3 Must Have Metrics to Track in Your Small Business
We all know that the highest priority in small business in driving traffic – whatever that looks like for you and your business. Traffic is crucial to keeping the doors open and food on the table, but there are a few other metrics that seems to get tossed by the wayside even though they have been proven to be equally as important.
1. Sales Data
Everyone loves to see the revenue graph at the end of the month, especially when it reflects a consistent incline throughout the month–but do you actually track this data beyond, “Oh, it’s so pretty when that lines moves upward!”?
Seriously though, your sales data can tell you a lot about your business as a whole. It can also be broken down to tell you more about your traffic flows, marketing efforts, and so much more. It doesn’t take much to look through the data and pull necessary statistics that will help you to grow and move forward in business.
That leads to the next, oh so important, data to check out on a regular basis – CONVERSIONS. Yep, traffic is fabulous but only when it converts into moolah – ie. sales!
Is your site traffic high each month but your list isn’t growing and your sales aren’t increasing? That’s a conversion issue.
Do you have lots of social media followers but few clients or sales coming through from social media? That’s a conversion issue.
Do you have a MASSIVE email list but no one is buying? That’s a conversion issue!
Now, that’s not to say there aren’t other forms of conversions to track such as for events, trainings, etc. but the be all and end all of business is to provide value and in return make a profit. If that’s not happening then it is time to re-evaluate your conversions and where things are going wrong.
3. Content Engagement
Do you evaluate the content you are sharing and whether it is applicable to your market? By tracking the likes, shares, and links to your content you can identify whether it is gaining traction and putting you ahead of the game.
This data can tell you what network is best for your market, the format they prefer, the days your content is best received, and the types of content they are digging. By understanding how your content performs, allows you to increase what is working and improve performance and better serve your audience. Who doesn’t want to do that?
There are so many metrics you can track in business but too many is also a bad thing. Getting stuck IN your business is almost as bad as not tracking any metrics at all. Most importantly, you need to put yourself out there, make a face for yourself, and drive traffic so you can start to monitor these metrics and improve your business each month.
After all, knowledge is power! What metrics do you track and how have they helped you to move the needle forward in your business?