Save Time: Reviewing Performance Metrics
In our last post about optimising processes to save time, we are looking at how you can save time reviewing the performance of your business. The success of top businesses like Amazon there is a relentless focus on data. Why? You can’t make accurate business decisions based on what you feel is going on! We’re emotive and we have natural biases. Without realising we will make decisions based on our own preferences. Data can often show different realities to what we believe to be the case or help us to see things from a different perspective. Let’s take a look at the metrics we can measure and how we can collate this information.
Data that is useful to collect
There are many data points you can collect. A few of these are:
- Total quotes submitted
- Total instructions
- Conversion rate
- Total revenue
- Average fee
- Total cancellations
- Turnaround times throughout the survey process
How to review the data
These data points are useful to provide you an overview of how you are performing as a business. However, these metrics are still too high-level for decision making. To improve your business performance and make accurate decisions you need to start diving deeper.
To do this you need to filter your metrics by different factors such as the lead source and survey type.
Why? Some lead sources may not convert well for one survey type but be your best performing for another. The lower converting lead sources may also provide higher fees. To decide which is your most effective lead source you need to understand your profit per instruction (average revenue per instruction type from that lead source minus the average costs for that survey type instruction and lead source).
You are looking for quality leads rather than just quantity.
You can also review how well you are performing on time. If you say you will provide reports within 3 days of an inspection, is the customer receiving the report within that time or is it taking longer? This can help you review if you need to adjust your workflows or advise customers of longer timeframes to keep expectations in line. The right expectations and outcomes lead to better reviews. If you are taking days to book in an instruction, is this a point where you are losing customers who get frustrated of waiting to hear back?
You can also look at how long you take to complete an instruction (from processing a booking, to travelling to and carrying out an inspection, writing it up and providing your phone call). What does your hourly rate look like when you factor in all these details? Do your fees make sense or should you be adjusting your fees up or down to ensure you’re earning a fair fee and providing value.
How to collect data
You can collect and review this data manually or automate data collection. To manually collect this data you will need to use a spreadsheet and enter in all your quotes, where they came from as well as update which customers instructed, what fee was paid, etc. You will then need to create filters to allow you to review your data efficiently each time you want to run reports.
Option two is to automate the process by using a CRM system. As the data is collected automatically at each stage of the survey process. You just need to review metrics on reporting pages and start playing with the filters.
The latter option is more time efficient and can allow you to review your data at any given point without the need to spend time updating your spreadsheets and checking the data has been entered correctly.
If you start collecting data today you can start reviewing how you are performing in a months time. Which services are the most profitable to your business, which are the most time effective and which lead sources provide the best conversion rates for each service.
Remember to dive deep into each metric. One lead source may not be the best overall at converting but may be best at converting for a particular service. Another lead source may produce fewer leads but achieve you higher average fees. One service may offer higher turnover, but actually not be very profitable when you consider how much time you put in.
Your time is best spent reviewing data, understanding it and making decisions not on collating it. Review how you can start collecting and filtering data today so you can start making truly informed decisions. Survey Booker provide you reports at the click of a button so you can see how your business is performing. Speak to the team today to learn more.