3 Indicators You Need for Your Business Success

Measure the Impact of Your Strategic Marketing Efforts

You have your business, you're selling quite a bit, and you feel like things are going well… but do you know where it's headed? Are you measuring the impact of the strategies you're implementing to boost sales? Do you have a marketing strategy in place?

Companies that don’t have a clear understanding of what’s happening with their business will eventually stagnate, decline, and in the worst-case scenario, cease to exist. Successful entrepreneurs have triumphed because they continuously gather more data about how their company operates; this allows them to understand their strengths and weaknesses and take action to improve.

There are many indicators you need to consider for the growth and sustainability of your business, from your own production, to the financial aspect, all the way to your communication and marketing strategy; you choose which ones are the most important for your company.

However, here we will focus on three, which are now very easy to measure if you have the right technological tools to do so.

1. Your Customer Types

We refer to the classification of your customers based on their quantitative value to your business. This data is obtained through a specialized customer segmentation method known as RFM, which combines three aspects: the time since the customer made their last purchase, how often they buy from your business, and how much the customer has spent with you.

Through purchasing behavior, it is determined not only which of your consumers are most valuable to your business but also what your different customer segments are, so you can understand how to impact them most effectively. This will allow you to optimally invest your resources and implement more effective marketing and sales strategies.

At Leal, businesses can easily identify nine customer segments classified according to the RFM model, allowing them to make better decisions for their business and directly send targeted advertising campaigns to each segment.

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 2. Your Customer Service Quality

Knowing how satisfied your customers are with their experience with your brand is crucial to ensuring the sustainability and growth of your business. Having the best production processes or the most eye-catching advertising campaigns doesn’t matter as much if you don't measure and ensure that your customers are satisfied.

A key tool to understand and improve your customer service quality is the Net Promoter Score (NPS). With this, you can know which customers would recommend you to their friends and which ones likely wouldn’t, allowing you to define improvement actions based on this indicator.

Leal has this tool that allows you to know what the customer experience was like in each of their transactions and thus establish an indicator for your company. In addition, if a customer had a bad experience, you can act to not lose it and prevent them from making negative comments about your brand, offering them a friendly and timely response or even a gift.

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3. Your Additional Sales

To know if you're investing your resources wisely and managing the right approach, you need to measure the impact of your marketing strategies and promotions. What is the additional spending generated by your advertising campaigns? Did you achieve any additional sales because of the benefit you offered to your customers?

For example, if you have a loyalty program, you should be able to verify whether additional sales are being generated when your customers redeem their rewards, and what that investment has been. In the case of your email marketing campaigns, beyond the open rate, it's important to know that if you sent a promotion, your customer actually redeemed it as a result of that message.

In the case of Leal, businesses can track the revenue derived from promotional, informational, and automated campaigns they send, thanks to the transaction records of each customer impacted by these campaigns. They can also see the additional spending when a customer redeems a reward from their loyalty program. For example, if the customer redeems the free coffee they earned for frequent purchases, and also buys a dessert to go with it.

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The numbers will give you a clear picture, and only then will it be possible to manage and act on time to take advantage of improvement opportunities for your business.

These 3 indicators are very easy to measure if you have the right tools to do so, especially if you leverage the available technology to measure your success.

With Leal, you get more than just a loyalty program—you gain the tools that easily guide you so that your efforts are more efficient and profitable for your business. Want to know more? Get your first consultation for free.