In marketing and sales, purchase funnels form a crucial part of how we view the customer journey. And the most common way of measuring the effectiveness of a purchase funnel is with conversion rates. Conversion rates provide a temptingly simple way of measuring how successful each of your tactics or touchpoints has been in moving the customer along – one step nearer to that all-important final stage – the sale.
In business, we use summary metrics all the time. A summary metric is just another way of saying you have summarized a series of data into a single data point – like a total or an average. Most of the time, when you report on business KPIs like Revenue, Customer Satisfaction, Acquisition Cost, or Lifetime Value, you’re doing so in the form of a summary metric. But summary metrics can be misleading, because they reduce complex patterns in your data down to simple, singular figures.
If you’ve ever had to set a goal, it’s likely you’ve come across the SMART framework.* A SMART Goal is a goal that is Specific, Measurable, Assignable, Realistic, and Time-related.
From booking rep appointments to even boosting your ecommerce conversion rate, sales calls can massively impact the success of your business, which is why it’s so important to know how to measure sales productivity by the success of your calls. When the discussion of sales calls comes up, many people instantly think of cold calling (phoning prospective customers before they express any kind of interest in your product or service).
It can feel like there’s little more to say about remote working. We know about the pressures on businesses, the adjustment to makeshift bedroom offices, and the way some workers have gradually gravitated to hoping they never see a return to traditional office structures.
Whether it’s Microsoft Excel or Google Sheets, most businesses use spreadsheet tools. In fact, if you're a small to medium sized business (SME), it’s likely that spreadsheets are your main way of tracking sales performance. However, there is one huge downside to both Excel and Google Sheets – data visualization. When it comes to visualizing your KPIs, spreadsheets are not a great tool for helping people quickly and easily understand what’s going on.
In this article we’ll explore why many Customer Service teams are turning to IQS (Internal Quality Score) as their North Star metric to guide their customer service quality. Fantastic customer service quality occurs when customer wants are met and surpassed through support interactions. But the ‘customer wants’ box is a difficult one to tick.
If there is one word that growing SaaS companies loathe the most, it is probably churn. Churn of any kind can be worrisome, but revenue churn, in particular, can kill a business if neglected. Revenue churn is a measure of how much money your company loses during a given period of time, typically per month. Fortunately, revenue churn can be reduced with the right knowledge and strategy.
Ecommerce analytics tools can provide you with powerful data-driven insights that help you measure your business’s progress and stay ahead of the curve. In 2019, retail ecommerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. Ecommerce is booming and to maximize your reach and remain competitive it’s important to have the right tools to analyze your business’s success and areas for improvement.
When it comes to running a successful online store there’s a lot to keep track of. From high-level metrics like revenue or number of orders, down to more detailed information such as customer feedback, there simply isn’t one ecommerce analytics tool that covers it all. So as a business owner, how can you oversee all the different parts of your online store without wasting minutes or even hours every time you need to look up some important data?
