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I'm Amelia and I help businesses to grow through practical simple marketing that works.
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How can you tell whether your business is growing the way you want and your marketing is doing what it should?
Accurate information on whether or not your business is meeting its goals and what you can do to sustain its growth is essential. I’ve outlined the five most important marketing KPIs for you to keep an eye on below.
With today’s technology, keeping tabs on critical data is simple without outsourcing the work to an analyst. A wide variety of metrics is available in Google Analytics, and it’s free. You can also use paid software that does the calculations for you automatically.
The profit margin is calculated by deducting operating costs from total revenue. Subtract running costs from revenue to get net income. Non-cash considerations, such as inflation or depreciation of buildings, must also be factored in, in addition to the apparent costs of doing business (such as rent, utilities and office supplies).
Success in the future may be estimated using the run rate based on past results. If you have data for two years, you may average it monthly. Multiply this by 12 if you’re thinking a year ahead. Get as many historical records as you can.
The average amount a consumer spends gives you an idea of how much money they spend with you generally. You may determine this by dividing your income by the number of active clients. To some extent, the value of this measure may be used to gauge the health of your business.
The cost per conversion is the amount spent to win over a new client. It reveals the ROI of your marketing and sales initiatives and the tools necessary to turn prospects into paying clients. As you go in life, you may utilise this to foresee how your money will develop.
The proportion of past buyers who have returned is the customer retention rate. A company may save money by focusing on client retention rather than customer acquisition. If your company has a poor retention rate, it is losing money. If you have difficulty keeping customers around, you need to work harder to captivate and retain them by providing them with new and helpful content.
This measure analyses the return on investment (ROI) of your advertising spending. It reveals whether or not your investment in marketing is yielding a return. If not, you may want to look into other strategies that cost less or achieve the same results.
You may use metrics to determine how well you’re doing, but genuine development comes from establishing clear goals and deadlines for meeting them. If you aren’t happy with the outcomes, you can make alterations and refinements.
Are you looking to grow your business and accomplish more? I’m putting together an entire course on Business Growth which you can find out more about shortly.
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For tips and updates follow me on Insta @ameliacopywriter
I'm from the corporate marketing world, and am sharing my skills to help small businesses grow.
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