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Within Minutes Learn How to Measure the Success of Your Small Business

March 4, 2015 / by Raquel Royers

Successful_Small_Business_Man_Holding_Arrow_463514699We know owning a business is tough and has a lot of aspects to it in order to be successful. However, one vital thing that you can start working on today, is learning how to measure your success through analytics. Many business owners have an idea of what they want to measure, but aren’t always sure exactly what to measure in their marketing efforts.

In this blog you will learn about six different things you can measure in your marketing that will help you to be a more successful small business. But don’t worry, you can start with just one of these aspects today and work on each one as you go. Let’s jump into this and get to it!

First off, why is this even important?

You need to know what to measure so you can spend your money more effectively and be able to set actual goals and numbers for your business and sales team, if you have one. When you are measuring and keeping track of the different areas of your business there is less risk involved and you are able to have a better grasp on where you are at. Using analytics and measuring different data points in your business allows you to look at numbers month after month and see how you are doing and if what you are doing is effective, and then refine.

What do you have to actually measure?

  1. Traffic
  2. Prospects [leads]
  3. Qualified leads
  4. Customers
  5. Returning customers

BONUS: Referrals [if you really want to take it to the next level]

Let’s break these down a little bit. Don’t worry, it’s a quick read that’s worth it!

Traffic

Whether you are measuring online traffic or actual foot traffic to a physical store front location, knowing how much traffic you get daily, weekly, monthly, etc. is extremely important. Knowing how much traffic you get each day will help you to set goals and see if you meet them. For example, if you’re not making as much money one month, knowing your traffic amounts will help to show you why.

Prospects

Prospects are leads that could potentially turn into customers. They aren’t “hot” leads but are more so just someone who is checking out what you have in your store, asking about services or looking at your website. Knowing how many leads you have helps to evaluate just how much of your traffic is actually interested and is entering the buyer’s journey to becoming a qualified lead and then a customer.

Qualified Leads

Qualified leads are “hot” leads. They are people who have already looked around your website or store and are actually going to make a move or buy something. They want to give you business and will most likely soon become a customer. Again, just like prospects, knowing how many qualified leads you have and who they are will help to show important metrics that will help your business evaluate and grow.

Customers

How many of your leads became customers? Knowing your conversion rate is an incredibly important aspect to running a successful small business. It shows you if your efforts are actually working and how your business is doing overall.

Returning Customers

Returning customers are extremely important to have. In the end, returning customers are cheaper to have rather than bringing in completely new customers, who start out as leads that need to be walked through the entire buyer’s journey. Returning customers should be treated like gold, recognized and thanked because they are the ones that will keep coming back and give referrals.

Referrals

Getting referrals from happy customers is a great way to gain new customers and exposure. Tracking these metrics can be a bit trickier, which is why it’s a bonus. Knowing how you are being talked about on review sites and delivering excellent customer service is an important part in this.

I have just given you six different ways that you can start measuring your marketing efforts for your business. However, no need to feel overwhelmed. Starting today, just choose one of those aspects to start and work your way down as you complete each one.

You may be asking, how the heck do I even begin measuring any of these things? Certain software will help dramatically. We recommend HubSpot and can help you start utilizing it today! What are you waiting for? Let’s start making a difference and create a successful small business.

Since 2002, Half a Bubble Out has been dedicated to providing marketing, advertising and small business consulting that meet the needs of our clients. We specialize in powerfully telling stories through inbound marketing to grow your business filled with more passion and provision. Based in Chico California, we serve clients throughout Northern California and across the country to New York. 

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Topics: Inbound Marketing, small business

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