How to Analyze Your Goals, Success Metrics, and KPIs at Mid-Year

July 11, 2022

Dark-haired woman looking at her phone with title KPIs, goals, success metrics! is your business on track?

What are success metrics? Why do we need them? How do you identify them? What is a key performance indicator (KPI) and which ones should you be tracking with your business? How do you track them? Many questions may be going around your mind when it comes to analyzing your goals and success metrics for your business. We are going to talk about them all.

Analyze Your Mid-Year Goals, Success Metrics, and KPIs With These Tips

As a business owner, what is most important is knowing if you are on track to hit those yearly goals and metrics that you set out for yourself. I recommend tracking on a monthly basis at a minimum, with extra quarterly and mid-year analyses.

What are success metrics?

You may have heard them referred to as KPIs, you may call them your goals, or you can call them success metrics. In essence, these are the numbers you need to know in your business to know two main things.

Growth
- Leads to impact
- Leads to leads
- Leads to a higher superfan number
Revenue
- Are you making money in your business?
- What is going to continue to propel your business?
Lead Conversion

You need these success metrics because it is important to know that your business is moving in the right direction. This can be one tiny percent. It’s still moving. Granted, there will be down months. It’s normal and real life, but we don’t want to have more than three down months in a row. You will have ebbs and flows, but if you do have a consistent downtrend, you need to take a look at why that is happening. Dig into your numbers and fix it.

How do we monitor success metrics?

On a tactical level, I have a KPI spreadsheet in Google Excel. That way if I lose my computer, I can log in from anywhere else and check my KPIs. It has become this robust KPI spreadsheet that has every piece of information in my business that relates to growth, revenue, and conversion letting me know all the important metrics.

There are three main ones that you need to start with. If you are in Podcast To Profit, I share my KPI spreadsheet. If you are new in your business and have not joined Podcast To Profit, you can set up your own KPI spreadsheet with these simple metrics.

teal and navy blue quote there is no point in pouring your heart, soul, and spirit into growing a business if it isn't actually working. - stefanie gass

Track these 3 KPIs

Growth
- Track the following numbers:
  - Your total podcast downloads per month. Don’t track weekly because there is way too much fluctuation happening and it can just cause frustration and discouragement.
  - Email list new subscribers per month
  - Facebook group new subscribers per month
  - Anywhere else your superfans are that you can track new people
Revenue (total topline sales)
- This would come from each stream of income.
- Have just one stream of income until you hit multi-six figures then you can start diversifying.

Your effort should only pour into one thing that you are able to do well until you can validate that one thing. Then you can scale and move into other options. It will naturally happen. The worst thing you can do is try to be everywhere and make no traction anywhere.

3. Lead Conversion

You can’t make revenue if you can’t convert people into a sale.
Strive for a 1% conversion rate on a recurring basis. Once you hit that you can work on growing the conversion rate. Over time the numbers compound.
You will learn all about conversion rates in Podcast to Profit.

3 tips for tracking success metrics

Set this up in a Google doc so it doesn’t get lost and you can access it anywhere anytime.
- Later when you grow and scale your team you can share specific metrics with the team members.
Update your KPIs monthly.
- Don’t look at it any more than monthly. It will get discouraging.
Remember that numbers are just data.
- They are not to emotionally trigger you or to make you feel bad about yourself.
- Look at the number and ask yourself what the numbers are showing you.
- If you don’t have data you don’t know what is working or if what you are doing is going in the right direction.

My numbers for Quarter 2

My numbers are all in the green! I am excited to see any type of traction in my business that is moving in the right direction.

1. Growth

Podcast downloads are at 830,000- up 13% from Q1
- To calculate percentage growth, you can do this month over month or quarter over quarter.
- Take the new number, minus the old number, and divide by the old number.
- This is my second lowest growth number, those numbers are still huge!
- Email list is at 11,500, which is up 18.6% from Q1.
  - Having an email list is non-negotiable, in my professional opinion
- Facebook group is at 7,800, which is up 5.4% from Q1.
  - I think that the Facebook group should be growing in line with my podcast and email list so this is something I will be hyper-focused on in Q3.

2. Revenue

Revenue is up 143% from Q1.
- My revenue ebbs and flows based on when we offer Podcast to Profit. That is the high ticket offer we have as a company. Q2 reflects all that revenue.
- We are on target to reach the low-end goal range for revenue for 2022.

When you set your revenue goal for the year, you need to have a range. You don’t know what your revenue will be for the year, but you can reverse engineer based on your growth rates from the prior year. As you set goals, you have to know what your growth rates and conversation rates are to estimate a realistic revenue number.

3. Lead Conversion

My lead conversion rate is 5.38% overall, up 67% from Q1.

Navy with gold frame and quote god will surpass your expectations every time no matter where you are, there is always fruit when we are obedience. - stefanie gass

Q2 looked great for us!

Look what God can do when we surrender and are obedient to the direction He has called us to go! When you use these tips for tracking your KPIs and success metrics, you can see where your business is truly at and what you need to do to get the desired growth. Remember not to get too tied up in the numbers, but use them as a guidepost for the next steps you need to take. When you track your success metrics, are obedient to God, and trust Him with your business, you will see the fruit!

I pray this blesses you!

Xo,

Stef

P.S. Listen to podcast episode 464 for the full training on How to Analyze Your Goals, Success Metrics, and KPIs at Mid-Year so you can find true success in the kingdom of God!