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Home » Business Management » Top 5 Essential Metrics to Measure Business Success
A business is said to be higher in the efficiency spectrum if it spends less time and resources to accomplish more goals. This is what business management software helps you do. Its data and analytics metrics empower you to manage resources efficiently and remove bottlenecks to speed up your business processes. Here are the top 5 metrics that you must look for while selecting the right business management software.
1. Lead conversion
Businesses may lose a lot of money if they don’t pay attention to how effective their marketing campaigns are. It’s imperative to know which among them is converting prospects into customers who are willing to purchase products from you. A business management software not only helps you do that but also saves time by identifying the most profitable partner relationships.
2. Sales Cycle
Businesses must keep a close watch on the time put into sales efforts versus the time it takes to close the deal. This is where a business management software comes in handy. It provides you actionable data that you can use to revise your sales cycle and make it better.
3. Net promoter score
A business management software empowers you to check customer loyalty towards your products. It does this by creating surveys that are marked on a scale of 1-10. Those who give a 9-10 are classified as promoters, 7-8 as passives, and 1-6 as detractors. The net promoter score is calculated by subtracting the net detractor percentage from the net promoter percentage. A high score indicates that customers like your products and would continue buying it in the future.
First, let’s understand what margin means. Suppose the cost to make a product is Rs. 100 and you sell it for Rs. 50. The difference between the selling price and cost price of the product is called the margin. The higher the margin, the more your profitability. Business management software helps you keep track of your margins conveniently and suggests ways to improve it.
5. Product usage
Product usage is one of the most useful metrics to check business success. This is because the more customers purchase your products, the more the probability of them buying it again. Business management software provides statistics that track how often customers:
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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