4 Metrics Every Business Should Be Monitoring in 2020
After All: What Get’s Measured, Get’s Optimized
Progress! Progress! Progress! Every business demands it. And no matter how well you’re performing, there’s always room for more.
By monitoring progress as a business, you’ll easily be able to spot weaknesses and fix them in time before they become catastrophes. If you want to ensure your success as a business, you must learn to adapt to your challenges and carefully measure what’s working and what isn’t.
To help you with that, here are four metrics you should pay close attention to as a business,
1. Customer Acquisition Costs
To grow your business, you need to find new customers while keeping your present ones. Further, you also need to calculate how much it costs on average to attain a new client.
Remember, the more you can reduce your spending, the more profit you’ll make, and the more money you’ll have towards acquiring new clients.
Even though it’s important to attract new customers, you must also learn to keep your present customers. Studies show that it can cost you almost seven times to acquire a new customer as compared to retaining the ones you already have. Plus, your current customers tend to spend more per transaction as well.
You must account that a loyal customer can be your biggest asset, telling others about your brand and sending additional business to your company without additional expense.
So, as a business, you must track how many customers stay with your brand and at what phase they seem to exit.
3. Website Bounce Rates
Answer this: How “sticky” is your website?
If visitors land on your page and leave immediately, you’ll be having a high bounce rate. This not only confirms that they are not engaging with your content, but also, might deliver an insights that you’re driving the wrong audience to your website.
How to track my bounce rate? Tracking your site’s bounce rates is very easy. You simply sign up for Google Analytics and link it with your website. Once it's done, you’ll be able to keep a track of your website.
Further, after integrating it, it will become easier for you to tweak things and increase your conversions.
4. Net Profit Margin
If you’re a seasoned business, just tracking your sales isn’t enough. You must know how much profit you’re actually making on each sale.
As you might someday discover that your product/service is actually costing the company’s money. Keeping a safe account over what you save after all expenses is always helpful and provides you a secure fund for future planning.
Closing Words: Analyze Everything
These are just the main four of many metrics that will help you track your business’s health. However, if you want to remain profitable for the long term, you must get a handle on every aspect of your company and find micro ways to improvise on a daily basis.
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