You can break down your KPIs
Posted: Wed Jan 15, 2025 6:51 am
The above-mentioned metrics, based on which you can design actionable growth strategies and measure performance. The KPIs you set can vary each month to take a more holistic approach. To truly increase revenue, it’s essential to focus on each KPI, and it’s perfectly acceptable for some KPIs to outperform others. So, to hit your KPIs, you need to stay agile and change marketing strategies when necessary. #3. Increase the number of sellers Imagine that you have set your KPIs and you have also implemented the right marketing strategies. However, it is simply that your market does not have enough salespeople to attract customers and persuade them to convert. This situation is common in most marketplaces, as they face the chicken and egg problem. To increase the number of customers, they need sellers, and to increase the number of sellers, they need customers. We can try to solve this problem by first attracting sellers , as it is easy to incentivize and persuade them. Some ways to persuade sellers are: Through commissions: Offering them zero commissions for the first few years.
Offering lifetime zero commissions to their VIP sellers Charging lower commissions to early sellers Charging lower commissions for monthly sales under $5,000. Through other incentives Offer free migration services to country list migrate from other markets Offer unlimited listings to early sellers Offer featured ad spaces Offer free PPC marketing and ads #4. Join relevant communities It’s difficult to grow equipment rental businesses by generalizing. Instead, it’s a better option to identify and join relevant communities that are more likely to show interest in your products. If it’s not direct conversions, those communities will bookmark your marketplace and revisit it to find deals on the equipment they need. You can find such communities on LinkedIn and Facebook. Also, you can reach out to offline communities and visit their exhibitions. One such offline community for heavy equipment companies is the American Rental Association (ARA).
It helps contractors connect with heavy equipment suppliers from around the world. As mentioned above, joining a community may not yield immediate results, but it is certainly a good move to make important business connections and embark on sustainable growth. #5. Spread the word After joining a community, it is time to increase word of mouth. This type of marketing is often considered to be the best form of marketing as it grows on its own and also provides you with maximum recognition. Almost all the big brands have achieved their position thanks to immense word of mouth. To spread the word, you can host podcasts within the community or organize expos. At these expos, you can talk about the advantages of buying from or joining your marketplace. To gain the trust of the audience, you can organize a Q&A session to clarify their doubts. For word-of-mouth to work, you also need to have a strong value proposition and communicate it very clearly to all audiences.
Offering lifetime zero commissions to their VIP sellers Charging lower commissions to early sellers Charging lower commissions for monthly sales under $5,000. Through other incentives Offer free migration services to country list migrate from other markets Offer unlimited listings to early sellers Offer featured ad spaces Offer free PPC marketing and ads #4. Join relevant communities It’s difficult to grow equipment rental businesses by generalizing. Instead, it’s a better option to identify and join relevant communities that are more likely to show interest in your products. If it’s not direct conversions, those communities will bookmark your marketplace and revisit it to find deals on the equipment they need. You can find such communities on LinkedIn and Facebook. Also, you can reach out to offline communities and visit their exhibitions. One such offline community for heavy equipment companies is the American Rental Association (ARA).
It helps contractors connect with heavy equipment suppliers from around the world. As mentioned above, joining a community may not yield immediate results, but it is certainly a good move to make important business connections and embark on sustainable growth. #5. Spread the word After joining a community, it is time to increase word of mouth. This type of marketing is often considered to be the best form of marketing as it grows on its own and also provides you with maximum recognition. Almost all the big brands have achieved their position thanks to immense word of mouth. To spread the word, you can host podcasts within the community or organize expos. At these expos, you can talk about the advantages of buying from or joining your marketplace. To gain the trust of the audience, you can organize a Q&A session to clarify their doubts. For word-of-mouth to work, you also need to have a strong value proposition and communicate it very clearly to all audiences.