Metrics - measures of quantitative assessment used for comparing and tracking performance or production - are heavily relied on in the overall analysis of any company. The data represents an organization's actions, abilities, and quality. While statistics capture status, metrics capture performance. They measure activity impact on company revenue. Establishing metrics is an important skill set for business leaders to monitor and evaluate performance on all levels.
Monitoring traffic is a vital component of the brand, product, or service perception. It's critical to track performance metrics. There are informative online tools and services to suit any business strategy. Facebook Analytics offers templates and results in real-time. Twitter Analytics tracks audience response to content, what's working and what's not. Sprout Social's top analytics track social presence.
Now you know where to look, our top tips - Engagement, Retention, and Traffic will get you on track to Revenue!
Engagement metrics are important to track - the who, what, where, and when - as they indicate how well content meets audience interest, needs, and wants. Engaged users are more likely to share, purchase and become loyal customers. A combination of metrics, including impressions and reach, will help deliver business objectives. Daily Active Users and Monthly Active Users are vital to measuring user engagement.
Email open rate measures the percentage of your audience engaging with marketing material. Click-through rates compare the number of times someone clicks on content to the number of actual views. High impression, low engagement indicates no interest in further action. Top marks for high reach and high engagement - viral sharing at its best!
Retaining customer loyalty is imperative, and there are multiple metrics to track. Customer Lifetime Value (CLV) and Customer Lifetime Revenue indicate expected revenue from a typical customer. CLV identifies the segments that deliver higher profits and evaluates issues diminishing interest and retention. Net promoter or customer satisfaction scores measure loyalty and satisfaction, and customer retention rate measures over set periods.
The annual percentage rate at which customers stop subscribing to a service or an employee leaves a job is the all-important churn rate. The workforce is a company's most valuable asset, contributing to the ongoing success and profitability of the organization. Employee satisfaction is a vital metric for HR teams, and regular feedback ensures team members are comfortable performing their roles with confidence.
Traffic metrics measure quantifiable information on service performance and progress. There are a variety of marketing tools available to monitor movement. Get insights into your competitors - traffic sources, most visited pages, targeted audience - with Semrush Traffic Analytics. Google Analytics has free tools to analyze data to deliver better results.
Heatmaps, used in various forms of analytics, indicate user behavior in clicks, scrolls, etc., on specific web pages. Hotjar tracks what visitors are doing on your website or where they get confused or stuck. Real-time feedback improves their experience. Tracking the number of visitors to platforms gauges the success of marketing strategies and digital presence.
One of the most informative business metrics is revenue, incorporating margins, conversion rates, ROI, productivity, initiative, and efficiency. Net profit margin evaluates the ability to generate surplus income, in contrast to overall profitability, and effectively predicts long-term growth. Another metric reflecting company efficiency is high gross profit margins to ensure they are over and above costs.
Lead conversion rates help determine potential customers. ROI, the ratio between income and investment, determines whether an initiative is worth investing, and tracks performance. Productivity indicates how efficiently your company is producing goods or services. These metrics help identify if variables result in leads only or sales. If you have measured the impact and value of digital initiatives for the last twelve months, you can determine which delivered best.
Every metric has a meaning. OBCIDO can help interpret your way to smashing 2022 goals! Contact OBCIDO or visit our website. We’ll get you on the right track.