Growth

As ecommerce becomes our livelihood the need for metrics, defined as quantifiable, consistent measurement of financial and website performance, becomes vital. Here we have listed the 10 most important ones: 1. Product Discovery Metrics   Metrics that help measure activities leading to creating brand discovery and awareness are:   Impressions; is the number of times an ad is presented to web users through Facebook, google, Instagram or social media.  Reach; the number of subscribers, followers and viewers your web content or ad fetches including email opt in subscribers, Facebook followers and loyalty program subscribers.   Engagement; measures how many subscribers (Reach) engage with your content (Impressions) 2. Acquisition Metrics These measure how many customers get to the website to view or purchase. Email Click Through; measures the number of email subscribers clicking on the website. Better worded email, strong calls-to-action and good subject lines promote Email Click through! Cost Per Acquisition; the cost associated with acquiring customers to your ecommerce platform.  Online businesses invest in paid search campaigns to drive website traffic and this ensures you keep within budget. Organic Acquisition Traffic; Measures the number of people attracted without any cost to your business. Ensuring a good Onsite/Technical SEO improves organic traffic. 3. Conversion Metrics The effectiveness in converting an online visitor to a purchasing customer are summed up as Conversion Metrics. These include Shopping Cart Abandonment Rate, Checkout Abandonment Rate and Sales Conversion Rates. 4. Average Order Value The Average Order Value (AOV) is the average price Ecommerce customers pay for items in their cart at checkout helping Ecommerce to improve marketing strategies.  5. Retention Metrics These provide data on customer loyalty and includes the following: Customer Retention Rate (CRR); The percentage of customers maintained over a period of time. Customer lifetime Value (CLV); Total earnings from customers during the length of business relationship. It is calculated from AOV, repeat transactions and retention period.  Repeat Customer Rate (RCR); It is the percentage of returning customers  6. Refund and Return Rate The refund and Return Rates are indicators of e-commerce health. 7. Ecommerce Churn Rate This measures the number of customers a business has lost over a period of time and improves strategies to retain customers for longer periods of time.   8. Net Promoter Score (NPS) It is the number of customers satisfied with your e-commerce business and willing to promote your business to others. The more NPS score the better your business is doing! 9. Subscription Rate This is the percentage of customers subscribing to email listings. 10. Program Participation Rate The percentage of customers enrolled in incentives such as loyalty programs or review platforms. Monitoring digital usage is an important aspect in business marketing. Not only that, but it helps you get clearer financial information about your business. 

Hiring your first employees for your new startup is extremely exciting. It marks the first step towards expansion, and means that you will finally get extra help in managing all the departments of your new business. However, initial employee recruitment isn’t all fun and games. There’s a lot of things to consider before you start hiring. And it’s crucial to make the right choice during recruitment, to avoid turnover and mismanagement. Here are a few things to look out for in your first 5 hires: Recruit Hard Workers Startups are hard work. There are a ton of things that need to be managed, and generally very few helping hands. The first 5 hires will make up the core of your team, and will likely be required to wear many hats in the beginning. Any new person you hire should be able and willing to manage these extra tasks and handle a high workload. Hire Risk Tolerant People Secondly, startups face a lot of risk and turmoil in the beginning stages of operation. Any new employee you hire should be comfortable dealing in a high-risk environment, such as a new Pakistani startup.  Find Adaptable People Another characteristic of startups is that they are fast-paced and ever-evolving. The first 5 hires may quickly become a team of dozens of people if the business is successful. Therefore, it is important to hire employees who are adaptable, and comfortable with growth and change. Recruit People You Trust Trust is a huge deal with any business, especially a new business. Your first 5 employees will be entrusted with big responsibilities and insider information (in the case of an innovative new offering). Therefore, you must be able to trust your first few employees with these responsibilities. Hire Someone with Bookkeeping Knowledge For a new startup, managing your budget and tracking your books is critical. Businesses that neglect bookkeeping are often doomed for bankruptcy and failure. As an owner, it can become very difficult to manage finances 24/7, which is why it helps to hire an employee that can help you manage the accounting, bookkeeping, and financial aspects of your firm. Be sure to keep these points in mind as you go through the recruitment process for your new business! And for the best financial, accounting, and corporate services, consider taking help from an expert agency. Here at Metric, we help startups like yours succeed and raise millions of dollars in investment. Contact us now!

A customer buyer persona is a fictional representation of your ideal customer. It involves the process of a business thinking of all the characteristics, demographics, and traits of their perfect ideal customer. In other words, a customer buyer persona is not a real customer, but a fictional person who embodies the characteristics of your ideal potential customers.  Creating a customer persona is extremely helpful for helping you better understand your target audience. Making and including a buyer persona in your business plan will give your team direction and understanding of the types of people who will buy your products, and ultimately make your Pakistani business successful. Reasons Why Customer Buyer Personas are So Important Understanding Customer Needs and Wants You need to understand what your customers need and want before you can convince them to buy from your business. A buyer persona helps you do just that. When creating a customer buyer persona, you have to dig deep into the hypothetical challenges and pain points that your ideal customer faces. You also discover their hobbies, interests, and desires. You can then take these needs and wants to create solutions that they would be interested in buying from your business. Make Sense of Purchase Decisions People buy in different ways. Creating a buyer persona allows you to gain insights on how your target customers shop, and this allows you to advertise and sell to them accordingly. For example, maybe your buyer persona is tech-savvy and prefers researching online before making a decision. Or maybe they are traditionalists who prefer browsing through markets before making a purchase.  Smarter Segmentations Understanding your business’ customer buyer personas will help you create customer segmentations much more effectively. This means, you can segment your audience in multiple ways according to your buyer personas, and provide each group of your targeted audience with highly customized ads, emails, and marketing strategies. This will give you a higher return on investment (ROI) for each marketing campaign. These are just a few reasons why it is critical to create customer buyer personas for your Pakistani business. Doing so will give you, and your investors, a clear idea of your business. It will help you market more effectively, raise revenues, and generate greater profits.