We are in an era where businesses have to constantly hear their customers. The feedback loop from the customer base is critical for future product enhancements and rollouts.
So how do you track your key business metrics on a daily basis?
Companies can no longer rely on their QBRs and Monthly review meetings to check the health of their businesses and take corrective action if required. The need of the hour is to have dynamic metrics that can constantly monitor the health of the business and help leaders take strategic decisions.
Add to this, the other end of the spectrum (customers) has also started demanding metrics that can bring transparency to the overall engagement.
It is critical that we focus on building simple, dynamic, and clean metrics and dashboards that can provide great insights to both business leaders and customers.
If you get this correct, you can safely assume that:
a. Customer satisfaction will grow
b. Customer retention will increase
c. Share of wallet from each customer will increase and,
d. Overall topline will start increasing
This is the report that I get from #fitbit on a weekly basis that helps me track my own progress. The report is clean, not confusing, and focuses on the key metrics that need to be tracked.
Will I continue to renew my premium subscription with Fitbit? Well, these weekly reports, timely insights, and alerts will have a strong influence on my decision to renew my subscription.