The Reach & Coverage Metric #2
Welcome to our series, OMG : One Metric for Growth where we dive deep into real-life example of how one metric helped an organization to grow their business. Today's Metric for Growth is :
“Reach and Coverage Metric” 📈
When it comes to successful enterprises, growth isn't just a goal; it's a necessity. Brace yourselves for the freshest edition of One Metric for Growth – your weekly ticket to actionable insights that fuel expansion. This week, we deep dive into Reach and Coverage, crucial elements in diversifying and expanding your market presence.
Why Expand Your Reach? 📊
The dependency on a limited base or specific areas can hinder your growth potential. To truly thrive, your business must spread its wings across new territories.
By connecting with new areas and expanding your customer base, you open doors to more sales and a bigger share of the market. It's like spreading your wings: the more places you reach, the more your business can grow.
How to track this metric? ✍️
Let us understand how Aegis tracked and expanded its reach.
"Aegis Infoware Pvt Ltd, Ahmedabad is one of the largest regional distributor in India’s IT Hardware industry. They have presence in multiple states and distributes brands like Lenovo, Tally, Canon, LG and many more and have turnover of more than Rs 400 crore."
Aegis prepared the list of all pincodes / areas they are covering every month. Also, they tracked how many new customers are coming from existing or new pincodes.
This helped them to see their penetration and scope of penetration. They then compared these numbers for different periods, especially for all key products. It gave them the insights that are they growing or slowing down for specific products in specific areas.
They planned their sales visit and calling accordingly. The visualization of these on map, gave every team member the visibility of where they were doing good and where there’s more potential. This triggered lot of thoughts which otherwise they were not able to think in terms of reach and coverage.
Tracking this metric is helping them to stay ahead of competition. They realized that actively tracking and optimizing this metric, will help them grow beyond industry standards.
Stay Ahead of the Curve! 🔑
At Magenta, we help you increase width and depth of your distribution through our business intelligence software. If you're not already utilizing Magenta Insights to track and leverage this crucial metric, seize the opportunity now!
Sign up today to gain the visualization of your customers on interactive maps. Expand your reach, and get ready list of all customers who are not taking your focus products every month at just a click!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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