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6 Business Metrics You Should Know About

21-Dec-2017

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A lot of people know about Key Performance Indicators (KPIs), KPIs  are themselves made up of many measurable values, or metrics that show how your Business is progressing.

They highlight whether objectives have been achieved. And a trend of historical performance.

As a business in this data-dominated world, you need to identify your key metrics and then effectively measure and monitor them to stay on top of your game.

With advanced data analysis tools, your staff can easily do that with the right information at their fingertips. Here are 6  useful business metrics that you ought to really know about:

1) Sales’ Revenue

This one’s pretty obvious. Also called “Sales“, “Net Sales“, “Net Revenue“, and just plain “Revenue” and is the Income from sales of goods and services minus the cost associated with things like returned or undeliverable merchandise You need to find out how sales are doing.

Knowing this will help you figure out crucial aspects, such as how your marketing efforts are performing, what products or services are selling more, etc.

Calculating this will help you understand if your business offering is on the right  track financially.

2) Qualified Leads

As your sales’ efforts grow, you will be generating more and more leads. Qualified leads are those that have the potential to become customers. They are prospects already in your lead-tracking system, expressed interest in buying from you and passes a set of lead qualifications to progress further down the funnel

Measuring these qualified leads will help you understand whether you are targeting the right market and help assess the kinds of customers that you are attracting.  This helps to give a view of future potential sales and the direction of marketing campaigns and make productive changes.

3) Customer Loyalty

Customer loyalty is defined by your success in retaining customers for a period of time. Loyal customers use your brand and do not buy from competitors. Customers show their customer loyalty when they consistently purchase a certain your product or brand over an extended period

Measuring customer loyalty and retention rates will help you identify both good and bad aspects of your products and services. Your goal is surely to enhance your offering and the way you do business to hence, improve customer loyalty.    

4 ) Client Conversion Rate

Conversion rate, as the name suggests, is the number of people who actually bought your services and products after your sales team contacted them.

Is often presented as a percentage of prospective customers who moved from being qualified leads to actual purchasers: An example might be percentage of website visitors who purchase after who filling out a form, call you, or enquiring from you online

If you find that your conversion rates are low, then you need to look at how effective your online presence is or other parts of your sales processes.

5) Website Traffic

In the digital world, almost all businesses now need a website and an online presence. Today’s customers first go online and look at you through your website as part of making their purchasing decision Using web tools, such as Google Analytics, you can easily measure traffic. In fact, you can track the entire buying journey. These and other such insights help you form better digital marketing strategies and up your game online

6) Employee Satisfaction

employee satisfaction

Research has shown that the happier employees are 12 percent more productive. As a business looking to achieve long-term success, you need to ensure that your employees are finding meaning and are satisfied with their work. Employee satisfaction measures whether employees are happy and fulfilling their needs at work. Many measures purport that employee satisfaction is a factor in employee motivation, employee goal achievement, and positive employee morale in the workplace.

Make sure you regularly carry out surveys to measure their satisfaction levels. Also, take their suggestions about what would make life better at work. Good managers know that happy employees are loyal, productive employees.

We at Centelli provide KPI framework consultancy services, encompassing many more metrics and KPI to keep track of your business.

We can also support you in the selection of the most appropriate cost-effective tools for the modernisation of your business KPI reporting.  This will free you up, to focus on what such measures and data can really do for you in your business.

With a team of savvy business intelligence analysts, we offer such optimised solutions to businesses across Europe.

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