You just need the numbers because numbers tell us the whole story.
Your doctor just needs several key numbers and they pretty much know the state of your health. Your accountant just needs a few key numbers and they know the state of your business. The same is true of your marketing .You need to know and continually improve your numbers. For now, here are some key numbers that we use to measure marketing success.
Calculate the number of new leads that come into your business.
In marketing, lead generation is the initiation of consumer interest or enquiry into products or services of a business. Leads can be created for purposes such as list building, e-newsletter list acquisition or for sales leads.
2. Conversion Rate
Calculate the percentage of leads you converted into paying customers.
The conversion rate is the number of conversions divided by the total number of visitors. For example, if an ecommerce site receives 200 visitors in a month and has 50 sales, the conversion rate would be 50 divided by 200, or 25%. A conversion can refer to any desired action that you want the user to take.
3. Average Transaction Value
Know the average rand amount that customers spend with you.
The average transaction value is calculated by dividing the total value of all transactions by the number of transactions or sales. This can be calculated on a daily, monthly or annual basis. An example of this may be – sales of R200,000 for the year, generated from 10 sales or transactions.
4. Break-even Point
Identify the rand amount you need to make to keep your doors open . It encompasses such things as rent , staff, utilities and any other ongoing operating expenses. The Break–Even Point (BEP) is the price point at which the sales revenue is equal to the costs, generating zero profit…. Therefore, there is no profit nor any loss. This type of revenue is needed to cover the total fixed and variable expenses of the company for a specified time period.
Our professional marketers at KANAKA design studio are experienced in developing custom digital marketing, and branding experiences for businesses.
They will perform keyword research and study your industry to create marketing strategies to match what your target audience wants.
email firstname.lastname@example.org to get started.