5 growth metrics that will skyrocket your business

You know it’s important to know your numbers and you’re probably tracking revenue and profitability, but when it comes to growth there are 6 ways to Sunday to look at any given set of numbers.?

Things like email open rates, click through rates, ad costs, and website traffic are important to know. You will get a TON of information that will help you make smarter, more strategic decisions about what is resonating with your audience.?

However, if you want to know where you can measure change quickly, these 5 metrics are what you want to know.?

Lead to Client Conversion:

Often underestimated: leads, specifically how many leads it takes to convert into 1 client. Depending on your business there may be several levels to get to your final conversion rate. For instance, how many people do you need to talk to to get someone in a sales conversation, and, then, how many sales conversations will it take to close one client.?

Average Sales Cycle Length

Once you know how many leads it takes to acquire a client, you also want to think about what your sales cycle is, or how long it takes to close a lead into a client. Depending on your business it could be 1 minute or 1 year, and knowing the average will help you forecast your sales more accurately.

Lifetime Customer Value:

This is the average revenue you can expect to earn over the lifetime that a customer buys from you.?

Customer Acquisition Cost:?

Super simple: What do you have to spend to acquire one client? If you’re running ads or other digital media, this number is fairly easy to calculate, but don’t forget that you want to know what activities, such as networking or sponsorships, are most profitable, both in time and money.?

Repeat Customer Rate?

Easy money lies in knowing this formula. To determine your Repeat Customer Rate, you want to take the number of clients who buy from you more than once in a given period and divide that number by your total number of clients.? It’s much easier to have an existing customer buy again than to acquire a new customer, so increasing your numbers here could add to your bottom line pretty significantly.?

Making metrics and tracking your numbers a solid practice is like meditation or yoga in that it takes time to master. If you’re not using KPI’s to guide your business decisions then I invite you to hop on a Rev Up Your Revenue Audit where we can review where to get started and what is the best metrics for your business. Schedule your free Audit now.