Key Metrics Every Business Should Track to Stay Successful
A key metric or KPI (key performance indicator) is an important measure of your business’s success or a specific measurement of its activity. Your business will have several key metrics that you should track to ensure you are on the right track to continued growth and profitability. Below are some key metrics every business should track to stay successful.
Monthly average visitors
In order to track your monthly average visitors, you need to first establish what your baseline is. This can be done by looking at your website’s analytics and seeing how many people visit your site on a daily, weekly, or monthly basis. Once you have a baseline, you can start to look for patterns and trends in your visitors. For example, if you notice that there are more people visiting your site on weekdays than weekends, you can start to adjust your content accordingly.
If this is the case, you may want to post something new every weekday so that your site has fresh content during the time when most of your readers are online. On the other hand, if you see that there are more people visiting your site on weekends than weekdays, then it may make sense to post something new every Saturday and Sunday so that those who come online over the weekend can find new content.
Number of social shares
Any business, no matter the size, should be tracking social shares. Why? Because social shares are one of the most important indicators of whether or not your content is resonating with your audience. If you see a steady increase in social shares, that’s a good sign that people are interested in what you have to say.
On the other hand, if you see a decrease in social shares, that’s a red flag that something needs to be changed. Perhaps your content isn’t being seen as often because it has lost its novelty and the initial buzz has died down. It could also mean that you’re repeating too many topics or aren’t posting enough. It might even mean that someone from within your company is sharing too much (although this usually isn’t a problem).
Tracking competitors
It’s important to know what your competition is up to. After all, they are trying to take away your hard-earned market share. By tracking their movements, you can stay one step ahead and make sure your business is always the top choice for consumers. You’ll need a strategy that includes cutting prices, introducing new products or services, or using social media ads to get customers in the door. For example, if a competitor lowers prices on goods like yours then it’s time to lower your prices too!
Cost per acquisition (CPA)
CPA is a key metric for any business because it represents the amount of money that you have to spend in order to acquire a new customer. If your CPA is too high, it means that you’re spending too much money on marketing and advertising. On the other hand, if your CPA is too low, it could mean that you’re not reaching enough potential customers. Either way, keeping track of this metric will help you figure out how to adjust your marketing strategy accordingly.
It’s also important to know how long it takes for each customer to convert from being just a lead into becoming an actual paying customer. The time-to-conversion metric is important because it gives businesses insight into whether they need more or less employees working on converting leads into sales leads.
A/B testing results
A/B testing is a great way to see what works and what doesn’t work for your business. By tracking the results of your A/B tests, you can make informed decisions about what changes to make to your business in order to be successful. Here are some key metrics you should track:
-Conversion rate: This is the percentage of people who take the desired action on your website or app.
Ecommerce transactions
If you’re running an e-commerce business, it’s important to track transactions in order to gauge your success. By tracking transactions, you can see how much revenue your business is generating, what products are selling well, and where your customers are located. Additionally, transaction data can help you identify any areas of your business that may need improvement. For example, if you notice a decrease in sales on one product but the price has remained the same, this could be a sign that the product isn’t meeting customer expectations or needs.
