We are in a world that is rapidly evolving, and everyone’s cheese is constantly being moved.
Businesses in the cannabis industry are beginning to seek more information about Metrics- What are metrics, and why do many businesses think they are important to understand when running an operation? More notably, why do some businesses think they are the only thing you need to understand when running a business?
Metrics are Key Performance Indicators (KPIs) that help measure a company’s overall performance, like measuring productivity, growth, and efficiency. In any good software platform, the key metrics are displayed on a dashboard giving the business owner the ability to follow operational performance, spot opportunities for improvement, and track trends.
Today’s technology is advancing at a blistering pace, and it means you’ll have more big business decisions to make more often. Keeping an eye on your KPI and metrics dashboard will help you make more informed business decisions.
Metrics tell a business the direction it’s heading, where it’s been, where there are problems and where the business is flourishing. They should support and reflect the various strategies for all aspects of your business.
- Customer Experience
- And more
At RipeMetrics, we give you a suite of technology that focuses on the most important metrics to increase your sales and reduce marketing cost.
You can leverage your company’s metrics to understand and overcome low points in your business. As you see a trend down in business you can identify specific factors that may be impacting sales and take action to adjust your marketing message. Or, you can begin to reach out through different communication channels to help get average spend back on track.
Promoter Score (NPS) is a highly recognized measure for performance customer loyalty and satisfaction.
NPS asks the question:
“How likely they are to recommend your product or service to others”.
Knowing these scores can give you an overview of the performance of your business from the perspective of the customer.
Metrics help to clarify performance expectations for your teams and for every role in your company. Overall metrics will improve your customers experience which directly benefits your businesses sales.
If you’re interested in learning more about how RipeMetrics can help your cannabis business make better informed decisions, increase customer satisfaction, and improve loyalty.. Sign up for a demo today!