The 5 Most Important Business Metrics Every Owner Should Track - Cyfe
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Understanding the psychological rewards of bad habits
Creating new habits to replace old ones
Developing self-discipline
Sales revenue
Month-over-month or year-over-year sales results tell you:
- How interested people are in purchasing your productsĀ
- If your marketing efforts are paying off
- Your performance vs. your competitorsā performance
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1.79K reads
Customer Acquisition Costs
Are the expenses related to acquiring new customers.
Ideally, Customer Acquisition Costs should demonstrate that marketing and advertising are paying for themselves. If they arenāt, perhaps your methods of interacting with customers need upgrading.Ā
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921 reads
Customer Churn
The number of customers who cancel your service or stop buying your products over a set period of time.Ā
You can calculate your churn rate by taking the number of cancellations over a specific period and dividing it by the total number of customers over the same period, and then multiplying that by 100.
e.g: you lost 100 out of 3000 customers in one month => 3.3% monthly churn rate
Reducing churn is crucial for business survival: acquiring a new customer can costĀ five times moreĀ than retaining an existing customer.
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Customer Engagement
You can measure this metric throughĀ customer feedback. Surveys, quizzes, and polls excel at helping you understand your customersā likes and dislikes. Do they enjoy daily communication? Do they like promotions over helpful blogs?
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Customer Satisfaction
CSAT (customer satisfaction) is the metric a lot of businesses use to measure customer happiness. It works like this: you create a scale range and ask customers to rate their satisfaction with your business or its offering using the scale.Ā
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