life insurance are typically limited to only term life insurance, and purchasing any permanent life insurance would need you to meet with a life insurance broker.

Call Centre sales

This is similar to acquiring online as most online life insurance sales have to be completed by a licensed life insurance representative on the phone. Buying life insurance through a call center is also specific to only term life insurance with several optional riders and benefits. Call center sales people only have a limited selection of products and lack the knowledge or skill to advise on permanent life insurance or various health insurance options.. Call centers basically represent only one insurance company (like a bank owned life insurer) and can offer only those companies products. Usually this means clients cant shop the entire Canadian insurance market for the best rates like they could with a life insurance broker, and are possibly paying much more than required.

Special Mail-Out offers

Several Canadian life insurance companies offer members of groups, like university alumni or employees of an organization, special mail-out offers for association life and accidental death insurance plans. These policies are all built on group insurance platforms. This means you do not own your policy, but are only a certificate holder as part of a bigger. You would have no rights to change your policy into permanent insurance in the future. On these plans, premiums will increase every five year as you age, so what seems cheap toady could get very expensive in 10 or 15 years time.

Many people opt for the accidental death coverage because they think it is cheap life insurance. But, it is NOT real life insurance covering all risks. You would have to die from an accident — NOT a sickness — to be able to claim any benefit. Some planes also cover accidents in only certain scenarios, such as an airplane or bus crash, in order to get the full death benefit they promote. Since sickness is the cause for over 85% of all deaths in Canada, it is doubtful these policies will ever pay out any benefits at all.

Mortgage/Creditor Insurance from the Bank

When buying a house or taking out a loan, your bank or mortgage broker will offer their Mortgage Insurance to protect your family in case you pass away while still paying off your mortgage. THIS IS DANGEROUS LIFE INSURANCE! Even though it might seem easy to be insured for this coverage, at time of claim (death) the insurance company will have to decide whether or not you are eligible for the insurance. Any minor prior health issues that were not FULLY disclosed upon the application could disallow your family from getting the death benefit. Be reminded also that the banks mortgage life insurance has a minimal insurance benefit; you have less life insurance coverage every time you make a mortgage payment, yet the monthly premium does not decrease. When you pay off your mortgage the banks mortgage life insurance cancels and there is no option to get a personal policy, and all your premiums (lost money|are not earning|are losing money}.

Captive Life Insurance Agents

Captive insurance agents are life insurance advisors who represent only on insurance company. A captive agent can only offer products from their insurance company, which means that clients have very limited options. It would be like shopping for a car but you are only allowed to visit the Ford dealership, and must pick a Ford — no other car companies can be regarded. You are not assured to get the best rates. Usually, premiums charged by captive agents are much higher than if a client purchases through an independent insurance broker. You as the buyer, will lose when buying from a captive agents as they are handcuffed by their inability to sell the entire Canadian market for life insurance. Companies that still maintain a captive life insurance agent sales force are Sun Life, RBC Insurance, Freedom 55 (London Life), Primerica, and Desjardins. And, by the way, all these companies offer their life and health insurance products to life insurance brokers too.

Independent Life Insurance Broker

An independent life insurance broker has access to all companies offering life and health insurance in Canada. They can research the market on your behalf to find the best possible solution for the lowest possible premium. Price isnt the only driver when choosing for an insurance policy that is perfect for you. Some companies will offer unique benefits and riders that better serve you, or you might have a health issues that is looked on more favorably by one insurance company vs. another. All this comes into consideration when advising clients about the best life and health insurance options for them. Make sure to also ask about your insurance brokers experience, support system/network, professional credentials, etc.

A Life Guard Insurance Broker Can Help You

At Life Guard Insurance, we are a network of highly skilled, professional life insurance brokers across Canada. Our life insurance brokers are supported by Canadas largest national life insurance general agency, PPI Solutions. Our brokers have access to customized services from reinsurance, meaning we can negotiate a policy when there are health problems or foreign travel restrictions.

Key Marketing Indicators And Tracking Your Marketing Strategy

A great way to look at your key marketing indicators to understand whether your marketing strategy is working or not is to look at your sales revenue in relation to your key marketing indicators listed below. If your sales are up-it is working. If your sales are down-it is not.

However, this is not enough. Sales revenue alone gives you no feeling for your marketing dynamics and provides no way to focus on the key elements of your marketing operation. Try creating a marketing funnel by looking at the following starting at the top and working your way down the funnel:

1. The size of your market as a whole.
2. What part of the market you cover with your marketing activities.
3. How much of your market coverage can be converted into interested potential buying customers?
4. Measure how many of those potential buying customers actually convert into customers.

This funnel narrows at each step of the process. You can quantify each level of the funnel with key marketing indicators and track how well your strategy is really working or not working and how to correct it.

The key marketing indicators are

Market Size:Your Target Market Population.
Market Growth:Target Market Changes
Market Potential:Business Available from your Target Market with a
Maximum Dollar Value
Market Coverage:Effective Marketing Activities that Reach Your Target
Market
Lead Generation:Quantity of Motivated Potential Buying Customers and
% of Target Market
Lead Conversion:Quantity & % of Leads Converted to Sales
Market Share:Market Share of Business in Your Target Market
Average Sale:The Dollar Amount of Each Average Sale.

To be effective in your marketing strategy, you should measure this information monthly and be consistent in the measurement of this information. To do this more often, the information may be skewed in that there are too many daily variances to get a clear picture and understanding of the underlying dynamics of your market and business practices if you look at the information on a daily or weekly basis.

Monitoring the above information will tell you what is and what is not working in your marketing strategy. You will know if your market is growing or decreasing, in addition to how much business is out there for you and your competitors. You will know if your advertising and other integrated marketing communications are bringing in sufficient numbers of qualified leads for potential buying customers. You will also be able to determine if your market coverage needs to be increased or not and if your sales people are converting leads into customers effectively. You will understand the trends of your business and will be able to spot areas that need more attention than others.

Using this information will allow you to have a complete understanding of your competitive analysis that will give you a solid feel for ways to increase your share of the target market.

When compiling data for your market size, it should consist of the number of people in your target market who meet your demographic study discussed earlier. This information would be updated annually rather than monthly, as it is a demographic comprehensive study of your potential probable customer.

To gather the data for your market growth, consider the average frequency of purchase for your type of product or service. Unless you have great market research at the tips of your fingers, you will have to estimate this one based on your knowledge of your markets and common sense at the same time. In the exhibit industry, I would want to know how often my customer purchases an exhibit item and what they purchase to determine this demographic information.

The next step is gathering Market Potential based on the first three steps in looking at your marketing exposure. Does your marketing reach someone in your target market? If so, the potential buying customer is exposed to your marketing message. A great example is a direct mail piece that has been mailed to 5,000 people and you would have created 5,000 exposures if all the addresses were known and correct. If you do this twice a year, you would be creating 10,000 exposures. Additionally, if you run an advertisement in the local business paper or magazine that reaches 15,000 of your target market customer, then you have created a total of 20,000 total exposures by this time. If you continue to circulate 2,500 newspaper inserts per week for four weeks, then that would be another 10,000 exposures for a grand total of 30,000 exposures to your target market potential customers.

In generating leads, it can be done in many different ways for your company. A lead would be any person who has expressed interest in your business or its products and/or services by walking into your store or showroom, submitting an email, responding to your direct mail or viral marketing piece, making a telephone inquiry indicating interest in your product and/or service, or filling out a call to action form on your web site responding to a product and/or service inquiry. This person would be considered more than someone in your target market because they exhibited a motiivation to buy and an interest in your product. Leads are a process of someone having already begun to work their way through the Purchase Decision Buying Cycle and have made an expressed interest in working with your company.

When you convert these leads to sales, you have already most likely collected sales information by this time. For the purpose of tracking your marketing strategy, you will need the exact number of each sales transaction and the number of each lead generated to calculate your true lead conversion rate.

When compiling your sales dollar totals, you can find this on your business financial statements or in your sales reports in your accounting program. This information represents one type of marketing data most people can find fairly well.

Now that you have created your key marketing indicators, it is time to use metrics and evaluate this information to keep you informed of what your quantification efforts are and will give you accurate, objective and an ownership point of view of your business rather than the usual collection of random numbers with personal impressions most small business owners rely on. You will know what your business is doing and what to do about it. You will be able to constantly adapt to change by being in the know of your business strategies and using metrics for quantifying your data.

This is the last section of What is Marketing Strategy and Why is it Important? I hope you found each of the six components to your marketing strategy of value and will use this information to grow and strengthen your business by using metrics along the way.