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.
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.
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.
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.
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.
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!
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