Tag Archives: business metrics

Ep. 42. Measuring the business metrics

How do we measure business success? Let us count the ways.
How do we measure business success? Let us count the ways.

The process of the business isn’t just completing the cycle of marketing and making the sale. It is also necessary to collect and analyze data that will measure the growth of your business. In this episode, David Counsell and David Pritchard discuss the different metrics that business owners and manager should be taking note of.

Do you just keep on buying tv, radio or print spots without knowing if they are effective? Do you keep on building great website but doesn’t check if your leads are turning into clients? Are your posts being read, shared or retweeted? If you keep on answering “No” to all these, you definitely have a long road ahead of you. Join in the discussion and start your way in learning these helpful pointers.

In this Podcast

00:00 Opener
01:13 Greetings from Paradise!
01:36 Amazing weather in Paradise North with plenty of sunshine
02:33 Meanwhile, straight from the International headquarters of Inferno Marketing and Design, it is also a great day in Paradise Hobart
03:20 We will be talking about: What do you measure, What should be measured and Why in your Business?
04:30 Let’s look at the important ones so you can further check on things that need more improvements
04:52 Measuring is a way to know if your advertising and marketing is working
05:35 A restaurant in that place doesn’t measure their advertising and just assume it is working
05:47 If you are placing tv ads, is there a wave of phone calls after the commercial?
06:02 After every call of booking, ask them how did they hear about you business
06:51 If we planted the appropriate message to the people, then it stays with them
06:57 We want to identify if the ad pose a cause and effect, making customers look for you
07:01 Measuring the profitability from the leads is also important
07:18 The most expensive customer is always the first customer
07:25 But getting them back again might be easier
08:20 Make people come back to your business with minimum cost
08:52 David P shares that Jamie Oliver sent him a selfie, personal video message giving him freebies if he’d come back to his restaurant
10:02 He is doing the right thing for looking at the lifetime value of the client
10:18 The power of referrals is also worth measuring
11:29 if you are doing exhibitions, measure how many of the business cards have you followed up and turned into clients
11:39 you can also measure how many of the inquiries or email opt ins turned out to be a sale
12:01You can also measure the number of your website visitors to the actual customers
12:15 We may not notice it but we often measure how many products are sold to know which ones to keep in your portfolio
13:08 Supermarkets determine which products sell the most and thus affect their shelf spaces
13:42 You can also measure the email open rates and opt outs
14:06 You can also measure Google Ads in terms of number of clicks
15:06 You can also monitor your website and determine which links has the highest clicks
15:16 Crazyegg (http://www.crazyegg.com/) is a web plug in that lets you determine the number of clicks
16:08 The heat map shows different colors to tell you how heavy the volume of visitors on your website
17:10 Wistia (http://wistia.com/) is another website that hosts videos and informs you how many times the embedded video is watched
17:57 You can promote your Youtube videos at another social media sites or on your website
18:15 Another great thing to measure is content
18:27 How often do you put in new content?
18:36 How many posts do you have in your social media account?
18:51 It doesn’t have to be rubbish but something that people would want to share
19:33 You should apply Pareto’s Law or 80-20 Law where 80% of income are from 20% of your customer
20:06 Pro-activity and productivity is not the same
20:08 Not because you are doing something means you are being productive
20:26 Have a support desk that people engage with than people directly sending the emails to you
22:19 You can also promote your help desk to your customers because you can then provide better assistance and answer queries better
23:26 You should also measure your goals may it be answering queries or addressing problems
24:38 Also, monitor your page ranking and SEO
25:08 The end sales metrics are how many sales are you getting, how many clients are you gaining, repeat or new, and the profit for the month
25:33 Measure on what particular part of the month is most profitable for you or the break-even point
28:37 These are not measures for the sake of measuring but to make your business more profitable
29:06 Turnover is vanity and profit is sanity
29:09 Wrapping up
29:26 We’d love to hear your comments
29:35 Leave comments on your Facebook page, www.facebook.com/davidversusdavid
29:37 Give us 5-star glowing reviews in iTunes
29:48 Visit our website and browse old episodes at www.davidversusdavid.com
29:52 You may also visit our own websites: David Counsell’s http://www.infernopromotions.com.au and David Pritchard’s http://www.d10solutions.com/
30:21 Goodbyes!