Goal-setting is a cardinal factor in the pursuit of business success. But, in the process of setting and achieving goals, there is one intermediate step that we’re too lazy to bother about: Tracking your business performance.
Performance tracking and measurement keep you abreast of your exact location in the journey to success. Not only does it help in continuous improvement, but it also helps one identify their specific strengths and weaknesses.
It is tricky to evaluate business performance data quantitatively. But, this process can be made easier by using measures called ‘Metrics.’ Different metrics help track, measure, and analyze the different aspects of an individual or organization.
What are Business Metrics
Business Metrics are quantifiable measures used to track and evaluate the progress of a business process. Furthermore, they are used to efficiently report the situation of an organization or a particular area of the organization to different audiences. These include investors, employees, customers, and so on.
Different measures apply to different areas of an organization. For example, some key financial metrics are Profit, Market Share, ROI, Stock Price, etc. Important operational metrics, meanwhile, include production time, customer satisfaction, turnaround times, and more.
Advantages of Using Business Metrics
Performance metrics drive the control and feedback loop of a business process(es). For example, should more people manage a business process X? Is X in the right direction? The answers to all of these lie in business metrics.
Metrics make a process objective. Moreover, metrics take in seemingly vague details as input and churn out significant figures to track performance. As a result, business metrics help organizations improve, align business processes with the business objective and eliminate fallacies if any.
Essential Metrics To Measure ROI of Your Business
1. Net profit margin: This metric helps you measure how much revenue translates to actual profit. It predicts long-term business growth. This reveals the sales statistics of your company and you can increase it by increasing the number of sales.
2. Monthly Website Traffic Leads: Monthly website leads and consequent conversion into leads is a key product performance metric.
3. Customer and Employee Retention: A high customer retention rate certifies the relevance of your product and guarantees sales. The greater the employee retention, the greater is the productivity, cost-effectiveness, and overall organizational benefit.
Corteza’s CRM Suite offers you the best Metric Measurement System
Irrespective of your expertise in management, Corteza’s CRM Suite is an asset. All important customer information available in one single place makes it so. Furthermore, its advanced reporting system creates relevant charts and lists to analyze key metrics. It features an endless list of modules to make your work simple. Corteza’s accessibility and security are only added bonuses.
A metric page block in Corteza calculates and displays a number based on your namespace data. There are several different configuration options available on Corteza. These include Metric Label, Dimension Module, Dimension Filter, Metric Prefix, Metric Suffix, Style, and more. Try a demo of the perfect, all-rounding Business and CRM tool and discover all its features.