Measuring Success in the New Year

« Go back

As time goes by, the way in which companies measure success changes. Early on, companies generally only measured success by looking at the bottom line. And this meant looking at your profits. If the total amount of money coming in was more than the total amount of money going out of your business, then you were making a profit. And the higher the profit, the better.

However, nowadays, the metric of measuring success has become more sophisticated. Companies are looking at many more things than just immediate profits. It's not only important for your company to be profitable in the present but it's also important for it to be profitable in the long run. For this, you need to develop positive relationships with customers and establish a good company image.

Customer Retention

You need to make sure that you're not just selling to customers now but that you'll also be selling to them in the future. This can be done by getting a whole new set of customers but it can also be much more easily done with customer retention.

If you can get the same customer to trust you and keep coming back to you over and over, then your company will be successful in the long run. Additionally, it's quite likely that those customers will recommend you to their friends, thus helping you to build up your customer base.

Positive Communication

Long-term success has become more important now and will continue to be that way in the New Year. Remember that it's not just selling your product to a customer now which makes you successful. It's having those customers come back over and over. So if you've established a good relationship with a customer, your level of success goes up, whether or not you sell them something at the same time.

Each positive communication with a customer, whether it's a phone call in which their problems are resolved, an email which is promptly followed up on or a social media comment which shows that they appreciate your product or service, is a form of success and should be counted among your successes in the new year.

Keep track of positive communications from or with customers, on the phone as well as on the internet. These will help you keep a pulse on customer satisfaction allowing you to determine whether you're achieving success and not just considering your bottom line.

Company Image

Nowadays, customers have also become sensitive to a company's image in the market. So maintaining a good company image is important if you want to be successful in 2018 and beyond. This means that you have to be more transparent, informing customers about your vision and what's going on in your company.

How are your products made? How are your employees treated within the company? What's your vision as a whole? Paying attention to ethical practices within your company can also help a great deal in establishing good customer relationships and leading to overall success.

Hits, Likes and Traffic

Consider the fact that popularity itself is a metric of success nowadays. It's true that not all the people who come to your website, blog or social media pages will turn into customers. However, it's probable that some of them will. So the more hits you get, the more likes you gather, the more traffic you generate, the better.

This may not be the most efficient metric of immediate success because you can be popular and have a lot of traffic without really increasing your bottom line. However, getting your name out there in a positive way is important and can help you to build your company image and your brand, both of which are reliable metrics of success.

Sign up here for exclusive updates and more great tips for measuring success in the New Year.