Every business owner should know the importance of KPI’s in their Business Growth.
What do KPIs stand for?
Marketers use Key Performance Indicators to analyse the performance of results (money spent) in acquiring a client.
You should be looking at KPIs weekly.
Some business owners are afraid to talk about KPIs.
Does Your Team know what is your CPA (Cost per acquisition) & ROAS (return on Ad spend) in your business?
Do you know it yourself?
Well, you SHOULD know it.
And you should be comfortable sharing this information with your office.
However, I encountered a few business owners in Ireland that were ‘hiding the numbers’.
They didn’t want to talk about Sales Revenue with their Office.
And it will end up costing you Money.
And that is one of the reasons WHY your business is NOT growing.
An example how NOT talking about KPIs with his team cost my client money in his business
One of my clients wasted a few thousand euros on Google Ads.
He ‘was afraid’ to have a marketing conversation with the guy in his office who was supposed to be looking after the Google Ads account.
The business owner ‘swept the conversation under the rug’.
The guy didn’t care about marketing.
He didn’t log into the Google Ads account for months with the Daily Budget continued to be rolled at 10 euros per day…😊
So the results were very poor, practically non existing.
After checking ‘the keywords’ my client ended up paying for we discovered that he practically did Ads for other businesses…😊
Although the Guy who was supposed to look after Google Ads was trained to do so, but he didn’t.
Of course there was an element of NOT knowing what KPIs to discuss too.
But that NOT knowing is your own fault as a business owner.
You should know ALL the KPIs related to Sales and Marketing.
This mistake cost that business owner thousands of euros.
KPIs will drive Results in Your Business
Discussing Sales Revenue & KPIs puts your office on the same page.
It will make your employees more accountable in answering e-mails, & phones.
Because they know exactly how much does it cost you to get a lead.
Knowing that to answer the phone costs your office 20 euros will change everybody’s perspective on answering the phone.
So it is one way of driving goals.
And working towards Your Office Vision together.
If you need help on discovering what KPIs you should be reviewing monthly with your team send me an e-mail.
If you enjoyed reading this you might like my post on 7 proven strategies for attracting & retaining customers for your business
Thank you for reading.