What Will Be the Main Metrics to Define Success by 2021?

Although the arrival of the vaccine raises hopes for the end of the pandemic, it is a long process that is looming for two or three years.
What Will Be the Main Metrics to Define Success by 2021?
Image credit: Depositphotos.com

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
3 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
Opinions expressed by Entrepreneur contributors are their own.

By Dra. Sara Isabel García López Legorreta, Associate Director of Entrepreneurship, Marketing and International Business Departments at Tec de Monterrey

A 2021, which still seems very uncertain, however, companies have to set measurable goals, but achievable. Of course, this is often taught in universities such as the SMART methodology , but how much are companies going to establish metrics that apply to the reality that prevails in us? I put in this reflection, in my humble opinion what they can be.

Although the arrival of the vaccine raises hopes for the end of the pandemic, it is a long process that is looming for two or three years; Therefore, cautious but accurate decisions and metrics must be taken to measure performance, without wearing down employees in a futile search for indicators.

For this reason, it is important to concentrate efforts on the substance, privileging people, clients-collaborators in a symbiosis that produces the best results and benefits.
Then I will mention what I consider the top metrics, which can be applied for large companies, as well as small ones.

1. Sales

Image: Depositphotos.com

Maintaining sales is crucial, online sales, take away service, home delivery, Unboxing, gifts or (give aways) through various applications can make the difference to sustain sales and do not decline.

2. Return on Investment or ROI

Image: Depositphotos.com

You dear readers will think that it will always be necessary, but now it is required that all the investment in redesign of layout, web pages, apps, platforms and other elements that are the main points of contact, physical and digital, is required.

3. Cost of Customer Acquisition (CAC)

Image: Depositphotos.com

The CAC, as it is known, implies having a metric of what it means to win customers and having this metric is very relevant to evaluate results.

4. Churn rate or Cancellation Fee

Image: Depositphotos.com

Knowing the customer abandonment rate is relevant, but even more so the reasons why a conversion or purchase does not close.

5. Productivity

Image: Depositphotos.com

Although in most services, it is fought to have a longer opening hours for the convenience of customers and because the authorities already allow it, it must be analyzed.

6. Level of Customer and Employee Satisfaction

Image: Depositphotos.com

Measuring customer and employee satisfaction should create a virtuous circle for the better. It can be done through market research, such as through the number of complaints or unsatisfied customers.

7. Net Promoter Score ( NPS ) for Customers and Employees

Image: Depositphotos.com

This indicator that has become so fashionable, in service companies, comes from the question of the possibility of recommending a company or brand and from there obtaining an index of the percentage of promoters against detractors. Ideally, you should have a positive index.

8. Compliance and demonstration of sanitation processes, healthy distance

Image: Depositphotos.com

Now the fact that companies, especially services companies, strive to denote that all the conditions exist to preserve cleanliness and avoid contagions will be decisive for a client to believe that the company is genuinely interested in its employees and customers.

Here an initial approach, there are indeed more indicators, but at this point collaborators should not be overwhelmed with them. Currently, it is preferable to focus on the most relevant, since the others will be difficult to measure in this new normal.

More from Entrepreneur
Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Make sure you’re covered if an employee gets injured at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business
Whether you want to learn something new, be more productive, or make more money, the Entrepreneur Store has something for everyone:
  • Software
  • Gadgets
  • Online Courses
  • Travel Essentials
  • Housewares
  • Fitness & Health Devices
  • And More

Latest on Entrepreneur