What are your key business metrics? Key business metrics is one area of business where most owners can benefit from improvement. Improving key business metrics ranges from tracking the right information to implementing new systems and technologies to stay on top of vital information. The following tips can help you improve your company’s key business metrics and ultimately to grow your business.
#1 Inbound Links
Inbound links are both essential ranking factors for Google as well as a good measure of your content’s overall popularity. But rather than merely measuring any changes to your search engine result page rankings, it’s also a good idea to actively track changes in your link velocity in relation to your social media campaigns. You may notice that the volume of inbound links to your site increases after running a contest, producing a specific piece of content or implementing some other social media marketing strategy. Read more – http://www.entrepreneur.com/article/244669
#2 Experiment Frequently with your Key Business Metrics
Experimentation offers opportunities for your business to accelerate its growth. Testing should not only offer insight but also alternatives. Furthermore, it doesn’t have to be a cumbersome process; simple business experiments work well. Try the test-and-learn approach. Take one action with one targeted group, take a different action (or no action) with a control group, and then compare the results. This method keeps the process simple, and outcomes become apparent without the hassle. Read more – https://blog.kissmetrics.com/increase-roi-with-analytics/
#3 Customer Lifetime Value
Track your ROI on marketing campaigns makes sense. But unless you are tracking your customer’s lifetime value you can’t be sure that your ROI is accurate. Tracking key business metrics related to repeat customers in order to estimate how much a new customer is truly worth to you. It’s not easy to track, but if you can do it, you can make better-informed marketing decisions. Read more – http://www.ducttapemarketing.com/blog/kpis-local-businesses-should-track/
#4 Profitability Per Product or Service
Small business owners often make the incorrect assumption that their most expensive product or service is the best thing to sell. In fact, sometimes they might be better off selling something cheaper. Tracking profitability per product or service is the only way to determine which products or services are making your company the most money. Read more – http://www.inc.com/sabrina-parsons/most-small-business-owners-fail-to-track-these-three-metrics.html
#5 Don’t Forget Virtual Metrics
While hard numbers are great, virtual metrics, or soft metrics, are just as important. One of the key business metrics I encourage all of my clients to track is their personal stress on a scale of one to 10. For each individual, we establish a normal stress threshold that must require some action if it is crossed. If you normally operate with a personal stress metric of five and one week your stress rises above that threshold, it requires a conversation and possibly some action. Read more – http://www.entrepreneur.com/article/245285
Rather than trying to implement all five of these tips and tactics immediately, focus on one. Choose one tactic that feels as if it would have the biggest impact on your business. Once you have that system running smoothly, then you can move forward with more improvements.
