Business metrics are essential to monitoring your company’s internal and external processes. 📊
Measure marketing campaigns is not the only thing you need to do; there are a wide variety of characteristics you need to consider. 👀
To do this correctly, you should not only know all the aspects surrounding business metrics tracking but also consider which digital tools can lend you a hand to achieve the best result. 📲
Luckily for you, at Leadgogo, we have summarized everything you need to know about business performance metrics. Additionally, we also recommend you an excellent software program that will be a game changer in your company. 💪
Join us in this report, and let’s turn numbers into actions. Let’s go! 🤸
Business metrics: what are they and their importance
To better understand the importance of company metrics, we will begin by explaining this concept. 🤝
Business metrics are data about company processes. This data is measured to keep track of all the company operations, thus determining the success or failure levels within the implemented strategies.
Its primary purpose is to show the levels of progress that the company is experiencing based on long and short-term goals.
It is important not to confuse business metrics with KPIs, as they are two terms that imply different activities.
⏩ A business KPI is applied in a specific department, having in mind a profit objective and a unique target. It has precise timings to achieve the goal; this resource has a performance-oriented plan.
⏩ Business metrics do not have these characteristics; they are applied to measure statistics of the whole business, do not have a specific time frame, can be checked regularly, and are not necessarily taken into account with a single profit objective.
When measuring business performance, companies dictate which metrics are most relevant to their business. These filters are achieved through software programs that classifies the data obtained from internal processes.
Some business metrics examples are the following:
✅ Marketing: of course, one of the fields where performance measurement is best known is marketing.
This is because marketing departments use measurement software programs to have data on the behavior of marketing campaigns and thus know the levels of engagement, failures, and successes.
But, most importantly, they can learn how to allocate the budget in a better way.
✅ Business: business performance metrics in an overview help managers and executives in charge to have a much clearer idea of financial metrics and team performance.
This results in crucial data on losses, profits, and possible changes to be made.
✅ Team: it is useless to have a good strategy if your team does not meet the objectives correctly. For this reason, it is essential to measure team’s performance.
This will allow you to identify failures and to know which agents are performing well and which are not.
✅ Service: measuring customer satisfaction rates should be a company’s first concern, and business metrics are of essential help in this.
Information such as customer churn rate, customer service experience, and follow-up are a significant part of the metrics to achieve positive changes in your company.
Now that you know what business metrics are, how they differ from KPIs, and in which areas they are mainly implemented, it’s time to understand their importance. 🙌
Business metrics importance
The metrics meaning in business is significant because they allow the company to achieve economic and operational growth goals.
These objectives are achieved thanks to the data that the metrics provide, which enables the company to make better decisions within its internal processes, improving its performance.
One of the most critical business metrics is used to improve the strategies implemented in customer service and sales. The data obtained gives way to developing new process tactics, eliminating errors, and creating innovative solutions.
For this reason, they are not only used in large companies but also in startups. Technology companies have been the leading promoters of implementing software programs that collect metrics.
SaaS business metrics are one of the best examples; they help better understand customer service processes, user sharing, customer loyalty, and work team performance.
As we saw earlier, key business metrics are directly linked to specific departments of the company. This drives the strategies and performance of each one, making them simultaneously more efficient and productive.
But how does all this data help your company exactly? 🤔
First, let’s see in numbers the real impact of metrics according to a survey conducted by Enterprise Strategy Group:
Numbers don’t lie, so you can’t fall behind your competition regarding technological advances.
At Leadgogo, we give you a hand with this so that you are always at the forefront with our ✨Reports✨ feature.
Track your business metrics with Reports
Leadgogo’s Reports is an all-in-one software program that provides you with metrics to measure:
✅ Business performance
✅ Marketing campaigns
✅ Work team performance
By implementing it in your business, you can closely measure the general and specific metrics of your company’s internal processes.
Reports allows you to:
⏩ Measure Facebook campaigns, and identify interactions obtained through SMS, calls, and email.
⏩ Know data such as missed calls, unanswered calls, and the number of calls answered by agents. In addition, with the available filters, you can find specific days and times you want to get data.
The best part? It even gives you information on how long it takes each agent to close a sale. 😱
⏩ Know what are the busiest hours for your business and which days are there more active customers. So, you can better organize your agents’ operational schedules, saving money and time.
Do you know what all this translates to? To the growth of your company! 🚀
Knowing the data from the marketing campaigns will allow you to better allocate your budget since you will know which marketing channels need more attention than others. You will also be able to identify weaknesses and improve future campaigns. 😊
On the other hand, having metrics of your team’s performance will give you a clear idea of what may be failing in your sales strategies and what is working. This will avoid frustrations in the group and allow you to have better levels of customer satisfaction. 👍
Having an overview of the sales achieved, the campaigns, and the performance of your team is what will allow you to make the right decisions for your company. 🙌
With Reports, you will easily access your business metrics in a user-friendly interface and easy-to-process data.
Want to try it for yourself? 👀 Start your free demo and discover the benefits that our feature provides you with. 😎