How much more successful would you be if you did a better job of monitoring your companies numbers? Do you know how much money you spend on marketing each quarter? Ok, good.
Do you know if it’s ROI positive? Probably not.
Like you, my number one priority is growing my business as quickly as possible, and I'm able to do that because I can identify what’s working and what isn’t each month. And I’ve helped dozens of companies like yours do this very thing, and in many cases watched as they hit double-digit growth year over year.
Today I’m going to give you the tools to create insightful performance reports, each month, even if you're not an Analyst.
Peter Drucker famously said, "What get’s measured get’s managed.” The first thing you need to do is to clarify what’s needs to be measured. I talked about that in the episode: Set & Exceed Seemingly Impossible Goals, like Amazon, without being Jeff Bezos.
If you haven’t listened to that one yet, go back and start there.
Everyone on your team needs to be clear on what the organizations' objectives are, how you measuring success, and what actions everyone is taking to support those objectives. Next, you’re going to need to figure out some simple metrics for your business.
- How many customers or clients do you have?
- What’s the lifetime value of a customer?
- What’s your average order value and how can you increase it?
- What’s the purchase frequency and how can you increase this?
- What're your companies conversion rate and how can you improve it?
- What’s your profit margin?
- What’s your ROI on your marketing spend?
Now you have some baseline metrics to measure against.
I’ll list these in the show notes, so don’t worry about remembering them all. And a simple google search will guide you through how to calculate them.
Now, these aren’t the only metrics you’ll want to know, but it’s a really good start.
I'm including a link to our Performance Reporting Templates. Each month, just plug in your numbers and it will graph out your performance. At a glance, you’ll see exactly what’s moving in the right direction and what isn’t.
Want to make it even easier than that? I'm including a link in the show notes so you can book me for Free HubSpot Demo. During this demo, I’ll walk you through setting up a free HubSpot account. And I'll show you how to create custom dashboards and reports.
It's incredibly easy, and the easier it is, the more likely it is to get done.
So, where will your company be in 12 months now you have better insights? I’m willing to bet, you’ll be a lot better off than you are now.