How would you describe how your business is performing? Would you describe your turnover? Would you discuss how many staff you have? Or would it be something else? My guess would be that you would also talk about your results.
Business Results can come in many forms. There’s the trusty Google Analytics telling you what’s happening on your website, there are your sales results that can tell you how many customers you have and even how much the average customer is spending.
All of these results and much more can help you to paint a picture of where your business has been, your current location and where you are heading.
When was the last time you really looked at your results?
‘”I’ll get to it later.” is a normal response I hear from many clients.
As business owners, it’s your job to review and analyse what you’re doing to make sure it’s working. I’m sure that there are many more important things on your list of priorities, but here are 5 reasons why you should start reviewing them today.
- Increasing your Return on Investment – By monitoring your advertising and marketing, you can see results from different areas and redirect more funds into better-performing channels that are delivering better results.
- Customers Profiles – have your customers changed? Have their behaviours changed? By monitoring your customers across multiple channels, give you insight into their needs but also potentially present opportunities.
- Average Customer Spend – Do you know what your average customer is spending with you? Regardless of being a retail store, a service provider or any other business type, this dollar figure can provide you with a benchmark to improve on over the next 12 months.
- How do you compare? – Benchmarking your results to others within your industry can be a good way to understand how your business is performing. You can use information from the Australian Bureau of Statistics, including the Retail Trade Reports which we review monthly, and other similar reports developed by numerous reputable sources.
- Are your suppliers delivering on what they initially promised? – many times I’ve seen small business owners hire an expert in their field to fulfil a job like Google AdWords or Social Media Marketing. This is great because you’ve taken the first step in acknowledging where you need assistance. However, most business owners just ‘Set and Forget’ without reviewing results regularly and making sure your suppliers are delivering the results that were initially agreed upon.
Where to start?
There is a mountain of areas that you can start, so before you start tackling all of them … and get bogged down … make a list. It’s a great way to see just where you can look for information. Here’s a list to get you started:
- Google Analytics
- Facebook (and any other social media platforms you’re on)
- Australian Bureau of Statistics
- Advertising Suppliers
If you’re not sure what to look at or what you should be reviewing, feel free to get in touch. At Image Marketing, we regularly compile small businesses results so they’re easy to read and digestible. We take a look at your business history and pull all of the data into a simple format that’s easy to read. We can also update it on a monthly basis for you.
Get in touch today to find out more.