GIVE YOUR BUSINESS A NECESSARY BOOST Track These Important KPIs
Churn Churn refers to your attrition rate or the number of customers you lose each month. Your existing customers are the most important clients your business has. When they’re happy, they will tell others about your products and services, which can help drive sales. So, isn’t it essential to keep track of the clients you’re losing each month? After you begin tracking churn, you’ll quickly realize what you aren’t doing enough of to keep the customers you already have. You’ll pinpoint the moment you’re losing pieces of your customer base and make necessary adjustments to keep them. If nothing else, tracking churn will help you realize how valuable your existing customers are, encouraging you to improve your selling strategies for them specifically. Funnel Drop-Off Rate Wouldn’t it be great if you could learn the exact moment a customer decided not to buy your product or service? But that’s exactly what you learn when you track your funnel drop-off rate. If you have a website, the funnel drop-off rate tells you how often people visit your website without making a purchase and when they decide not to buy. You can track this KPI by using Google Analytics. Knowing this KPI will help you determine what adjustments to make to your website. Keep in mind that funnel drop-off rates are usually over 95%, so don’t get too concerned if this number is extraordinarily high. It still yields essential clues about what you can change. Many trackable KPIs will benefit your business in addition to these three. Find the KPIs that matter the most in your industry and start tracking!
To run a successful business, you need to track specific key performance indicators (KPIs). Since we entered the digital age, the number of KPIs businesses can track has exploded. Your business can track so much more than just revenue, leads, and customer satisfaction. When you track the right KPIs, unique details emerge about your business and customer base, which you can adjust to help your business grow. One of business owners’ biggest dilemmas is figuring out which KPIs to track. It’s impossible to measure every single KPI effectively, but some are important for most businesses to track. Here are three KPIs your business should keep track of if you aren’t already. Contact to Customer Conversion Rate Ideally, our sales teams should close sales during their first communication with a customer, but that’s rarely the case. Instead, they spend the initial contact explaining your business’s product or service to the customer and countering their concerns. After that, your salesperson may need to follow up with a potential customer a few times to persuade them to buy. Sometimes, this approach works, allowing you to make a sale. Other times, the customer might choose not to buy from your business at all. It’s imperative to track the number of customer touches your salespeople make. If your salespeople are consistently struggling to make the sale until their fifth contact, you can adjust the sales approach. Additionally, this will help you recognize the salespeople who aren’t hitting their marks. One person may close their sales by the third contact, but another salesperson doesn’t usually close until the eighth — try to discover why. Discuss it and determine a solution. If they don’t start closing sooner, you may need to find a salesperson to replace them.
2 | (410) 832-0000 | jwyatt@harrisonlawgroup.com
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator