Have you been monitoring the important marketing metrics for your business? Is your brand recognizable? Is your team made up of rock stars? How is your website performing? Are you reaching your target audience on social?
If you don’t know the answers to these questions your business could be in trouble.
If you want your small business to succeed you need to know how to measure it. If you aren’t using relevant metrics you are basically flying blind and you cannot set meaningful goals for growth.
Here are things you should be measuring to get a clear picture of how your business is performing.
Key Performance Indicators (KPIs)
Key performance indicators display a measurable value – things like: sales revenue net profit margin gross margin and monthly recurring revenue. This information is incredibly important to monitor on a regular basis to see how quickly your business is growing (if it is growing) and where you need to improve. It will also help you set realistic goals for the rest of the year and enable you to focus your team’s energies where they are needed to achieve growth.
Return on Investment (ROI)
In your marketing efforts ROI tells you which tactics are working and which aren’t. You can monitor ROI by looking at your website analytics and your social media analytics. It’s important to define your marketing goals so you can focus on whether you’re making progress in those areas: Is your goal to generate brand awareness? Drive site traffic? Increase sales? Depending on what your marketing goal is focus on analyzing those numbers to judge your ROI. By looking at your website analytics you can view how many visitors you are getting where the traffic is coming from how long they spend on your website the pages they visit number of new email subscribers email open and click rates and your online sales. By looking at your social analytics you can view your number of social shares number of new fans and social interactions and the number of reviews and ratings on different platforms. These should give you a clear picture of where you are getting your best ROI. You might find that you’ve been wasting time and money in some areas and missing opportunities in others.
Do you have a team of rock stars? Or is there lackluster energy from your employees? Set clear goals for your team. From the moment you hire someone and throughout their employment be clear about performance expectations. Monitor that performance and reward those who achieve or exceed goals.
If you’re not sure what specific in-process or intermediate goals to set for your business right now you should back up set your end goals and then work backwards. You need to know the ultimate goal for your business before you can determine how to get there.
Make process goals achievable but make them challenging to constantly extend the capabilities of your team. The occasional “stretch” goal that you don’t truly expect to be reached is a strong motivator and sometimes you’ll be surprised when you achieve it.
You will have successes and failures so it’s important to enjoy the process. Take the time to measure your growth so you can gauge and celebrate your business’s excelerated growth.
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