Ways to Measure Your Professional and Business Growth
By: Randi Cairns
It is quite easy to convince yourself that you need to be fully engaged and involved on every social media platform. That you need to follow every marketing expert out there. That you need to measure All. The. Things. There are two problems with that strategy: First, you don’t have time to do all that AND successfully run your business. And second, not every tool, trick, and measurement are relevant to all businesses—or even to your business all the time.
Of course, you want to be able to measure your business growth. But how do you do that strategically and in a way that results in useful information?
Decide what you will measure. Your options may feel overwhelming. There are metrics for pretty much everything—engagement, performance, retention, traffic, reach—you name it. Is information power? Yes. Is it also potentially crippling when you’ve got a million data points and no idea what to do with them? Also, yes.
Start with your goals. What does success look like for you and your business? How can you know if you’re growing or stagnant? Sales? Revenue? New customers? Social media fans? Your answer won’t be the same as that of others in a different industry or at a different stage of their company’s existence.
What will your key performance indicators (KPIs) be? In other words, what will you measure that tells you how well you’re achieving your business objectives? If you’re unsure where to start, begin with revenue (what you’re bringing in after accounting for discounts and returned merchandise), customer acquisition cost (the amount you spent on marketing divided by how many customers that yielded), and marketing return on investment (divide your marketing spend by your revenue). These three metrics will show you if your marketing activities are impacting your bottom line or if you need to think about another approach. (more…)











