A North Star Metric (NSM) is a key metric chosen by a company with the aim of leveraging results and focusing on what really matters. Using a North Star Metric is a way to measure the company's progress with a focus on sustainable business growth. It can be classified as an Output metric as it is the result of different smaller activities that can be measured by other metrics – Input metrics – and which together aim to achieve a specific result and make an impact. Some examples of North Star Metrics from famous companies are the time people spend on the platform watching movies and TV shows (Netflix) and the number of active users per month (Facebook).
Endless Aisle is a solution that allows customers to shop in-store for products that are out of stock or not available at that specific store. They can buy what they need from totem platform or digital devices such as tablets or smartphones provided by the store. These products can be picked up at the store later or delivered directly to customers' homes. For this reason, Endless Aisle is also known as “buy in store, ship to customer” feature.
Copywriting is an advertising and marketing strategy used to create persuasive content and get people to take a specific action, increasing conversions and sales. Content can be written across multiple channels such as emails, websites, and advertisements. The elements of a good copy: Urgency Connection Specificity Social approval Scarcity
SKU stands for Stock Keeping Unit and is a scannable barcode composed by an alphanumeric combination – usually eight digits long – that allows retailers to track their inventory levels and determine the difference between their products. Different products have their own SKUs and the combination is usually based on product characteristics such as price, size, color and many others.
Also known as electronic commerce, it is the process of buying and selling products and services online. Conducted by individuals and companies, Ecommerce can be classified into four main types: Business to business (B2B): when the online transactions don’t involve the final consumer, but companies that are doing business; Business to consumer (B2C): when the company sells products or services directly to the final consumer; Consumer to consumer (C2C): when no company is involved in the transaction, only consumers who decide to sell to each other – this usually takes place on third-party websites such as eBay and OLX; Consumer to manufacturing (C2M): when the consumer influences and determines the production, allowing the manufacturer to react to the demand; Direct to consumer (D2C): when the producer or manufacturer sells their products directly to consumers.
The Churn rate indicates how much revenue or customers your business has lost, considering the percentage of people who decided not to be a customer or a subscriber during a specific period or even employees who decide to leave their jobs. On the other hand, the bounce rate represents the number of people who access a website and then leave it without interacting with its content. It’s necessary to monitor these metrics. To make this possible, it's important to use a good CRM to track the customer journey from beginning to end.
Upselling is a sales technique that aims to increase the average order value by recommending upgrades, more expensive products or premium ones, compared to what the customer was intending to originally purchase. Well-suited upselling strategies would ultimately increase the amount of revenue that a seller or store would receive from the customer, exposing them to more strategic products to the business.
A Call to Action (CTA) is an element that aims to make the audience take an expected action. The main objective is to influence the audience on what to do and what next steps to take, help visitors and users make decisions and make sense of your content or publication. It can take many forms, such as a button, landing page, image, or link. It's important to enhance emotion, connect with your audience, and clarify the reason for action. One of the best ways to implement a CTA is to make it implicit rather than direct.
A Sales Funnel is the journey that a customer goes through from discovering the company or product to the moment of purchase. Understanding this marketing concept has many benefits, such as knowing which channels, strategies, and other activities are best for achieving better results and optimizing each stage of the funnel. This helps the company send the right message at the right time.
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