Here is a great video on Metrics…
So knowing the basics of your Business Model is your starting point. Assuming you are a normal lead gen type business you would have KPIs
Our consulting practice starts with hooking up measurement. Then creating a dashboard. Our routine meetings with clients, start with a review of their dashboard. We ask what has been done recently?, How has this changed the business?, What should we do next?
Counts and costs of each
If you are an eCommerce Business, I’d have slightly different KPIs:
DoD- Day over Day use this Initially when focusing on getting going
WoW- Week over Week
MoM – Month over Month
Here are a few examples
You can see from this MoM dashboard that we had $378k in revenue from$161k in spend and so far year to date (YTD) we made $216k of profit and contribution to overhead.
Note ROAS (Return on Ad spend) meaning we invest $1 in ads and get $2 of Sales. each week we are trying different ads, landing pages and audiences and learning what works best.
CPS is cost per sale. Average $ per sale is self explantory.
The point is you need to and mange your business based upon the numbers. Hook up measurement then populate your dashboard. Make decisions based upon your dashboard.
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