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What is the Growth Engine?

The findings of this report were produced by the Growth Engine – an intelligent analysis tool that translates CRM and ERP data into user-friendly charts that quantify progress across 7 defined growth strategies; Attract, Sell, Close, Onboard, Order Value, Order Frequency and Retention. These statistics use longitudinal data for you to review at regular intervals so you can see clear upward, flat, or downward trends. Using these automated insights, you can identify problems before they impact your business and make informed decisions across all areas of operation.

Q1 & Q2 Report Highlights

Average Interpurchase Time (AIT) Breakdown

Our latest report analyses Average Interpurchase Time (AIT, the number of days between orders) by industry between first to second order, second to third order, and third to fourth order.

Missing Revenue

By utilising the assumption that all customers who fail to progress from their third to fourth purchase have been ‘lost’, researchers can assign a hypothetical value to these missed orders. This naturally allows sales data to be distinctly categorised by ‘transactional’ and ‘loyal’ customers. Our latest report uses predictable ‘missing’ revenue to quantify the benefits of building strong relationships with your existing customer base.

Industry Benchmarking & Measuring Loyalty

Revenue Growth Benchmarks

Revenue Benchmarks

By breaking sales data down by industry we can underline and assess the scope for growth and better understand how any one business is affected by the unique circumstances of its particular industry.

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Average Interpurchase Time

Average Interpurchase Time

Assessing Average Interpurchase Time (AIT) is another metric extracted in this report, simply measuring the days between orders to reveal further opportunities for growing revenue.

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About the Report

This report was a joint project between the Oxford Brookes University Business School and Prospect CRM – a cloud-based Customer Relationship Management software tool based in the UK. This report highlights key learnings from the digital records of 2,000 CRM users trading with 2 million businesses, and processing 15.8 million orders. The areas of insight cover industry benchmarking, quantifying the value of repeat business, and directly comparing trends among loyal versus intermittent customers. The CRM user base was then broken down further into five industries to create additional insights.

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About ProspectSoft

ProspectSoft is part of the ERP division at The Access Group, specialising in CRM & eCommerce. We create, develop & deliver our SaaS platform, Prospect CRM, to more than 5,000 SME users worldwide. Prospect is the #1 Stock-Aware CRM for Wholesalers, Distributors & Manufacturers who sell products from stock B2B. Prospect offers an unparalleled integration framework to almost any ERP/accounting system and native integration to the leading back-office Accounting and Inventory Management Systems.

FAQs

The Growth Engine is a business intelligence dashboard in the CRM that features charts and analysis on your growth performance, designed to help businesses measure their sales growth performance. The Growth Engine analyses your CRM and ERP data, turning it into digestible charts that analyse and benchmark your progress in each of these 7 growth strategies; Attract, Sell, Close, Onboard, Order Value, Order Frequency and Retention. By seeing clear upward, flat, or downward trends you can quickly pinpoint which areas need the most focus and improvement.
The Growth Engine is available to customers on a Professional CRM subscription with a Standard Customer Success Plan, and is even available in the Free Trial!
For B2B product selling businesses, Prospect CRM is the #1 Stock-Aware CRM. Prospect CRM’s unique Inventory Management and ERP integration turns your back-office data into valuable insights and actions to increase customer lifetime value – automating your analytics and eliminating the disconnect between Inventory Management and CRM.

Unlock your sales growth strategies with the Growth Engine in Prospect CRM

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