Measuring Business Success is Changing

By Karen L. Edwards, RCS Editor. 

Before 2020, many businesses set key performance indicators (KPIs) that quickly measured success but it’s no longer that straightforward. 

In a recent Inc. article, Maria Haggerty, CEO of dotcom distribution writes “COVID-19 has changed business. How you measure success must change too.” She’s right. She recommends redefining your key metrics to look at factors that define steady growth.   

Maria writes, “There is an overwhelming call at the moment for brands to demonstrate a deep understanding of their customers' needs and expectations. To that end, KPIs should prioritize customer trust rather than retention.” 

RCS Influencer Charles Antis of Antis Roofing and Waterproofing agrees. He shared that how he will measure growth in 2021 will be related to elevating his company’s brand. “I'm not measuring 2021 in terms of growth by overall sales, because there's some things in the market that I don't know right now,” explained Charles. “I don't know how the HOA industry that I'm selling to is going to value their product. Are they going to continue to let us sell them complete re-roofs over 500 units for $3 million, or are they going to switch to a format where [they want to extend] the life of the roof, and therefore spend $300,000 a year or whatever that number is?”  

He explained that he is changing his focus to work for market share, work for client reputation, and to work for brand elevation. “We're ending the year much more powerful than we began the year because our brand and market is up,” said Charles. He plans to continue this brand elevation focus into 2021.  

Haggerty says that it is important to look at sales and behavioral data to find patterns and details about what your customers want and need. Are there opportunities identified that your business could build upon? She also recommends leveraging the people on your team for their insights because they will be more in tune with specific areas of the business. Schedule regular meetings and check ins to listen and learn from them.  

By shifting your way of measuring success, you can create the environment and focus that your business needs to continue to thrive in these trying and unusual times.  

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