3 Metrics to Measure Business Performance

After a long day or week, wouldn’t it be nice to be able to pull up your sleeves, sit back with a glass of whatever you fancy, then take a look at how your business doing? But with the massive amount of analytics available…well, it can be a pain in the derriere. We know that and our goal at Cyfe is to help businesses and entrepreneurs cut through the unnecessary volume, save time and make better business decisions all from one place. With that said, these are the three key metrics you should definitely pay attention to on a regular basis if you want to grow your business.

Visitors
Visitors are a solid overview to help you gauge how your rankings, social activity and content output perform. In your analytics tools, take a look at the number of unique visitors combined with page views and time on site. Unique visitors alone don’t indicate how much they like your site. There could be a whole lot of bounces (sad face). Monitoring visitors looks like an EKG line and it would be wise to record when it spikes so you know when a particular blog post, offering or even a tweet was a hit and drew visitors. 

You just need to understand what pages they come on, stay on, and where on your website they leave to figure out what could be attracting or turning them away. 

If you feel you could use more relevant visitors, who don’t bounce, you should investigate your current content and what keywords you’re using. An immediate and helpful step is to use the Google Adwords keyword tool to research key phrases relevant to your audience. For your criteria  you’ll want high search volume with low to medium competition so you have an opportunity to rank higher in search engines. Installing a SEO plugin to help your writing algin with the keyphrases is mighty helpful. SEO by Yoast comes highly recommended and cracks the whip if it senses you’re neglecting the keyword! 

Leads
Hmm. What a rewarding feeling, right? When a visitor becomes a conversion by contacting you through social media, email, a phone call or your contact form, congratulations.  You’ve officially got a lead. Hold yo horses, though!The majority of leads do research and not all result in a paying customer but if you can convert at least 20-25% of these leads, that’s success! Leads are more inclined to favor the prospect that gets back to them first. Nothing’s worse than somebody making a move to interact with you getting ignored or waiting. Consistent and relevant communication, after you’ve established contact, will help you move closer to gaining a customer.

Building a newsletter and subscriber base is an effective lead generation approach (AND boosts visitors to the site) because:

  1. Creating content showcases your expertise
  2. Trust building (writing directly to them, infusing emails with personality and humor, providing non spammy content)
  3. You can capture a lead on your site when you ask for new subscribers and it’s easy for prospects already interested to gather more information. Tempt them!

Obviously the higher your subscriber rate, the better. However, if you have a unsubscribe rate above 1-2% that is cause of concern. How do you approach your emails? Do you blast your subscriber base or do you personalize your e-mails especially if you’ve just got a new subscriber? Neglecting to connect with a new subscriber risks downgrading the relationship because they’ve expressed interest in you/your business.

With a growing subscriber base or if you offer diverse services, list segmentation will help you nurture your leads. If you ask them their challenges, wishes, wildest dreams and questions, you can qualify the leads based on who responds to you. Segmented emails tend to get higher click through rates.

Generic emails with one-time promotions? Please. We can do better than that!

Customers
Yes! You have customers. But customers must never become “old news,” no matter how exciting or tough lead generation gets. You’ve noticed by now I’m focused on qualitative metrics because it really isn’t about scoring digits in your customer tally.  In order to avoid or reduce churn rates, your business must be proactive by listening on social media, searching for opportunities to join any negative and positive conversation being said about your brand. Reinforce a two way street of communication. Reach out to simply to check in or offer a little extra service. It’s critical to the customer experience to eliminate any feeling of neglect and you want them to consider you as their pal. Are you consistently engaging with your customers? Take a look at your current customers and refresh your memory.

Say thank you. After all, they grew your business.

One thought on “3 Metrics to Measure Business Performance

  1. Pingback: 3 Metrics to Measure Business Performance | Kenneth Carnesi

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