When measuring the success of SETRAX business development services, several key performance indicators (KPIs) can be considered. The specific KPIs may vary depending on your business goals, objectives, and industry. Here are some common KPIs that can help measure the effectiveness of SETRAX business development services:

1. Customer Acquisition Rate: This KPI measures the number of new customers acquired within a specific timeframe. It indicates the effectiveness of SETRAX in attracting and converting prospects into paying customers.

2. Customer Retention Rate: This metric measures the percentage of customers who continue to use your services over a specific period. A high retention rate indicates the success of SETRAX in building strong customer relationships and fostering loyalty.

3. Customer Lifetime Value (CLV): CLV measures the total revenue generated by a customer throughout their entire relationship with your business. It provides insights into the long-term value that SETRAX business development services bring by attracting and retaining valuable customers.

4. Revenue Growth: This KPI tracks the overall growth in revenue attributed to the implementation of SETRAX business development strategies. It measures the effectiveness of these services in driving sales and increasing profitability.

5. Conversion Rate: The conversion rate measures the percentage of prospects who take a desired action, such as making a purchase or submitting an inquiry, as a result of SETRAX business development efforts. A higher conversion rate indicates successful lead generation and nurturing processes.

6. Market Share: This metric tracks the percentage of the total market that your business captures. An increase in market share demonstrates the effectiveness of SETRAX business development services in expanding your presence and outperforming competitors.

7. Customer Satisfaction: Measuring customer satisfaction through surveys, feedback, or Net Promoter Score (NPS) provides insights into the success of SETRAX in delivering exceptional customer experiences. Satisfied customers are more likely to become advocates and refer others to your business.

8. Brand Awareness and Recognition: Evaluate the awareness and recognition of your brand in the market. This can be measured through surveys, social media mentions, website traffic, or brand recognition studies. Increased brand visibility indicates the success of SETRAX business development strategies in building brand equity.

9. Return on Investment (ROI): ROI measures the financial return generated from the investment in SETRAX business development services. It compares the revenue generated or cost savings achieved with the costs associated with these services, providing a quantitative assessment of their effectiveness.

It's important to align your chosen KPIs with your specific business objectives and regularly track and analyze them to evaluate the success of SETRAX business development services and make data-driven decisions for continuous improvement.

Why do your customers choose you and not your competitor? Is that simply because you offer your products and services at the lowest price? Or might there be another reason why your customers do business with you? Most of the time the employees of a business speak of their products and services with pride and they are convinced that they offer something different from the competitor. But, when I ask the same employees about the customers, they sometimes tell me that the customer simply wants the products and services at the lowest price. Or, that we can only sell the products if we give the service away for free. 

Let me first relate this to the 'Business Identity'. Your Identity is unique and it is what differentiates you from everyone else. Your identity is defined by: 

• The customer profile

• The products / assets you offer 

• The profile of your partners

• The profile of your employees

• The profile of your competitors

Your identity is why a customer, an employee and a partner chooses to do business with you. 

Together we can define your identity and transform it to underline your business model. It will be the foundation of your proposition to the market. The identity is most likely already present in your organisation's culture and by making it tangible it will get more traction in and outside your organisation.  

• Are the expectations of your customers increasing?

• Is your price level under pressure?

• Are your costs under pressure?

In the current service economy, customer experience (CX) is your main competitive value. This means that your business perspective about "service" needs to adapt accordingly. 

1. Your culture: The value of your "service" needs to be perceived by all your employees. If so, this will also be communicated to your customers. If your employees do not value your service, how can your customers do so?

2. Your proposition: Service needs to be part of your business proposition. As long as service is seen from a cost perspective and not of additional value to your customer, it will not be part of the proposition and thus, sales will have its focus on selling parts/assets at a low price level and use "service" as a giveaway. When service is seen as something you can give away to get the hardware deal in, your customers will not perceive your service as valuable. 

3. Incentives:  When your employees have an incentive structure, this should be in line with "Successful Service". If it is not, your personnel will feel that Service is less important. Let's start with defining what "Successful Service" means to you and your business.

When done right your expertise will: 

• Scale your service delivery

• Boost profitability

• Add service value

• Improve the employee retention rate

• Improve your customer experience

If you want to know how to utilize your "Expertise" to boost your business, let's be in touch!