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This episode is brought to you by Progressive Insurance. You chose to hit play on this podcast today. Smart Choice make another smart choice with Autoquote Explorer to compare rates for multiple car insurance companies all at once. Try it@progressive.com Progressive Casualty Insurance Company and affiliates not available in all states or situations. Prices vary based on how you buy. Welcome to the Candy Valentino show, the podcast for founders, investors and entrepreneurs where we have honest conversations about what it takes to grow your business, build more wealth, and create financial freedom.
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We're going to talk a little bit about something that every single business owner and entrepreneur needs to learn more about. How do you measure your company's performance? Like, what does it really take to build a successful business? Well, it's honestly easier than we all make it out to be. Hello everyone. Thank you so much for tuning into the Candy Valentino show and spending this time with me today. Whether you are watching us on YouTube or listening to the podcast on Apple or Spotify, thanks for spending this time with me today. We're going to talk a little bit about something that every single business owner and entrepreneur needs to learn more about. Because it doesn't matter if you're doing your first million, your first 10, or 100, or you're trying to scale to your first unicorn. No matter what, these are things that you are going to need to start to love or find somebody that loves them for you. So the question should always be kind of in the back of your mind of how do you measure your company's performance? Like, what does it really take to build a successful business? Well, it's honestly easier than we all make it out to be. There's really three things analysis, capital, and action. That's really it. I know I'm oversimplifying it, but I'm also really not running a successful business. Creating a company requires a thorough analysis of your work, your sales, your financial results, and it can't be done without tracking some relevant business metrics. So although we want to follow our intuition in business, you kind of need to know your numbers and follow the data before developing that gut feeling in business. And not until you've been doing business for a really long time. Follow the data, follow the numbers, run your business metrics, and then of course, once you develop your business acumen, then you can run by gut feeling. But of the three of the analysis, capital, and action, analysis seems to be the most difficult part for entrepreneurs to really grasp. So let's run through it. If you want to build a successful business and especially a sustainable scalable business. There are two words that you need to fall in love with. Business metrics. Sorry, hate to break it to you, but key performance indicators that measure what your business is doing and shows the progress of your business goals is going to mean everything to your bottom line. They indicate whether your business or your company has achieved its goals over the specific timeframe. And of course there are hundreds of different KPIs, but there's no use in really getting into all the weeds and measure all of those. I want to give you a few that are really going to matter to your business because depending on your business goals, you should always be tracking these metrics that show you how your specific business is doing. Tracking irrelevant KPIs because you heard about them somehow was just going to distract you from focusing on the things that really matter. And it's really going to give you an roi. So don't stress about the numbers that aren't going to have an actual impact on your business development. So although it's highly important that you track your business metrics, even more important than that is also you measuring the right ones so that you really understand what's moving in your business. So I'm going to go over 10 of the most popular business metrics that can typically apply to all entrepreneurs and business owners. And these can also help you potentially foresee any upcoming declines in your business. And not only am I going to do that, but I hope to do you one better. And that's not just to cover what they are, but I'm going to tell you how to measure them and more importantly, how to improve each one. So are you ready? I hope you're ready. Are you ready? Are you sure? Let's do it. This is like a masterclass in business metrics and you're going to have to excuse me because I nerd out on this stuff. I love the numbers, the data, the patterns, those are my faves. So grab a pen, grab a notebook, maybe a cold brew if that's your jam, because I'm ready to bring it. This is going to be a beast, but I promise you it is worth it. So let's go number one, sales revenue. Now, obvious for most, but you would be surprised how many people don't measure this the right way. This metric is first the most common one because it can really tell you a lot of things. Month over month, sales results are going to show you things like whether people are interested in buying your product or service or whether your marketing and sales efforts are actually paying on and so on. When Evaluating your sales revenue and setting goals. It's important to remember that sales results are affected by tons of other factors. So let's break down how to measure it. It's calculated by summing up the income from all client purchases minus the cost associated with any returned or or unfulfilled or undeliverable products. Now this is commonly on your P and L or your income statement or your POS or your CRM. However you're tracking your sales, how to improve it the most obvious way to grow your sales revenue is to increase the number of sales. And how is this done? By acquiring new customers through expanding your marketing endeavors or hiring salespeople. But this can also be done by increasing your average card or ticket or increasing your buying frequency by maybe making discounts or offers or promotions that are hard for your existing customers to resist. It can also be done by focusing on client retention or minimizing churn with loyalty and referral programs which will increase your average lifetime customer value. But just remember that growing your sales revenue should always be a long term strategy and not going after those quick temporary boost in sales. All right. Number two, Net profit margin. This indicates how efficient your company is at generating profit compared to revenue. This is an important one because a lot of people can create sales. But if you don't keep the profit, you're never going to have a sustainable company. So basically this is going to tell you how much of each one of those dollars is going to translate into a profit. And profit is what every business needs to sustain indefinitely if you ever want to become exitable. Well, I don't know that exitable is a word. Maybe it's sellable, but it's a word. Now if you ever wanna exit your company, you need profitability. It's one of the five levers that new buyers and investors are going to measure. Net profit margin is a great way to predict long term business growth and to see if income exceeds all the costs of what it takes to run your business. So how do you measure it? Calculate your monthly revenue? Reduce all of your sales expenses. If you run up to date weekly bookkeeping on this, it's going to be on your income statement and your P and L as well. And if you don't run weekly active bookkeeping, I would encourage you to start working with someone who does bookkeeping that is done on a monthly or quarterly or worse, an annual level. When you're ready to file your taxes is not going to give you the data to really understand these KPIs doing active weekly Bookkeeping and keeping it up to date so that you can project numbers is going to pay so much in actually understanding your business, which is then going to translate to your bottom line. So how do you improve this? You can improve your company's net profit margin by increasing your revenue. The easiest way to do this, you can raise your prices of your products by sell more. But another method is to lower your sales and your production costs while keeping up with the competition. Both of these tactics can require market research, a long term business strategy, and it certainly can't be done overnight. So you want to do your research, but it's important to understand how it can be done in your business so that you can make the decisions that are most important to you. That leads us to number three, gross margin. Now the higher your gross margin, the more your company will earn by each sales dollars and the more you earn per dollar, the more you'll be able to reinvest in other operations. Or this is what I love. Invest in additional assets sidelines your business. That creates new lines of cash flow and diversifies your entire investment portfolio. Gross margin is I'd say pretty important for starting companies in the early years like say your first five years in business as it will reflect your processes and your production. In concept, the GM is the equivalent of your company's productivity. That's translated into numbers. Now how do we measure this? The gross margin equals your total sales revenue minus cost of goods sold divided by the total sales revenue. So how do you improve it? Well, simply put, gross margin can be improved by making your sales and your production processes more efficient. That's going to bring us to number four. This is our look, we're going through them. So don't let me lose you in the weeds. Make sure you stay here. We're blowing through them really quickly and you're going to learn so much. It's going to pay dividends in your business which is going to allow you to pull more profit out and create additional assets and lines of revenue. So we're only going through 10. We're already at number four. Number four is sales growth year to date. Now who wouldn't love their company to grow month after month? But sometimes sales are highly dependent on a season or a promotion or the buying cycles of your customer. Sales growth year to date will indicate the pace at which your company's sales revenue is increasing or decreasing. And by monitoring this over various periods of time, which as I always say, monthly, quarterly, yearly and then additional long term metrics, this is going to give you Such an understanding of where everything stands in your business. Make it a goal to accelerate your sales growth every month, or at least keep it the same percentage month over month. And here's how you measure it. Check your monthly sales revenue and the number of new deals that you have coming in or new customers, whatever your benchmarks are and how to improve it. Well, very similar to sales revenue, this KPI can be increased by investing more resources into your marketing and your sales activities. More often than not, if you want to double your revenue, double your efforts, double your output. However you acquired those first hundred customers or those first thousand customers, go take that same route and just double your effort. If you have two salespeople that are profitable, add two more. If you got 25 leads by making 250 calls, go make 500. You get the point. And if you really want a pro tip on this, Sales growth can also be boosted by positive media coverage or a new product or service that you're launching to your existing customers. Why? Well, positive media coverage can increase your customer acquisition by having all these new eyeballs on your businesses. And if you have a lot of the constraints fixed in your business, when you get new eyeballs to your website, you're able to convert them more quickly because of that positive coverage. And then of course you have all of the other things in your site in order to convert them easier. Now when we talk about a new offering or a new product that is offered to your existing customer base, that can obviously increase revenue pretty quickly by increasing a buying frequency that they weren't necessarily going to go out and buy. So that's another way to do it.
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This episode is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Well, with the name you're proud price tool from Progressive you can find options that fit your budget and potentially lower your bills. Try it@progressive.com Progressive Casualty Insurance Company and affiliates Price and coverage match limited by state law not available in all states.
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This brings us to number five, and this is an important one. I work with so many founders and entrepreneurs that do not understand this. They don't know what it is. So if you get nothing out of this episode, get this number 5 cost of customer Acquisition have you ever thought about how many small things and expenses really contribute to acquiring a customer? Cost of customer acquisition is calculated by dividing all of the costs spent on acquiring that new customer and dividing it by the number of new customers that you acquired in a very small specific time frame. So for example, if you spent $8,000 on marketing in September and you acquired 40 customers in that same time frame, your customer acquisition cost is $200, meaning $200. It costs you your money to acquire each one of those 40 customers. So 200 times 40 equals 8,000. The cost of customer acquisition should always be measured with customer lifetime value, meaning that if a new client is worth on average say $1,400 to you, then acquiring a new customer for $200 is quite a reasonable deal. However, if you don't have a great retention rate and you acquire a customer for $200 and your average maybe customer lifetime value or average order or your churn rate is really high and you're only getting $400 out of that customer before they go somewhere else, well then a $200 customer acquisition cost is not a reasonable deal. Without knowing your customer lifetime value, you have no idea of knowing if the customer acquisition cost is working or not. How do you calculate it? The easiest way to calculate the average customer lifetime value is to multiply the average value of a sale by the number of repeat transactions and the average retention time in months for that particular customer. Now, calculating your CLV will depend on product specifics. Really? Like are you selling on a monthly basis? Is it a big one time transaction? Do people return to make repeat purchases? So those are all going to come and kind of take an account of your total customer lifetime value. This is not a once and done for every single type of business. There are nuances in this, but this is a really great way to generally start how you can evaluate this and hopefully you have a POS system or A CRM or, or some sort of sales system that can help you calculate this so that you don't have to do a lot of these numbers on a spreadsheet. So how do you improve it? This is what everyone wants to know. Evaluate the lifetime value of a customer by various client segments are really going to help you understand which segments are going to bring in the highest profit for your business. And this is going to also encourage you to do what's really tough, which is to let go of clients who are decreasing your net profit. Those that are the most difficult to convert, those are the most draining of your time and your team. So that if you can get rid of those, if you can sometimes eliminate some of the lines of revenue or some of the customers in your business, it gives you the opportunity to really expand in other areas. And this little exercise of really understanding these numbers are going to help you make those decisions better. All right, and that brings us to, I would say, probably the second one that I think most people skip over, which is customer loyalty and retention. Look, having loyal customers is beneficial in so many ways. Not only does it help you grow your sales and spreads the word about your product and increases your organic word of mouth marketing, but your retention rate shows the number of clients who keep using your product over time during an extended time period and continue to make repeat purchases. Why is that so critical? Because it will always cost you five times more to go out in a acquire a new customer than it is to retain an existing one. And for some reason, I don't know why. This world of digital marketing and social media, everyone is so focused on the acquisition of a customer and they're not doing the work to really retain a customer or diminish their churn rate. So you can really shine above all of your competition if you just focus on how to retain customers more. And we're going to talk about it. So how do you do it? You're going to take a look at all of the customers that you brought in during a very specific time period. Then you want to look at all of the new customers that you acquired during that same time period. You're going to subtract the total of those new customers to get that number and then you're going to divide it by the total customers that you had at the beginning of the time period. Here's the example. Let's say at the beginning of 2023 you had 200 customers, and at the end of 2023 you had 225 customers, but you also acquired 50 new customers during the middle how many months of 20, 23, you're going to take that 225 customers minus the 50 new ones, that leaves you with 175. Which means of that original 200 customers. Stay with me. That you had in the beginning of the year, you lost 25 somewhere along, which again happens all the time. You picked up 50. You're going to then take that number 175 divided by 200, you're going to get 0.875. When you figure that out in a percentage, that means your retention rate is 87.5%, which for pretty much any industry is incredible. So if you're figuring this out and you're not at 87.5% and you're like, wow, I had 100 clients, I acquired 100 clients and I still ended up with 100 clients at the end of the year, that means that your retention rate was zero. So how do you improve your retention rate? Well, there's really five buckets that they live in. You can do some of these or you can try to do all of them. They start with excellent customer service. That's key number one. Number two is having consistent communications with your customers so that you're always top of mind. Number three is pre sueding or planting the seed for the next order or the next visit in your client's mind. Four, creating a reward or a loyalty program. And last but not least, delivering high quality products or services. That's the name of the game. It's not easy and it's really difficult to measure some of these things. But if you focus on those five things, your retention rate is going to soar.
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That brings us to KPI number seven or business metric, whatever you call them. The Net Promoter Score. All right, the Net Promoter Score, from my experience is really tough to measure. There's a whole network that helps you with this, but I want to give it to you because in some businesses it is really, really important. The Net Promoter Score reflects the quality of your product and the level of customer satisfaction. It shows how many people are likely to recommend your product or your service to a friend or someone in their referral network. And according to the Net Promoter Network, yes, that's really a thing. You can Google it. There are three levels of customer advocacy. Number one, you've got promoters. They will score your business or your services a 9 or a 10. These are loyal enthusiasts who praise your company. They're your raving fans, your cult like customers and they are going to tell others about you and drive more sales. The second is the middle, the passive. These are people who are going to rate your business a 7 or an 8. They're satisfied, but they're not very enthusiastic and they will leave you when there is a sale, a promotion or a coupon. And then of course the third, you have detractors. This is somebody who would score a zero through a six. They are often disappointed customers and they will spread negative information about your company and can ultimately damage your brand. Now how do we measure these things? Well, this marketing metric can be measured on a 10 point scale by conducting customer surveys and reviews or even picking up the phone and interviewing customers. You know, it's funny, back in the day I didn't know about all these fancy things, you know, when I first started because I was 19, 20, 21 years old, trying to figure out business. So what we did was we did something very simple because I got to keep it simple in order to really understand it and duplicate it. So for me what I would do is I would have my front desk person after every client left, if they were new within 48 hours, she would phone that client and say, hi, I'm so and so. I just wanted to call in and check in on your service. Were you happy with it? Did you like it? That was our way of doing a Net Promoter score. Now if you have a high end business that you have a small pool of customers but you are really engaged client facing, pick up the phone and call them, send them a text. You know, I think still to this date over 90% of texts are opened but only 20% on a good day of Emails are opened. So when are you gonna pick up the phone or text the client? And if you can't do that cause you have thousands and thousands of clients, well then you can develop a system like we all get when we shop that says how was your service? Click a smiley face, click a frowny face, or do a 1 out of 10 scale. This is gonna give you the data to really understand the experience that your customers are having so that you also know what your retention rate is going to be like and what your sales are going to look like for the year. The easiest way is to ask the question in a follow up email. A product order a new subscription. It's going to take so much time to pull this together and evaluate it, but it does provide a lot of insight so that you know how to improve your business, your product, your services, and even your staff engagement. All right, so I told you a lot about it. How do you calculate it? Subtract the percentage of detractors from the percentage of promoters. Really easy in concept, right? But there's a lot of work you gotta do to get that data. How do you improve it? It's kind of like the retention rate. Provide exceptional customer service and focus on delivering high quality service and products. How did the Ritz Carlton get to be who they are? How did Apple get to be who they are? It was by focusing on the net promoter score. It was about creating an experience that would get customers talking which then created those cult like customers and those raving fans. Offering benefits or information to your customers that maybe they didn't even expect to receive will also make their user experience better and increase their perceived value. All right, up next we're on to eight of 10. So you're doing great if you're still with me. And if you're still with me, I just want to acknowledge, you should say that this is a small win. If you follow me, you know that I'm always, always focused on celebrating the small wins. The fact that you've invested what, 20, 30 minutes with us so far and we're on number eight and you're still here, means that you are very dedicated to growing your business. So I just want to acknowledge you for that. Number eight qualified leads per month. Now, depending on your business or industry, you might not use this, but as your company grows, you want to reach new levels of growth or crazy levels of revenue. You're going to need to invest more resources into marketing and sales to get there. Now if you don't now, very soon, you're going to have hundreds of new leads every single month. But not all those leads have the potential to become a customer. That's why you need to measure the number of qualified leads that your business receives. And this metric shows whether you're targeting the right market with the highest potential of attracting new customers. If your number of qualified leads is declining, it means that you should really reevaluate and maybe even change your marketing campaigns or your strategy altogether. Now, how do you measure this? It starts by categorizing your new leads into three distinct groups. One MQL your marketing qualified leads. These leads are qualified by your marketing team based on the fact that they match a potential lead requirement. Right. Like maybe if you're doing B2B, it's the size of the company or the expectation of the client or the scope. Right? These are all of the things that your marketing team would set aside to make sure that these leads are matching your requirements for business. Then we go to number two. This is your sales accepted leads. SAL S A L this leads the marketing team. They forward them to the sales team and they're waiting for final approval before the sales process begins. Which of course takes us to the last one, which is sales qualified leads SQL these leads are qualified by the sales team. And these leads have the highest potential of becoming a paying customer. Now how do you improve them? Well, instead of targeting to millions and millions of people on all of these different platforms and all this digital advertising, which could be very timely and very expensive, focus on a very specific audience or a niche in the market that has the highest probability of being interested in the services or products that you offer. And the easiest way to do this is to work backwards. Ask yourself these three questions. One, where do most of my sales qualified leads come from? Are they coming from digital marketing? Are they coming from trade shows? Are they coming from referrals? Number two, what marketing or advertising sources have we received the most amount of profitable leads from? And last but not least, what specific steps would I need to take to get more of those? And I'm going to ask you that again. What specific steps would you need to take to get more of those leads? If you know where your leads are coming from, let's say, for example, they're coming from trade shows. Let's say, for example, they're coming from BNI or other networking groups. If you know where your leads come from, you can really get smart with your capital. Remember we said analysis, capital and action. You can really get smart with your capital by just going to those same sources that you already have data to support that. That's where your leads come from. Why would you try to dabble in TikTok ads if you know everybody's coming from trade shows? Doesn't mean that you can't test the marketing lever in different areas. But you always want to double down on what you already know works. And when you ask yourself these questions, the answers are going to point you in the right direction of where you need to go. All right, brings us to 9. Lead to client conversion rate. You got to have leads to have this one. But leads do not turn into clients magically on their own. They need to be nurtured, they needed to be retargeted. They perhaps need to be contacted by your sales team or have a call that will convert them into paying clients. The lead to conversion metric will measure your sales team's performance. Now, if you have a digital marketing company by chance, this might actually measure your sales funnel. Right? It's all different for industries, but this is overall. Additionally, it might indicate the quality of the product or your offering. Meaning you have a bunch of leads that come in, but they're not converting. Okay, maybe it's your sales team, but maybe they're just unimpressed with the offer that you have or the product that you have or the service packages that you that you're offering. And that is really hard for an entrepreneur to hear. But you always follow the data. That's what I always say in business. If you don't follow your emotions and your feelings and you follow the numbers and the data inside of your business, business gets so much easier. But how do you measure this? This is the important part to calcul lead to conversion KPI. You're going to divide that total number of monthly new leads that you get in with the new number of customers that you get in every month. So how do you improve this? Well, to improve the metric, you first need to find the cause behind your low sales conversion rates. Like I said before, it might be your sales team. Maybe they're not performing, maybe they don't have the tools in order to do it better. But it also could be that product fit with your market. Here are just a few of many ways that you can help increase your conversions. This is, like I said, this is a masterclass. These are classes inside of classes that we can probably spin off additional episodes on just these specific parts. But I'm going to give it to you because I know my audience, my viewers and my listeners. You guys love the tactics and the strategies and the how to so let's go over a few ways that you can increase your conversions. Number one, find and communicate proof. What is proof? All right, you have proof. Customer success, case studies, media features, or claim to fame. If you will add proof to your homepage, to your website, to your landing pages, this can increase your conversions. Get this, this is data. This isn't my opinion. This is all the research that we found. It can increase your conversions up to 400% in the companies who tested this. Number two, use a live chat. Initiate a live chat with the visitors on your webpage. When this was tested, a general live chat, not even a physically manned live chat where you have somebody on the other end, but more of a bot chat. The bot chat was shown to increase conversions on average up to 23% just by having the live chat feature there. And then some companies, like Intuit, they did a live chat with a person on the other end. It increased their conversions. Are you ready? 211%. Just by using this lever on their homepage. Amazing. Number three, this is shocking to me, but I've heard so many really great copywriters talk about this. And then of course, the data and the research for this proves it again and again. Change the heading of your website. What is above the fold, that hero banner, the heading, the tagline, those words that are getting prime real estate on your site can increase or decrease your conversions. CityClick. This was a company that started and researched a lot of these things, did five different beta tests, ab testing between different headlines, and by just using the simplest headline of the five, very direct said what they did. Create your webpage. That was it. Create your webpage. None of the other fun and hokey and all these different ideas that were really quite creative that they came up with. That was the one that increased their conversions by 90% just by changing the positioning in that headline. It's incredible. Now I have over 50 of these and how you can increase your conversions. But we don't have enough time for all of those today. Maybe we'll do a solo on this topic. If you guys want to drop it in, let me know. Maybe we'll do that. And that brings us to the last one of our KPIs that we're going to cover today, because we just talked about it above with changing your headline and your positioning. So this is another one that relates to your website. Number 10 is your monthly website traffic. Now, no matter what company you're trying to build or scale, this is one of the best indicators of your company's Reputation. The more people that hear about your product, the more likely they are to go check you out online. And of course there are dozens of digital marketing KPIs, but this one, this is the foundational one that you need before you can start measuring all of the other click throughs and page views and when they jump off your landing page, things like that. So how do you measure this? Well, you can use a free marketing tool like Google Analytics to track your monthly website traffic as well as other traffic sources that will help you understand how people find your site. And how do you improve this? There is another great tool if you do a lot of digital ads and digital marketing called Hiros. I'm not affiliated or associated with them, but it's a really great way that you can see how people are finding you, what links they're clicking on, what other links they're clicking on. It gives you so much immense value to find out how your customers are finding you so that you can go double down on your marketing efforts there. So we'll drop a link somewhere in the show notes so that you can find them. Maybe I should be an affiliate, who knows. But they do have a really great software program. So how do you improve your monthly website traffic? Well, the easiest thing would be to increase your advertising budget, run more Google Ads. But there are a lot of other free and even more efficient ways that you can do it too. You can get media, you can get free press coverage, you can share valuable advice on blogs and social media, you can add backlinks to your website, you can host an entire blog on your website. Or you can increase traffic by leveraging and optimizing SEO on all of your pages. Look, I could obviously go on and on because I love this stuff, but I know that was a lot and there are so many more important business metrics that you can and maybe even should measure. But depending where you are in your build, these 10 that I gave you today will really give you a great overview of the current state of your business. And remember, the core of business is data and numbers. While always relying and increasing your people and processes, making data driven decisions will help you significantly increase you and your team's results in your business. So start now. I know if you do this right now, you will quickly see some results in just a few weeks in your business. All right. All right guys, I hope you enjoyed this. That's all I have for you today. Thanks so much for tuning into this episode of the Candy Valentino Show. If you love this, drop a comment with your greatest takeaway. And don't forget, like, subscribe so that you can stay up to date with our weekly episodes. And until next time, keep measuring what matters. I'll see you soon. Hey guys, thanks for tuning in to this episode and if there was something that you loved or you had a specific takeaway, share it and tag me at Candy Valentino. And if you haven't already, grab a.
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Copy of my latest book, the 9%.
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Spending this time with me today, guys. We'll see you next time.
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Named one of the best personal finance podcasts, the Stacking Benjamin show with Joe and his friends makes financial literacy fun.
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Draymond Green has a podcast. He was asking Mar Cuban why at the beginning of 2024, Cuban sold a huge part of his company.
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He's like, did you see how much money I got? I'm sure there's a more graceful answer.
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B
Than that, but dude, I bought it.
- [37:04]
D
For 200 million and sold it for 6 billion.
- [37:06]
A
Like what the heck, it was that.
- [37:08]
B
Much more graceful than that.
- [37:09]
C
Find out more by searching the Stacking Benjamin's podcast wherever you listen.