MKT 571 Week 1

Subject: Business Growth Overview

CC: Meraj Khan

Date: May 2019

Data-driven marketing could result in different situations. Some of these situations include market growth, customer loyalty and also high levels of customer engagement. Between 2015 and 2016, there was a noticeable increase in market growth revenue. The growth in revenue was reflected both in international as well as local markets. Regarding global markets, an increase of about 11% was registered. There was an 80% increase in domestic revenue. With relation to the ranking of customers, a 46% increase was registered as all customer rankings rose from about 10% to 56%. There was also a 22% increase in customer maintenance rate. The rate refers to those customers who continued enjoying service business. There was a 12% increase in product sales between 2015 and 2016.

Many organizations in the reseller firms, municipal, international organizations and even commercial organizations have also registered a revenue increase of approximately 10% and 12%. Reseller firms and commercial organizations recorded a growth of roughly 9.9 %. Industrial companies grew by about 9.5%. Compared to 2015, 2016 registered higher levels of growth. In 2016 the growth was recorded at $577 while in 2015 it was $ 194. The hygiene sector, the government sector, and even the educations sector also posted positive growth. The registered growth in these sectors was about 1% to 3%.

Industrial labs were not left behind as they also grew in revenue by about 7%. The government sectors also posted an increased growth with the highest rate registered at 23.4% while in the education sector growth of 16.2% was registered. Some of the companies that ranked high in terms of revenue growth included ABC Corporation, Delta-Appliance, Fish Limited and also Alps Company. The firms registered an average percentage growth of 3% to 4%. Between 2015 and 2016, other firms such as Check Gmbh, Expert Engineer, Euro Limited, Francois and Sons, XYZ Incorporation and also Here4u posted growth margin of 1% to 2%. Check Gmbh, as well as Francois and sons, recorded a growth of 50%.

Regarding customers, an admirable growth of approximately 1% to 2% was registered. The growth in revenue can be linked to factors such as growth in new customers. It is advisable to establish an effective market that will help firms to make more profits. A firm will only realize profits when there is an effective market that can facilitate the buying of goods and provision of services. How resources are used plays an important role in determining the profit that a firm will make. The current customers use about 2% of the resources while the firms utilize more than 90% of the remaining resources. The organizations use these resources for expansion. An organization must implement not only private checks but also effective strategies of marketing that will facilitate it to promote its brands. An increase in revenue is usually reflected through positive growth.

Based on (Murphy, 2016), it is pertinent for a firm to design a marketing package that will attract new customers. A company must create strong and lasting relationships with its customers by adopting behaviors that will lead to customer satisfaction. Through these, the organizations will be able to achieve their set targets. A company’s expertise in designing the customer packages and also the kind of relationships that the company builds with customers determines the level of growth it will achieve.

Understanding market demographics is one of the steps in effective marketing. The comprehension of these demographics implies a thorough understanding of the needs of the customers. A thorough analysis of the market demographics helps an organization to develop strategies that will lead to the achievement of goals and objectives. Well defining of goals will lead to reduce costs and facilitate increased earnings. Organizations also need to adopt techniques for measuring success. Measuring success enables a firm to identify any existing gaps and plan accordingly on how to address them to achieve high levels of customer satisfaction. When a company has effectively planned its activities, it will be possible for it to use resources well hence provide effective services to the customers (Murphy, 2016).

Organizations must realize the need to allow customers to make them achieve growth. Giving customers a chance to influence business activities will lead to the achievement of long term objectives. It is possible for a company to expand its operations especially of the management uses good strategies to acquire new customers and also rely on strategies that facilitate the achievement of desired results. (Murphy, 2016), argues that companies must take deliberate action to evaluate the progress of their activities and the achievement of goals. For instance, if a company has a 90-day goal, it should evaluate its progress within 30 days.

Reference

Murphy, L. (2016). Fanatical Customer Success.  SaaS Forum.  Retrieved