Many small business owners start off with a great idea, work hard to get their product or service to market, but then hit a problem. Unfortunately, great ideas are one thing, but turning them into a successful business is another issue entirely.
Part of the problem is that first-time entrepreneurs or startup owners don’t understand how to define their success, and given that success looks different depending on who you are and what you’re doing, it’s not much of a surprise.
There is a simple solution to this huge barrier, however, learning how to measure your success. And once you know where you are going right — and wrong — it will result in better performance, more focus, and achieving defined results. Profitability is a clear indicator, of course, but let’s take a look at three (3) other areas of your business that can help you check up on your progress.
The level of traffic you are getting to your website is vital, of course, but not half as important as the quality of your traffic.
A site that is getting a million hits a week is worthless if no one is buying, engaging, or spending time on your site. Focus on converting those visitors into customers, and analyse the type of content and information people are responding to.
Your website is an incredible platform for improving your business, but do you ever get the feeling that no one cares? You could be working hard on your site to create high-quality content, but if no one is reading, sharing, or engaging, where is the value?
You should be considering spending just as much time to promote your site as much as you do update it. Try using digital strategy consulting apps and software to measure and manage your total digital impact. Look at areas where you are weak, and either make the necessary improvements or stop using them altogether.
For example, perhaps your Facebook page is bringing a lot of traffic to your website, but you are spending a fortune on Twitter ads — you will often find you will be better off investing more money in Facebook, rather than trying to flog a dead horse.
Repeat customers and new inquiries
Customer loyalty is another sure sign that your business is becoming successful. Repeat customers show you that you are doing the right things, and delivering the right service — so it’s vital to find out what it is that is attracting them.
Don’t forget, it’s 6x cheaper to sell to current customers than it is to find new ones, so the impact repeat business can have on your profits is exceptional. New inquiries are also a good measure of your current business standing. If people are getting in touch and asking questions, it means your marketing plans are working.
So, while, turning inquiries into sales is another matter entirely, the very fact that people are interested enough to find out more is a positive sign.
How does your business measure success? Share your thoughts and advice in the comments section below!