As a social media marketing consultant, you recognize the value of numbers. They tell the story of both profitability and areas that need improvement. The key metrics outlined here will pave the way toward strategic growth, just as this consulting business plan will provide a solid structure for your consultancy.
#1 Lead Response Rate
How quickly do you respond to potential client leads? Measure this rate by dividing the total amount of time between the initial contact and the response time for all leads. This is an indicator of your interest in generating new clients; improve response rates if needed.
#2 Client Acquisition Rate
What does it cost to acquire a new client? Total the marketing and sales costs during any given period and divide by the number of new clients acquired in that same period. If costs are high, create new messaging formats.
#3 Client Retention Rate
How many loyal clients do you have? If clients do not renew their contracts, examine the reasons behind the actions. You may need to increase client services or change tactics for servicing accounts.
#4 Website Traffic Rate
This is a crucial rate for your consultancy, as it indicates potential leads. Use a free tool, such as Google Analytics, to measure the traffic of your website. If needed, create a blog and raise your profile as a social media expert to increase traffic.
#5 Client Satisfaction Rate
Use anonymous surveys to learn from your clients what can be improved in your consultancy. This gives clients the ability to address concerns and gives you an opportunity to improve.
Each of these metrics will inform your business and indicate when improvements are needed. Use the client-focused rates to study your messaging and tactics, and use the lead and retention rates to increase your services.