Even today, many organizations judge the health of the business based on gross profit, sales revenue, and cash on hand. Although these metrics are important, they are not the ‘most’ important metrics for the business. So, what are the new business metrics that matter the most? In this article at Forbes, Aaron Raddon explains that customer success metrics matter more than ever. Let us take a look at these new business metrics.
New Business Metrics that Matter the Most
Customer Health Score
This one of the most critical business metrics you must measure. This metric determines if customers see value from the product or service that you offer. The customer health score measures how often your customer is using the product, what type of impact does it have on their business, and how successful is your customer after the purchase of your product. Remember, one client’s success will undoubtedly prompt another person to try your product or services to attain a similar outcome.
Qualitative Customer Feedback
This is another essential business metric you must measure. Measure what your customers are saying about you and the service you provide, and what they like about your company and what they do not like. You must make your customers feel that they have a voice. Providing them with a chance to offer positive feedback and insights is a great way to build a long-lasting and meaningful relationship. Though it might be unpleasant to hear where your customer service process is failing, it provides you a chance to correct your mistakes.
“Cross-channel visibility provides insight on what channel activities are driving deeper engagement and why they’re creating engagement with the customer,” explains Aaron. Measuring the correlation by digging deeper into content affinities helps the marketers understand what’s working in their content and what’s not.
Metrics measure the success or the failure of your business. Make sure you are tracking the metrics that matter the most and the ones that help you make the most important business decisions.
To read the full article, click on https://www.forbes.com/sites/forbestechcouncil/2020/03/27/four-new-business-metrics-that-will-matter-most-in-2020/#5adc03eb47d8.