Most business owners are going through the motions when it comes to business and they are not tracking very important information. This information is crucial when making decisions about your marketing budget as well as knowing where you desperately need to improve or what you are doing very well in your business.
Here are many pieces of information you need to know in order to be more effective and successful.
Tracking #1. How did you hear about our business? Obviously this is important and hopefully I don’t have to tell you why. Also, don’t be afraid to get more specific…when they say they found you on a Google search, ask them what words they searched for. Get enough information as you can without being annoying and going on and on.
Tracking #2. If your new client chooses to work with you; ask them what made them decide to work with you? Asking this question will give you a great deal of information that will help you know what you are doing well as well how you can position yourself and market your business in your niche better.
Tracking #3. If your potential client did not choose to work with you; ask them what they are hesitant about? Again, this information is very helpful. It helps you learn where might have gone wrong or it may help you learn other objections that you will need to learn how to overcome when talking to potential clients. Usually it means you’ve lost or never gained their trust. Your potential clients need to TRUST YOU and believe you can deliver what you say you will. This is so important. But, again that is usually the reason, however there are always many possible reasons, but the point is, you will never know if you don’t ask.
Tracking #4. What is your average sale? It’s important to know what your average sales are per client/customer/patient? This is helpful information when making decisions especially when it comes to marketing. How much are you willing to spend in order to acquire a new client pr patient? Remember information is power, especially when you implement it.
Tracking #5. On average how much do your clients spend with you per year? This is a very important question to understand and most business owners have no idea the answer to this question.
However, when you figure out what this number is, it sure does put the importance of every phone call into perspective. For example, one of my client’s average sale for each client per year is worth $1600. So, each time the phone rings and you or your staff is speaking to a potential client, that client is worth $1600 to your business each year. That makes the phone call feel a little differently, doesn’t it?
This helps you understand how important it is to maximize these phone calls. In a future blog I will share with you how I was able to close 85% of my sales on the phone with a very special process that is authentic, genuine and easy to use.
Tracking #6: What is your retention rate? This is a great question. Your retention rate basically tells you how many clients are staying with you and how many are leaving you. One of my client’s retention rate is 85%. This means this business is doing a fantastic job at maintaining and keeping their clients. You can always improve your client’s experience, but it’s good to know what you are already doing well or what you need to improve on to make their experience better.
I once heard a very successful business owner say, what doesn’t get measured doesn’t get improved on. I love that quote, because it’s so true. If you are not measuring or tracking certain aspects of your business you will never know where you can improve. It’s just like golf or any other sport. You want to examine your shots that go well and your shots that don’t.
So, start tracking and do some digging in order to find out where you need to place your focus.
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Amanda BrazelOwner/Expert Social Media Manager for Small Business. Read More.
Amanda Brazel | Digital Media Marketing Done For You