Key Metrics that Are Often Ignored
You’re spending money on marketing and sales efforts. Is it working? Are you acquiring new customers and retaining the current ones? Are your customers purchasing more often? Are they purchasing more? Who hasn’t purchased within the normal timeframe? Are you identifying them and contacting them before they’re lost? What are the important metrics that you need to monitor to trigger responses that translate into growth?
Look at your 12-month rolling revenue in order to take the cyclicality out of your numbers. Is there a steady climb?
Number of Invoices
The easiest place to reach for growth is your current customers. They already know you and trust you. They just need to shift more of their purchases to you! Again, the 12-month rolling average for number of invoices should be growing. If you are retaining your customers, and they are gradually purchasing more and more from you, you should be seeing an increase in the number of invoices that you are processing.
Number of Customers
If you are gaining more customers than you are losing, your 12-month rolling number of customers will be increasing. This metric is also important to monitor to make sure your customer retention is high.
Last Purchase Dates
When did your customers purchase last? Do your sales reps have the ability to monitor and check these dates? Without that information, they can’t be as effective as they need to be to make sure you don’t lose customers, by contacting them before they purchase elsewhere.
Monitor Your Metrics Online
Winsby has developed an online portal where all your invoices are stored and updated monthly, so you can see trends and identify problems, then fix them. Our graphs show you 12 month rolling averages for revenue, invoices and customers. Your sales representatives can go online and see the last time each of their customers purchased, so they can call them and find out if there’s a problem with your company or with their own sales.
Are price increases affecting your customer retention? You can see the trends quickly. What is your customer retention? What should it be?
We’ll review your results with you every month and point out issues that other companies aren’t having, so you can identify them quickly and get things back on track.