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WHAT ARE THE ACTUAL COSTS OF SAMPLING PROCESS? (How to keep and analyze the data?)
1. The problem we want to solve and why (our focus and target)
- Focus: process of finding the ROI
- Why? : We think that main problem is NOT KNOWING what are the costs of sampling processes. That will show where should Palsgaard focus on when coming to improving the process itself.
2. Our solution (how we think the problem can be solved and the sample process improved)
- Hire a person that would be resposible for keeping and managing data of potential customers that ordered samples.
- Data would be kept and analysed in Excel. Resposible employee will track the progress of coverted leads, interpret the data and monitor the effect of changes
3. The benefit (how we measure success of our solution and the benefit for Palsgaard)
- We create a tool/way that will measure the succes of the whole sampling process.
- ! BENEFIT ! : Palsgaard can monitor if their investment in the sampling process is profitable.
Good idea to get a more precise overview of the ROI of the sample process.
Here are a few questions that popped into my mind.
What kind of recommendations would you give Palsgaard if it turns out that the sample process has negative ROI, break even or positive ROI? How should they use the knowledge they gain?
Would you only look at sample and order one time or do you take "customer lifetime value" (CLV) into account? (example; The ROI for a particular sample is negative because the customer places a small order first time, but later places bigger orders, more frequently.
It might sound like a big investment TO KNOW what the ROI is if Palsgaard cannot use the data to improve their ROI.
Could you think of more ways Palsgaard could use the data about "samples sent" and "orders received"? How can they use the data to make the sample process more effectful and improve ROI? Could they start to predict which customers will buy or which sample categories work the best? Could they somehow divide "sample customers" into categories - and differentiate their sample process based on data? Would there be any qualitative data that could make your ROI tool better?
What would you say is the "creative" part of your idea?
Just some questions to make you reflect about how your good idea can be even greater.
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