How to create metrics relevant to your business?
For a company to achieve success and positive results, it’s essential that the most important metrics that allow us to evaluate the profitability and productivity of the business are defined. Nowadays, with the possibility of having data in real time, it’s easier to have access to information. But do you know how to create relevant to your business? In this article, we leave you some tips!
Collect data: With solutions like Multipeers, you can aggregate all company data in one place, presenting them in a simple and appealing way. In this way, the time spent searching for the information is shorter and the decisions taken are more conscious and informed.
Make the data important: the data collected must have an objective, otherwise they lose all their importance. Thus, it’s fundamental that when we collect data we already know what we want to analyze with them.
Create your own definition of success: each department must clearly define where they reach the level of success, and they must be realistic because putting too unrealistic values can increase the level of frustration. The metrics you analyze in each department must be in accordance with this definition of success.
Each business has its own particularities, but there are metrics that should always be analyzed as they give us a good insight into the current state of the business.
We highlight the conversion rate which is the accounting of how many conversions were made in relation to the total traffic that the company website had and the cost of acquisition of each customer that is the sum of the total spent on marketing and sales to be divided by the total number of customers.