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3 Simple Things Every Business Owner Should Track

One of my clients recently moved into a new location. They run a specialty fitness center and have been open for about two months now.


As I do with every business owner I work with, at the 60 day mark, I reached out to see how things were going. How is the space? How is business? How can I help?


Sadly, but not uncommon, they gave me the news that they weren't doing as well as they had hoped they would be. They were upset that the sign was not up yet. They talked about dropping their prices to get more customers.


First off, let me clarify that this is a VERY specialty gym. Most of their clients seek them out, or are referred by someone else. Its definitely not the kind of place you would see a sign for and stop at. Complaining to the landlord about signage would not be productive in this case. .


Then we turned to the discussion of pricing. I asked how many people were telling them that their price was too high


"Nobody Yet" she said.


Here is a quick tip. If nobody is telling you your price is too high, not only should you NOT drop the price, but you should, theoretically, probably RAISE your price.


After a few more minutes, I walked her through what I consider to be the 3 Most Important Things Every Business Owner Should Track. Note...these are not the only things to track, but just about everything that needs to be tracked can be built on the foundation of these 3.


Let's get into them, shall we?


First - How Many Leads Are You Getting Per Day? (MOST Business Owners Don't Track This But Wish They Did)


Leads and customers are the LIFE BLOOD of your business. You want a consistent flow of leads into your business. By tracking the number of leads coming in per day, not only can you keep a finger on the pulse of your business, but you can also watch and see how different actions (promotions, etc) impact your incoming leads. If you post on social media every day, and on Thursday you have a huge rush of leads calling you, you might want to look at your post from Wednesday and duplicate it.


Second - How Did The Leads Find You? (Almost NO Business Owners Track This)


If you don't know how the people found you, how on earth can know with any level of certainty what actions are working? Asking every customer "Can I ask how you found us?" can make the difference between you being an efficient marketer, and you being someone who burns money for no reason.


It usually goes something like this. When you first start, most of your leads are from you reaching out. Keeping things basic, you know where those leads came from. Cold calling, referrals from friends, etc. Keep track of that. As you do a great job, and your business grows and ages, more and more people will just start calling you. Knowing if they found you on a billboard, heard about you from a friend, etc gives you a road map of how to continue the lead flow. Tons of leads from the church bulleting and none from the billboard? More church bulletins...less billboards.


Third - How Many Of The Leads Bought Something? (I'm not sure if people track this, but the answer is always "not enough.")


Now you can get granular. You can see how much money your average customer spends. You can see which lead source is providing your most valuable customers. The possibilities are endless. How cool would it be to be able to say, "People who found us on a church bulleting spend 80% more than people heard about us from a park bench."


A healthy business starts with tracking the right things, and making small adjustments along the way. These 3 Stats will help you make informed decisions, and build a much more exciting and predictable business.





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Rooftop Realty Group, LLC

201 Second Street

Liverpool, NY 13088

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Tel:  (315) 944 - 2198

mark@markcardone.com

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