As I’ve gotten more and more involved in the business world (media publications and marketing specialist as well as helping to develop new business lines for the English school I used to work for and starting The Aroma), I’ve read and been challenged a lot in defining success.
The basic idea is to move the ball down the field. We want success. The issue is, however, that what we measure is what we give attention to, and what we give attention to is what we care about. Essentially, metrics can begin to define an entire company. For centuries business has lived in the pretext of profit motive – if you’re making more than you’re spending, you’re successful.
1) For many organizations specific numbers like the following may be measured on a monthly, quarterly or annual basis.
- Revenue VS Expenditures
- Financial ratios
- CAC (Cost of Customer Acquisition)
- Marketing Budget
- Ratio of LTV to CAC (Lifetime Value to Customer Acquisition)
- 15 Marketing Metrics: Brand Awareness, Test Drive, Churn, CSAT, Take Rate, Profit, NPV, IRR, Payback, Customer Value, CPC, TCR, ROA, Bounce, WOM
2) But sadly, many of these metrics miss social impact, which is important in itself, but becoming increasingly important as customers are looking for added value and social responsibility. So, a number of key words have started to appear in our vernacular. That is, business as mission and social entrepreneurship have started to make an impact on the thinking of those who are measuring. They may use metrics like the following.
3) Another step in the process of metrics measurement happens when believers realize the calling on their lives to execute a kingdom business or life with Heaven in their business. All of this is still quite fresh, but there are some metrics we can begin to discern as we live out the principles of Scripture in connection with the Presence of the Holy Spirit.
Over the course of the coming weeks and months, I will be addressing different metrics and systems I’ve come across attempting to define these three points: 1) traditional metrics, 2) social metrics, 3) Kingdom metrics.