Are You Tracking Your Metrics? The Importance of Tracking Your Metrics

metricsBusiness metrics are basically the measurements used to gauge how a company plays out on the market. These measurements refer to return of investments, revenues, cost of goods sold, churn rates, net and gross income, and expenses. All these elements are analysed, understood, used, and monitored continually in order for owners, partners, and potential investors to have a clear picture of how good a business does.

 

You know very well that it is extremely not ideal to organize a marketing campaign without assessing its effectiveness. You will know that your campaign is going well when there is an increase in sales and business inquiries. Nonetheless, you should still not forget to keep track of your metrics. Tracking your marketing campaign will give you better transparency and visibility. It will also enable you to make better decisions as you move along.

 

Generally, there are hundreds of metrics that you can track. However, it is virtually impossible to track all of them. So, you should only choose the metrics that you find necessary for your sales, marketing, and business goals. For instance, you should keep track of your quantity metrics. Keep an eye out on the revenue, revenue pipeline, and reach. Revenue is basically the ultimate goal of your marketing and sales team. Revenue pipeline is all about generating the value of leads while reach refers to the total social media following, email database, and subscribers.

 

Aside from the quantity metrics, you should also keep track of the quality metrics. These include lead-to-marketing qualified lead percentage, visit-to-lead percentage, lead-to-customer percentage, leads worked-to-leads connected percentage, opportunity-to-customer percentage, and leads presented-to-leads worked percentage. Each one of these metrics has a specific function that can be beneficial to your business. For instance, visit-to-lead percentage is about the effectiveness of the offers and calls-to-action of your marketing team.

 

Tracking your metrics will help you understand better how your company works, as well as its relevance on the market. These metrics will reveal the different areas of your company that do bad and good. Depending on what results you get, you will be able to adjust, re-model, re-structure, improve, and re-invent your operations and transactions. Once you discover what works and what does not, you will be able to focus on your strong points and assets.

 

Moreover, tracking metrics will allow potential investors to know if the company they are planning to invest in is truly worth the risk. As you know, partners and business investors are integral parts of the business.

 

 

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