As a business owner, you focus on revenue and sales when you first start out. This is perfectly okay since you want to establish business sustainability before anything else. However, as your business grows, you need to start thinking about other types of performance metrics. Doing this helps you stay on track and spot potential problems before they get out of hand. Here are the types of business metrics you need to keep an eye on going forward.
1. Customer Satisfaction
The internet has made it easier than ever before to track customer satisfaction. You can use platforms like Foursquare and Yelp to get a clear picture of what your customers think about your establishment. The best part about this is that you usually get an unfiltered opinion about their experience. You are bound to get negative reviews every now and then. For these, you need to take remedial measures to avoid a recurrence. However, don’t fall into the trap of focusing on individual reviews. Look at the overall picture to determine how you’re performing. After all, not everyone will like your products and services no matter how good they may be. You can also track customer satisfaction by giving out surveys or interacting with your customers one-on-one.
2. Employee Happiness
Your employees are critical to the success of your small business. You don’t want sulky and unhappy staff dealing with your customers. A positive work environment is key to the overall success of your business so you need to keep track of employee happiness. You can use tools such as TinyPulse and Celpax to help track this oft-overlooked metric. Another way to track employee happiness is to keep tabs on employee retention. Employees tend to stay where they are happy.
3. Social Media Performance
According to marketing professionals at SEO services Toronto, you need to track your performance on social media. This involves more than garnering likes and followers. Interaction and engagement are some of the types of performance metrics you need to keep an eye on. Other types of business metrics that you should track on your social media pages include the unfollower count, follower count, audience growth rate, clicks per post, and conversion rates.
4. Customer Loyalty
Getting new customers is usually harder than retaining existing ones. Consequently, you need to put more effort into customer retention than you do on acquisition. Loyal customers will keep coming back and buying from you as long as you treat them right. You can implement a loyalty program and keep them happy. At the same time, you’ll get an avenue to track how often they come back. The more loyal a customer is, the more likely they are to recommend others to your business.
5. Customer Value and Customer Acquisition Cost
These are some of the types of business metrics that many small business owners ignore. It is important to find out how much it costs you to acquire a customer and what the average lifetime value of each customer is. This metrics will guide your pricing and how much you can spend on customer acquisition without breaking the bank.