Measuring your business’s performance can be done in thousands of different ways, but narrowing down a set of key metrics you want to follow will give you a great insight into the performance of your business as a whole and your individual teams and campaigns. Here are eight metrics that you should be measuring to check the viability of your business going forward.
When it comes to customers, there are a million and one things you should and could be tracking and measuring. What gets left off of most lists, though, is the customer effort score.
This unique scoring system is used to discover how much effort your customer has to go through to get the result they were looking for. Most commonly, it’s used in the app design field, but it’s a metric that can be used across businesses to determine how much effort your customers are having to go through to get what they came to you for. This is a useful metric for discovering bottlenecks and possible barriers in the way of customers making the choices you want them to make.
Lead Response Time
If you’re spending thousands on generating qualified leads and making sure they get through to your sales team, you’ll want to be tracking how long it takes for your sales team to make contact with that lead and the outcome of that response time. Response time differs within industries, and it’s worth getting a benchmark for your company and industry before taking steps to speed the process up. Of course, the main aim is to have as little lead response time as possible, but being realistic with your goals is just as important as tracking your metrics.
Where are you getting your business from? This is a metric that is very easy to track when it comes to online business but not as easy to track when thinking about offline advertising.
The beauty of tracking your traffic sources is that you can finally discover what is working and what isn’t. On the surface, you can literally find out what advertising is bringing in the most traffic, is Facebook bringing in 1000 page views a month, but your Google Ads only bringing in 60, for example?
Once you have the data of where your traffic is coming from, you can quickly determine conversions based on the traffic sources. For example, if your Facebook ads are bringing in 1000 pageviews but only one conversion, this may mean you need to scale back your efforts, especially if your 60 page views from your Google ads are turning into 50 conversions!
It’s not always a case of higher traffic is best, but it is a case of knowing what your traffic is doing when it does get to you. This can then be fed back to your marketing teams to allow them to either improve adverts that aren’t doing as well or ditch services that are consistently underperforming.
Email Open Rate
Is email marketing dead? Statistically, it isn’t, but the world of email marketing has definitely moved on a lot in the last few years, and getting good conversions from email is becoming harder. That being said, it’s worth tracking your email open rates because this can help you improve your email marketing efforts, spending money where it’s needed rather than wasting it on emails that go unopened.
Authority can be a tough one to measure, especially as Google is so insistent that people and businesses build their personal authority in their niche in order to succeed in the search engine results page (SERP). Domain authority, on the other hand, is relatively easy to check and will help you to discover how well your website is ranked. Check out these free domain authority checkers to get started.
Sales Win Rate
Another metric for your sales team is the sales win rate. This is easily calculated by taking the number of sales won and dividing it by the number of leads that were contacted, then multiplying by 100 to get the percentage.
This is a useful metric to know so you can track how well your sales team is doing. As with most things in sales, it is worth taking it at face value and working with your own business’s benchmarks with consideration to standards within your industry rather than taking an average across unrelated companies.
This is especially important when thinking about industries that sell high-value products or services. They may not sell many, but when they do, they are worth a lot of money.
Social Media Engagement Rate
Social media has been described as being like a treadmill; you can spend a lot of time and effort running and end up traveling nowhere. While social media is definitely a useful way to contact your customers and keep them up to date with your brand, there is now a lot of evidence to suggest that social media marketing without paid advertising (organic social media) is in serious decline, and companies are not getting the returns they once did.
Checking your engagement rate will show you how popular your social media feeds are. Feeds that have millions of followers with hardly any engagement (likes, comments, shares, etc.) aren’t necessarily doing better than brands that have a few hundred followers but lots of engaged users.
Average Time To Hire
This metric might come as a bit of a shock because it doesn’t seem to be directly related to business turnover at first glance. It’s a really interesting metric to follow, however, because it can tell you so much about your business.
Finding out how long it takes to hire someone to work for you can give you a great indication of how well your business is viewed on the outside and how many people actually want to work for you. It can also help to discover issues in your recruitment process too.