There are Key Performance Indicators (KPI’s) that you can use to measure and track your business’ performance. These include:
- Number of customers
- Growth rate of customers
- Total sales
- Conversion rate
- Customer satisfaction
- Cost per acquisition (CPA)
- Overall site traffic (if it’s a website-based business)
- Cost per mille (CPM): The cost to show an advertisement to 1,000 viewers (for website-based businesses)
These are just a few KPI’s that your business may have. Just keep in mind that defining what they are won’t matter so long as you’re not frequently analyzing their progress on a regular basis. Also, benchmark these metric goals according to specific time-frames – 3 months, 6 months, 9 months, etc. Where do you want your business to be by certain dates? Determining this will help put your KPI’s into perspective.
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