Every business should monitor certain metrics which will function as the indicators for the succeeds of the business. Combing these metrics with the planning of strategies can give improved results. The following are some of the important metrics to be taken care of.
1. Aspects related to Strategies
Metrics for measuring the goals of the process in the organization which will mainly be focused on the customer metrics is the primary factor to be monitored. The company policy monitoring should also be done in finding out whether the products and services adhere to the vision and mission of the company.
2. Aspects related to Finance
For most business organizations Return of Investment is the Key Metrics for evaluating success. This should be calculated as the amount before paying the taxes. Watching ROI will give an idea of how much money is getting through sales. Along with this the Account receivable and account payable also should be monitored.
3. Aspects related to Customers
Evaluating what all customers are making a profit is essential in the case of business success as no organization can survive without customers. Measurement of customer acquisition is an important metrics in this case. It should also be noted that the amount of customers losing is giving an edge to the competitors.
4. Aspects related to marketing
Measuring the success of each marketing campaign is important Â for the business. Tracking customers after launching each marketing campaign is important in the case of every business. This will be helpful in predicting the scope and success of each marketing campaign.
It is also essential to benchmark the different metrics related to time for comparison purpose.