The 5 Most Important Business Metrics Every Owner Should Track - Cyfe
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You can measure this metric through customer feedback. Surveys, quizzes, and polls excel at helping you understand your customers’ likes and dislikes. Do they enjoy daily communication? Do they like promotions over helpful blogs?
Month-over-month or year-over-year sales results tell you:
The number of customers who cancel your service or stop buying your products over a set period of time.
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 cost five times more than retaining an existing customer.
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.
Are the expenses related to acquiring new customers.
Ideally, Customer Acquisition Costs should demonstrate that marketing and advertising are paying for themselves. If they aren’t, perhaps your methods of interacting with customers need upgrading.
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