In my experience, this question doesn’t have a one-size-fits-all answer. Many organisations instinctively chase volume: more leads, more outreach, more pipeline. But is that really the most effective path?
How does having a single customer view support your company's customer obsessed culture? We’ve broken this down into three areas to inspire you...
The largest AI event in the world. Dreamforce 2024 kicked off with a powerful focus on Artificial Intelligence (AI), signaling the third wave of AI innovation and its deep integration across business platforms. Hosted by Salesforce in San Francisco from September 17-19, the event is centered on the potential of AI agents to transform business operations and customer experiences. 1. Agentforce At the heart of this year’s announcements is Agentforce, Salesforce’s new AI platform. Agentforce allows businesses to build and deploy AI-powered agents to automate tasks across various departments like customer service, sales, and marketing. What makes Agentforce revolutionary is its ability to act autonomously, not just as an assistant but as an active decision-maker within business workflows. This system is powered by the Atlas Reasoning Engine, an AI engine that generates, refines, and executes plans based on data from Salesforce’s Data Cloud. With Agentforce, businesses can now seamlessly integrate AI into their operations, helping them scale customer support and sales efforts like never before.
There Unit economics might seem like a subject only accountants would love, but it's actually a high-stakes game that every business plays, whether they realise it or not. The Game of Unit Economics: Playing to Win Unit economics might seem like a subject only accountants would love, but it’s actually a high-stakes game that every business plays, whether they realise it or not. Just like any sports game, there’s strategy, players, rules, and scores. Let’s dive into the thrilling world of unit economics and take a playful look at its various KPIs, comparing each to sports. We promise not to get too “technical” with fouls! 😉 🏈 1. Customer Acquisition Cost (CAC) – The Draft Pick Just like picking a player in the draft, acquiring customers costs money. Some are star players who come with a hefty price tag, while others are hidden gems. The key is to find the right balance between the two. Draft too many expensive stars, and you might not have enough left for the rest of the team. 🎾 2. Lifetime Value (LTV) – The Tennis Rally Think of LTV like a tennis rally. The longer it goes on, the more value it brings to the audience. If your customers stick around, buying again and again, that rally keeps going, bringing in more and more revenue. Just be careful not to let the ball hit the net! 🏏 3. LTV/CAC Ratio – The Cricket Score In cricket, a high score is good, but only if you’re batting. When it comes to the LTV/CAC ratio, you want this score to be high as well. A high LTV/CAC ratio means you’re making more over the customer’s life than you spent acquiring them. Score a century, and you’re on your way to a winning game! 🏀 4. Contribution Margin – The Basketball Dunk A slam dunk in basketball is a showstopper, and so is a high contribution margin in business. It shows you’re not only scoring points (revenue) but doing it with style (profit). Just remember, no one likes a ball hog, so spread the love around your business. 🎿 5. Payback Period – The Ski Slope Imagine sliding down a smooth ski slope, and the payback period is how quickly you reach the bottom. You want a short payback period – the quicker you recoup your customer acquisition cost, the sooner you’re back on the lift for another fun ride. "A high LTV/CAC ratio means you’re making more over the customer’s life than you spent acquiring them." The finish line: DO: ✔️ Understand each KPI and how they relate to one another. ✔️ Continuously monitor and adjust your strategy. ✔️ Keep a balance between acquiring new customers and retaining existing ones. DON’T: ✖️ Ignore any red flags in your KPIs; they might be the penalty that costs you the game. ✖️ Put all your resources into one area; remember, even Michael Jordan needed a team. ✖️ Forget to celebrate the wins; it’s not just about scoring; it’s about enjoying the game! Ready to Get in the Game? Here at Formidable Minds, we’ve got the coaching playbook to help you master the game of unit economics. With the right strategy and understanding of these critical KPIs, you’ll be on your way to winning the championship of business growth.
We feel compelled to address some misconceptions presented recently about Salesforce and the alternative that we are asked about time and again... Zoho CRM.
Salesforce's Spring '23 release is fast approaching, with lots of new features and improvements coming we take a quick look at some of these features, which would not be complete without Flow changes and improvements of course...
