With the ubiquity of smartphones and the internet, customer expectations are soaring to greater heights by the minute. The only way to get ahead of this rat race, let alone survive it, is by foreseeing and preparing to deliver their needs before it even surfaces. So now would come the most pertinent question of it all- how exactly do we do that?
Although there is no single admissible answer that absolves you of this knotty riddle, I’d say being maniacally focused on your customers is an excellent place to start. That, along with steady and thorough tracking of your business metrics, places you a class above the rest of your competition.
With much said and discussed about the same, it is only worthwhile to leave out the predictable bits and stick to some of the underutilized tools that help your business thrive. This blog post covers two such tools that you can employ for greater success in your business. But prior to the big reveal, let’s try and understand the key concepts.
What is Business Metrics
Also referred to as key performance indicators, a business metrics is a quantifiable value that evaluates your company’s performance.
Needless to say, there is a slew of different metrics that you can use to measure your progress in a planned time frame. But not everything matters to your business’s goals, and therefore, you should stick to KPIs that have an actual impact on your business development.
Up next, we’ll explore some of the critical business metrics that you should not overlook-
- Customer Acquisition Cost (CAC): True to its name, CAC refers to the cost incurred by your business to acquire an additional new customer. This includes expenses drawn on marketing and sales to lure potential customers and persuade them to make a purchase.
- Customer Lifetime Value (CLV): Another key stat that ought to be tracked as part of your customer experience program. CLV estimates the value of a customer over an extended period.
- Employee Journey- This metric can be used to trace the journey of an employee right from the time they apply to your organization to the time they make their exit.
- Employee Net Promoter Score (eNPS)- Built around NPS, eNPS measures the willingness of an employee to recommend their workplace to their family and friends. To put it plainly, it ascertains employee loyalty.
Harnessing the Power of Surveys To Achieve Business Metrics
Surveys are fast turning out to be the new business gold, and we are not surprised! For the longest time, they have led the charge in catering to multiple facets of business needs- right from market research to marketing, lead generation, to customer satisfaction.
By and large, in the current scenario, surveys are no longer data collection tools. They have outgrown that limiting mold and have become an overriding necessity. As the complexity of business shot up, so did the gamut of survey types.
Now, you and I have surveys that can be administered for practically anything-whether it be market analysis, tracking performance, or follow-up. The long and short of it is that by leveling up your survey game, you are one step closer to carrying through and attaining your business goals.
But why Automate it
In today’s technologically advanced landscape, there’s no excuse for whiling away your precious time by manually aggregating data and sending out your survey to each individual in your contact list. So much so that the right way to phrase the headline would be, why not automate it!
But, but! Here comes the starting reality. Despite its decisive dominance, automated surveys remain grossly underutilized by legions of businesses worldwide. That’s why it is vital for your business to leverage this competitive advantage; now more than ever.
After all, why wait it out when you can automate the whole process?
Ready to get started with automation?
If you want to cut down on time spent and boost your team’s productivity, here’s the good news. It is never too late to welcome survey automation to your business arsenal. But we understand that choosing one may seem daunting with the multiplicity of tools available in the market.
All things considered, SurveySparrow can help you get up to speed. With this tool, you can easily sort, segment, and manage your audience to send out highly targeted surveys. In addition, you can create highly engaging and conversational surveys that can be scheduled and shared at whatever frequency you set.
Well, that’s not all it does. With its real-time survey reports & analysis, you get a comprehensive view of your survey data. Hmm, wondering how this may be beneficial for you? Bide your time because we divulge more on this in the next section.
Getting real on Real-time Reporting
What good is a survey if you cannot gather actionable insights from it? Considering that it is single-handedly the very reason why we set out to conduct surveys in the first place, we can all agree that it would be rather moot and pointless.
So it is of prime importance that we get to view our survey responses in real-time, examine our responses, and visualize them effectively for better understanding. As far as my knowledge is stretched, most survey tools offer basic survey reports, albeit insignificant on the whole.
But this dearth of functionality gets far too real when you need to look closely at the data you have collected. This problem further gets compounded if you are a growing business or a full-fledged enterprise that needs to look at the bigger picture swiftly. In that case, you simply cannot make do with these limited features.
Well, that’s when the primal importance of an executive dashboard comes to the fore. Simply put, an executive dashboard passes off as a second brain that helps you track, gauge, and analyze the trends in your business metrics. Here, you get at-a-glance visibility of multiple survey data presented in the clearest way possible. It sounds like a clear winner to me!
SurveySparrow’s executive dashboard simplifies this seemingly intricate process and helps you uncover business patterns and trends. This way, you can strategically design actions that are most befitting to your business’ growth. The tool also comes in handy if you need to create use cases and simplify your workflows.
Tellingly, both automated surveys and executive dashboards can be used to uncover a swath of useful data if used correctly. It can simplify the grunt work, curb labor-intensive tasks, ramp up managerial decisions and allow you to breeze through identifying your business’ key strengths and pitfalls.
Founder Dinis Guarda
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