Recently at our business dashboards startup Dasheroo we noticed we were starting to get in the meeting doldrums. Our Monday morning meeting became a "here's all the stuff I did last week, here's the stuff I'm gonna try to do this week" status meeting. Those status meetings are fine and we do them daily, but one of our co-founders slapped us silly and said "c'mon guys, time to dig into data!" So we did.
Each Monday we take a key performance indicator (KPI) that is important to us, our customer experience and ultimately our success. There's always an owner of that KPI and that person comes to the table with the good, the bad and the ugly. We all dig into the KPI, we usually have questions that can't be answered and needs some further investigation, but we usually walk away with some action items on how we think we can improve that metric. It has been a real eye-opener and has caused all of us co-founders to sit up and really own it.
So here are a few of the key performance indicators we're tracking closely and we think every business should wake up and do it too!
Website Sessions – Hop into Google Analytics and look to see if anything has changed by Channel. If Organic traffic has slowed down ask yourself if your search engine placement changed. You may have found that you've got some competition pushing you to page 2 in the search engine results. If your Referral traffic is blowing up dig in a step deeper to find where this new traffic is coming from, then get more!
Conversion Rates – These can be measured at different parts of your users or customers journey to purchase (or not!) from you. At the very top of the funnel measure conversion rates from website session to those who sign up for your B2B service or those who first purchase a retail product and keep a close eye on it. At the early stage of a company, since Website sessions tend to be lower, conversion rates tend to be high. So look at anything that might come in the way of sustaining a high conversion rate like too much noise on the webpage or requiring too many form fields. And keep the number of clicks required to convert to a minimum.
Site or App Engagement – Are people not following through with a sign up or a purchase the way they used to? What did you change? Did you ask for more information or add a step to your shopping cart? Did the summer months take some business away? Is there a referring site sending you traffic that doesn't make sense for your target? You should be asking yourself these questions each week!
Social Media Traffic – Are you getting a nice bump from a social source? Find out what social network is sending you the most traffic and why, then try to exploit that success on other social networks if it makes sense. Boost that Facebook post again or give it another RT on Twitter, you might find you can breathe some life into some old but great content.
Days to Pay – Are you tracking the time between when someone visits your site to when they purchase? Or when they sign up to your newsletter or your app to when they first buy? This is an important metric to keep an eye on, especially for you B2B marketers. How many touch points do you need to have to get them to purchase (or worse scare them off!) and which touchpoint triggers this behavior are important to keep track of. Then you might be able to shorten this sales cycle with some proper testing.
Don't forget to document what your learnings or to-do's are at the end of each meeting and go over them at the beginning of the next! You'll find that you'll start to focus on what's important to your business success!