You’re probably in a good position if you make more money than you spend, but anybody who’s ran a company knows things are lot more complex than that.

Just because a problem hasn’t yet had an effect on your bottom line doesn’t mean it shouldn’t be addressed as soon as possible. Obviously, there are several techniques to assess performance, many of which you are already aware with. Still, there may be ones you’re overlooking.

Continue reading to learn about five such company performance monitoring strategies.

Automate email follow-up surveys

Obtaining client feedback is critical, yet it is something that many organizations miss.

Some people choose to ignore negative remarks entirely, believing that they do not really reflect how consumers feel.

Others just refuse to deal with it, claiming that they know better and that dissatisfied consumers should go elsewhere.

Smarter company entrepreneurs recognize that they need as much consumer input as possible. It’s critical for making progress, reducing expensive churn, and inspiring the type of loyalty that encourages long-term consumers to spend more and produce valuable recommendations. But how do you go about gathering useful consumer feedback?

For example, you may have a survey email sent 24 hours after a purchase is completed since one sent quickly after may be misinterpreted as an order confirmation.

You may then send a more extensive survey a week after the thing has been delivered, giving the buyer enough time to develop a judgment on the quality of the product but not so much time that they forget their original impressions. If you want to keep new consumers, you must take their feedback seriously.

Gain knowledge via live chat

If you go into a physical business, you’ll almost certainly see personnel asking customers how they can assist them and enhance their shopping experience. An internet shop should follow suit.

This includes surveys as well as a competent support crew that answers support issues.

You may also use a live chat function to assist visitors. It is simple to maintain 24/7 chat representation, scalability properly under high demand (with appropriate processing capacity), and may significantly cut phone calls and wait times.

Constantly consult with your staff

Whether you have 100 workers or just one, your staff are critical to the success of your company. Most businesses recognize this and actively monitor employee behaviour.

That being said, although metrics are essential, they are not everything. Consider holding more meetings with your staff. Assuming you have a team, there are certain to be many things going on in the firm that you are unaware of; wouldn’t it be beneficial to learn about them?

Keep an eye on your lead sources

Diversifying lead generation is something that all firms should carefully consider. Just like being excessively dependent on one big customer is problematic, having the majority or all of your leads come from one source is unwise.

How long can a company last? Some businesses have been operating for hundreds of years, and they have done so by adjusting to change.

Assume you acquire your leads through Facebook Ads, for example. It’s a fantastic advertising channel right now, with industry-leading targeting tools and a vast pool of potential receivers.

But what if Facebook has troubles tomorrow? As the Cambridge Analytica incident shown, even Facebook is not immune to difficulties.

Make use of your industry as context

Managers and investors alike might be captivated by small percentage increases. Is the number of visits down 5% from the previous week? Something has gone wrong. Email inquiries increased 15% over the previous quarter? The email staff is doing well.

There is a major issue with this, and that is the absence of context. The issue of why visits are down 5% from the previous week is critical. Yes, certain ill-advised social media postings may have harmed the brand’s image, but it might also be attributable to a countrywide drop in interest caused by something else gaining more attention. If the former, damage management is required. If it’s the latter, there’s nothing you can do. Some dips are quite normal.

While you won’t be able to access competition statistics, you can do things like watch social media mentions for your key competitors to see how they’re doing. You may see that their mentions drop when yours do, indicating that the problem is unconnected to your firm.

If you discover that specific rivals are succeeding in noteworthy areas while you are suffering, you will have a good notion of how to improve. Consider what they’re doing and how it relates to your efforts. Are they using new strategies or just doing better? The more you understand your relative inadequacies, the more accurately and quickly you can remedy them.