Category: Marketing Automation

When most businesses forecast their revenue goals, they first calculate their total addressable market, which is the total market demand for their industry’s products or services. Put simply, it’s the maximum amount of revenue a business could generate if they captured their entire market.

However, unless you’re a monopoly, you most likely can’t capture the total addressable market for your products or services. Even if you only have one competitor, it would still be extremely difficult to convince an entire market to only buy your products or services.
That’s why it’s crucial to calculate the maximum amount of revenue you can possibly generate by selling your products or services to the customers who would realistically benefit from buying your solutions.
This amount of potential revenue is called your market size or serviceable addressable market, and you can use it to accurately measure your business’ potential for growth.

Market Size Example
Let’s walk through an example to explore how you’d determine market size. 
A Startup Wine Company
Let’s say you wanted to start your wine company. Here’s how you would calculate market size: First, you’d want to determine how many liquor stores are in the United States — this helps you figure out the total market to which you could theoretically sell your product. 
After your research you determine there are 50,000 liquor stores in the United States. Of that total list, you only want to sell to the New England area — including Massachusetts, Maine, and Rhode Island.
You determine your target market includes the 1,000 liquor stores in the New England area. From here, you conduct research and speak with alcohol distributors to determine there’s a roughly 40% success rate for wine distribution.  
Using this as an example, we’d calculate market size using the following formula:
1,000 liquor stores x 40% = 400 liquor stores
Then, if you assume each liquor store will result in $20,000, you can figure out potential revenue using the following formula:
400 liquor stores x $20,000 = $8,000,000
This means you stand to make $8 million if you penetrate 40% of the total market in the New England area — however, this doesn’t take into account your competitors’ wine, or all the other liquors available in any liquor store. For this reason, you’ll want to remain conservative when guessing how much of the market size you’ll win. 

How to Use Estimated Market Size
Okay, you have your estimated market size — now what? 
Market size helps your business answer the following questions: 

How much potential revenue can we earn from this particular market? In other words … is it even worth our time and energy?
Is the market big enough to interest us? 
Is the market growing? Will there still be opportunities to earn revenue from this market in 3, 5, 10 years? 

Market size is a critical number to know when you’re looking for funding. Investors are going to need to know how much money you have the potential to make from a given market. Additionally, it’s vital to recognize whether the potential revenue you can make outweighs your business’ costs. 
Once you have market size, you’ll also want to consider how saturated the market already is with your competitors’ products. Ultimately, you can’t capture the total addressable market (TAM) — some of those people will choose competitors’ products over yours. So you’ll need to determine whether you have a shot at earning enough consumers out of the TAM to make this a worthwhile venture.

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Influential leaders are a pillar of any organization.
They motivate employees, help them feel empowered in their skills, and, in turn, build strong teams that consistently meet business goals and contribute to overall business success.
Assuming a leadership role is often an end goal for many business people. If you’re hoping to get there one day and want to know how you can succeed, or you’re hoping to improve your skills, this post will explain what leadership skills are, outline how you can develop them, and learn how to display your skills on a resume to stand out amongst your competitors.

Leadership skills are essential for a business because they drive success. Strong leaders ensure that employees are equipped with the tools and resources to succeed, unify teams to create a culture of togetherness, and delegate and communicate responsibilities and wins to all involved stakeholders.
As an individual, leadership skills are important because they help you in all aspects of your career. You’ll know how to take ownership of your job responsibilities, communicate effectively, and work with others to reach a common goal. If you possess leadership skills but are not yet in a leadership role, demonstrating these skills will signal to employers that you can be a strong leader, which sets you apart from other applicants.
Examples of Leadership Skills
While not an exhaustive list, the skills below are examples of abilities that effective leaders have.

Communication: A leader needs to communicate effectively and clearly with stakeholders, employees, and all involved teams. Additional skills that support effective communication are active listening, clarity, concision, and persuasion.

Strategic thinking: Leaders must be strategic thinkers who can understand business goals and develop processes specifically to help meet them.

People management: As leaders lead people, they must manage groups and help them succeed. People management skills can include communication, active listening, working collaboratively, team building, empathy, giving feedback, and delegating responsibility.

Motivation: Leaders must be self-motivated when it comes to hitting targets and performing their job duties. You also must motivate your teams and help them feel empowered and able to achieve business goals. Commitment is a skill that strongly relates to motivation.

Flexibility: Things can change quickly for a business, and leaders must be flexible and able to face changes in the market, employee turnover, or any issues that arise. Being able to think strategically is a skill that strongly relates to being flexible.

Reliability: People look up to leaders, so they must be reliable. Your teams want to know and trust that you’re giving them the tools they need to succeed, and higher-ups want to trust that you will meet the goals set out for you. Additional skills related to reliability are trustworthiness, integrity, timeliness, and the ability to take the initiative.

Ability to mentor and teach: One of the most important things for a leader to do is mentor and teach employees and help them develop their professional skills. Related skills include helpfulness, giving positive reinforcement, understanding employee differences, and providing constructive feedback.

Decisiveness: Leaders must be able to confidently and decisively make informed decisions on critical business matters. Additional skills that support decisiveness are motivation, problem-solving, strategic thinking, and communication.

Ability to give and receive feedback: People look to leaders for guidance, so it’s critical to be able to provide feedback to employees for their development and for you to be able to receive feedback from others.

Most Important Leadership Skills
Although various skills can make someone a successful leader, a few are more critical than others. We’ll discuss two of them below.
1. Communication
Edelman’s 2021 Trust Barometer found that employees ranked good communication as a critical skill for leaders. As such, communication is a vital leadership skill.
The skill relates to all aspects of your job performance, as you need to be able to communicate expectations to employees, delegate job duties, and provide feedback. You also need to communicate performance with stakeholders and higher-ups, so they understand the success of your processes.
A leader unable to effectively communicate will likely find themselves leading teams that are confused about expectations, unaware of their performance, and unsure about their day-to-day tasks. In addition, higher-ups will have difficulty understanding why you’re implementing your processes and how teams are performing concerning meeting targets.
2. Ability to Mentor and Teach
A key component of leadership is being able to lead.
This means mentoring teams, empowering them, and helping people develop the skills they need to succeed at their jobs. Dharmesh Shah, Founder and CTO of HubSpot, says that leadership isn’t necessarily dictated by a job title but how someone focuses on lifting up and empowering those around them.

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A leader that is a good mentor also creates an environment of trust and collaboration with their employees. This can make people feel more comfortable approaching you with questions or assistance when they need guidance.
Some additional skills that are strongly associated with being a good mentor and teacher are helpfulness, the ability to see different perspectives and level with your employees, patience, clear communication, and the ability to communicate instructions and provide actionable feedback.
How To Develop Leadership Skills
One of the best ways to develop leadership skills is through experience, whether it is on-the-job, external activities, or even in a position of leadership. Let’s go over some ways to develop these skills:

Leverage resources like books, podcasts, and content from thought leaders and those with a history of leadership experience and a wealth of knowledge to share.
Participate in courses, workshops, and training opportunities where experienced leaders teach leadership skills and share their expertise.
Follow other leaders that you feel inspired by, study their practices, and implement some of their strategies into your day-to-day.
Seek out leadership opportunities in all areas of your life. For example, if you’re part of a community group, consider taking a leadership role if the opportunity arises, or create a group and gain leadership experience through building it from the ground up.
Recognize that it is a continuous process, and leaders are constantly learning and developing their skills. Therefore, be open to continuous learning, and seek out opportunities that allow you to build your skills.

How To Improve Leadership Skills
Whether you’re a seasoned leader or starting in your first leadership role, there is always room for improvement. Let’s go over some of the ways you can continue to build upon your leadership skills.
Have a mentor.
Having a mentor allows you to learn from someone that has more leadership experience than you. Some businesses have mentorship programs where you can shadow a leader at work and observe their practices, and bring their tips and tricks into your own day-to-day life. A mentor can also observe your performance and give you actionable feedback on how to improve.
Take the initiative.
It will be challenging to improve your skills if you’re not actively seeking opportunities to practice them. So, take the initiative in your current position and ask for additional responsibilities, or step into leadership roles as they become available.
For example, if your workplace creates a new employee group, offer to take the leadership role. You may feel a bit out of your comfort zone, but it will give you valuable hands-on experience that will help you perfect your skills. In addition, people you work with will likely be willing to provide feedback on your leadership, giving you additional growth opportunities.
Focus on specific skill areas.
If there are specific areas of leadership that you feel need improvement, focus on them. For example, you can request more responsibility in particular areas, so you have real-life practice with those skills.
Having a mentor can be helpful in this regard, as they can shadow you at work and monitor you to identify specific areas that may be causing you to struggle. For instance, if you’ve heard from employees that they’re sometimes confused about instructions, you may struggle with communication. A mentor could sit in on a conversation with a team member to get a sense of your conversation style and work with you to create a plan of action to improve.
Once you’ve worked to develop and improve your leadership skills, how do you share this when seeking out job opportunities? Your resume.
Leadership Skills on a Resume
Knowing how to leverage your leadership skills on a resume can be challenging. While you can certainly list the skills you have that make you a good leader, recruiters and hiring managers often want to see results that prove and support your abilities.
The most important thing to keep in mind when listing leadership skills on a resume is to ensure that you’re including skills relevant to the job description you’re applying for so it is explicitly clear to readers how you’ll succeed at the job.
Here are some ways to showcase your leadership skills on a resume:
1. List your skills.
The easiest thing to do is simply include a list of the leadership skills you have that are relevant to the role based on the job description. The image below is an example of a simple list of job-relevant skills on a resume.

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2. Demonstrate your leadership skills in action.
Another way to display your leadership skills on your resume is to show how you’ve used them to achieve results in your previous position. This can look like using quantifiable data and metrics that demonstrate how you’ve created success, and the image below is a great example of this.

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3. List awards and achievements.
Another way to showcase your leadership capabilities is to include a list of achievements, awards, or honors that you’ve received for being a strong leader. Here are two examples of what that could look like on a resume:

Three-time recipient of [Your company name] Leadership Award.
Nominated recipient of the Great Manager Award.

Everyone Can Be A Leader
There are no specifications as to who can and can’t become a leader — it’s possible for everyone. If you leverage the tips on this list to develop your own leadership abilities and actively seek out opportunities for growth, you’ll find yourself in a position to inspire others and help businesses succeed.

As per a recent report, 10 million jobs are going to replaced by robots over the next 10 years. Upon reflecting on this statement, I realised that the importance of robots in the workforce and started putting all elements together- humans will be heavily reliant on robotic processes- and business owners would encourage use of bots to keep up with competitors- enjoy precision, maintain quality standards and minimise the element of human error. https://www.pimonk.com/post/robots-will-massively-replace-humans-in-the-near-future
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There is this brand new online store in which it launched few days ago, but rapidly was recognized by the customers and has become an early success. This stores holds a wide variation of products. Let’s go ahead and visit this store and lets share our thoughts. [The Fancy Corner787 Online Store](www.thefancycorner787.com)
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Nowadays, marketers put a lot of emphasis on webinars, video campaigns, and other new opportunities to reach their customers.
But your contemporary communication methods shouldn’t distract you from one of the oldest and yet most effective messaging channels — email.
You might be wondering if email is still a worthwhile marketing strategy. Well, it is.
In fact, email generates $42 for every $1 spent, which is an astounding 4,200% ROI, making it one of the most effective options available.
If you’re still hesitant, keep reading — we’ve cultivated a list of email marketing statistics for 2021 to demonstrate just how powerful email can be.

General Email Marketing Statistics and Best Practices

The global e-mail marketing market was valued at $7.5 billion in 2020 and is projected to increase to $17.9 billion by 2027. (Statista, 2021)

There are 4 billion daily email users. This number is expected to climb to 4.6 billion by 2025. (Statista, 2021)
More than 306 billion emails are sent and received each day. (Statista, 2021)
Active email accounts surpassed 5.6 billion in 2019. (Statista, 2019)
64% of small businesses use email marketing to reach customers. (Campaign Monitor, 2021)
More than 40% of marketers saw budget cuts to email since the pandemic. (Litmus, 2020)
Across all industries, the average email open rate is 19.8%, the click-through rate is 11.3%, and the bounce rate is 9.4%. (Constant Contact, 2021)
Marketers who use segmented campaigns note as much as a 760% increase in revenue. (Campaign Monitor, 2019)
4 out of 5 marketers said they’d rather give up social media than email marketing. (Litmus, 2020)
35% of marketers send their customers 3-5 emails per week. (Not Another State of Marketing, 2020)
78% of marketers in 2020 said email is important to overall company success, compared to 71% in 2019. (Litmus, 2020)
78% of marketers have seen an increase in email engagement over the last 12 months (Not Another State of Marketing, 2020)
31% of B2B marketers say email newsletters are the best way to nurture leads. (Content Marketing Institute, 2020)
The U.S. spent over 350 million dollars on email advertising in 2019. (Statista, 2019)
Brands that always include an A/B test in their emails generate an ROI of 48:1. (Litmus, 2019)
Globally, Fridays see the highest email open rates (nearly 19%), compared to the lowest open rates (17%) on Saturdays. (Campaign Monitor, 2021)
66% of marketers believe artificial intelligence is a way to optimize email send times. (Statista, 2019)

23% of brands have already experimented with interactive elements in email, an additional 32% are planning on trying it soon. (Not Another State of Marketing, 2020)

B2B Email Marketing Statistics

81% of B2B marketers say their most used form of content marketing is email newsletters. (Content Marketing Institute, 2020)

16% of all emails never make it into the inbox. (Email Tool Tester, 2019)
On average, B2B companies send one email marketing campaign every 25 days. (SuperOffice, 2020)
31% of B2B marketers say email newsletters are the best way to nurture leads. (Content Marketing Institute, 2020)
87% of B2B marketers say email is one of their top free organic distribution channels. (Content Marketing Institute, 2020)
90% of content marketers say email engagement is the top metric they track to measure content performance. (Content Marketing Institute, 2020)
89% of all B2B email campaigns are sent from a company name. (SuperOffice, 2020)
The second-most common technology B2B organizations use to assist with content marketing is mail marketing software. Roughly 85% of marketers say they work with these tools. (Content Marketing Institute, 2020)

Mobile Marketing Statistics

Nearly 55% of global website traffic is generated from mobile devices, excluding tablets. (Statista, 2021)

Apple iPhone’s native email app has the highest market share, followed by Gmail. (Litmus Labs, 2021)
Nearly 1 in 5 email campaigns is not optimized for mobile devices. (SuperOffice, 2020)
Launching a mobile-responsive email design can increase unique mobile clicks by 15%. (MailChimp, 2019)
Mobile-friendly email is the second most-used tactic email marketers to improve their performance. (HubSpot, 2020)
9.3% of email clicks come from tablets, rather than smartphones or computers. (MailChimp, 2019)
Although people primarily check email on iPhone devices, Gmail is still the most-used email service, with more than 1.5 billion users (CNBC, 2019)

B2C Email Marketing Statistics

Your audience will reward you with higher open and click rates if you don’t send more than five newsletters a week. (GetResponse, 2020)

60% of retail, e-commerce, and consumer goods and services companies are personalizing emails based on past purchases, versus 38% in 2019. (Litmus, 2020)

More than 8 out of 10 people will open a welcome email, generating 4x as many opens and 10x as many clicks as other email types. (GetResponse, 2020)

The single message autoresponder email had an astonishing 98% open rate and a 37% click-through rate. (GetResponse, 2020)

Nearly 22% of all email campaigns are opened within the first hour of sending. (GetResponse, 2020)

45% of internet users avoid opening emails from unknown addresses. (Statista, 2019)

Email Marketing Demographics 2021

99% of email users check their inbox every day, with some checking 20 times a day. Of those people, 58% of consumers check their email first thing in the morning. (OptinMonster, 2020)
40% of consumers say they have at least 50 unread emails in their inbox. (HubSpot, 2020)
Emails sent by independent artists, writers, and performers have the highest open rate at 34.4%, followed by education (34.1%) and travel and tourism (32.6%). (Constant Contact, 2021)
On average, the highest email click-through rate goes to the Consulting services industry at 25%, with Administrative and Business Support services in second at 20%, and Home and Building services in third at nearly 19%. (Constant Contact, 2021)
26% of retail emails bounce, putting it well above the 9% average bounce rate for all industries. (Constant Contact, 2021)
20% of retail, e-commerce, and consumer goods and services companies are personalizing emails based on gender, race, ethnicity, versus 11% in 2019. (Litmus, 2020)
59% of Millennials primarily use their smartphone to check email, while 67% of Generation Z scans their inbox on mobile. (Bluecore, 2021)
74% of Baby Boomers think email is the most personal channel to receive communications from brands, followed by 72% of Gen X, 64% of Millennials, and 60% of Gen Z. (Bluecore, 2021)
91% of women in the US use email, compared to 89% of men. (Statista, 2019)
Asian Americans are the most popular email users in the US (92%), followed by white users (91%), African American users (88%), Hispanic users (85%), and American Indian or Alaskan Native users (83%). (Statista, 2019)

Apply Your Email Knowledge
Many of the data points will help you make the case for investing more time and money into your email marketing strategy. While you can refer back to this post at any time, you can also start applying them to your next campaign.

Editor’s Note: This blog post was originally published in March 2019, but was updated for comprehensiveness and freshness.

 

The D2C business model is becoming a better alternative to B2C. More than 60% of customers prefer brand websites over multi-brand retailers because they offer more comprehensive information (Invesp). The increasing popularity of D2C businesses is based on customer needs and the benefits of the model itself.Even if you believe D2C only supports manufacturers, we’ll show you how it’s beneficial for all business types.

 

The D2C business model phenomenon

 

The needs of modern customers are constantly evolving. They value a direct interaction with brands that are willing to consider their needs. For this reason, age-old solutions are becoming increasingly irrelevant, and new, improved alternatives are emerging. 

 

One of these alternatives is D2C (direct-to-consumer), an eCommerce strategy that eliminates the barrier between producers and their customers. It does this by avoiding retailers and focusing on selling products through online eCommerce platforms, social media, etc. The model provides manufacturers with the ability to easily monitor their customers’ behavior and get feedback on how to improve their service. 

 

In addition to various advantages for customers, this strategy can be beneficial for manufacturers. They can amass more profit by bypassing middlemen, getting access to more targeted customer data, testing products and marketing strategies, engaging customers to create a loyal base, and broadening their market opportunities. Better yet, these benefits are not exclusive to manufacturers and can be applied to all business types.

 

5 types of D2Cs

 

Currently, we can see that more and more companies from various industries are deciding to operate as D2C businesses. The largest percentage of them are apparel brands, but the variety of services and goods is endless. Each brand and its clients have distinct needs, which is why 5 models of D2C businesses can be distinguished:

 

Digital Store

Characterized by a fully developed eCommerce platform that allows a manufacturer to sell their goods directly to a client. It’s a proper alternative to traditional stores, but might not be the best choice for a startup brand.

 

Knowledge Hub

Collects data on customers’ interests and purchases to provide a more memorable experience. It gives a manufacturer real-time information on product development, but it won’t provide as many benefits for established companies.

 

Touch Point Commerce

Focuses on reaching new customers through various touchpoints (social media, games, etc.). The most significant advantage of Touch Point Commerce is that it provides innovative methods of gaining and engaging clients, but the actual conversion rates might sometimes be lower than expected.

 

Subscription Model

Centered on a loyal customer base and provides clients with regular deliveries. The model uses first-time data to gather information about customer preferences, which allows a manufacturer to customize their offerings. However, gaining the trust and loyalty of customers may be a significant obstacle to success.

 

Personalized D2C

Puts a one-to-one relationship with the client on a pedestal to provide a memorable customer experience. While it is possible for such companies to enjoy high customer engagement, without robust infrastructure, it is also easy to fail.

 

Reasons to move to D2C

 

It feels like every brand is now becoming a D2C company. This is being influenced by the fact that 40% of customers expect more than 40% of their spending to go toward D2C brands in the next five years (Invesp). All things considered, the question arises as to what makes this model better than the traditional B2B strategy. The following 4 factors may give D2Cs some advantage:

 

Independence

A brand can reach customers directly, without having to rely on any retailers, distributors, wholesalers, or middlemen.

 

Access to customer data

Client data is no longer gathered by third-party retailers. Information about customers’ interests, preferences, behavior, and previous purchases goes directly to the manufacturer.

 

Control

A brand has full control over how their products are presented, marketed, packaged, etc. They are aware of the entire customer experience and any decision is theirs to make. However, this convenience ends when any third-party sellers are engaged.

 

Lower costs

Self-service and D2C shipping both cost a company less than entrusting distribution-related aspects of the business to a retailer.

 

The future of the D2C business model

 

Customers desire personalized and engaging content, and we can confidently say that this won’t be changing any time soon. We also predict that these factors will take on even more meaning in the purchasing decision process, forcing companies to innovate in the future. This will motivate the most recognizable companies to make the shift to the D2C business model. The strategy provides the opportunity to constantly evolve and adapt to the needs of customers in order to meet their expectations. Moreover, any brand can appreciate the advantages of this strategy, whether it is a manufacturer or not. The most important thing that companies must consider is choosing the D2C model that is best suited for optimizing their service. This will allow them to experience real profits and satisfy their customers in the long term.