Measuring Up! PART 3
𝐌𝐞𝐚𝐬𝐮𝐫𝐢𝐧𝐠 𝐔𝐩! **𝐏𝐀𝐑𝐓 𝐓𝐇𝐑𝐄𝐄**
This is the final post for our 3 part series on Performance Metrics and KPIs for aesthetic businesses. The information that has been shared over the last few days is meant to encourage you to find the right measures for your business to support your overall business strategy.
Today we want to talk all about your 𝐂𝐥𝐢𝐞𝐧𝐭 𝐌𝐞𝐭𝐫𝐢𝐜𝐬! First, you want to know your N:E (new to existing) client ratio. This KPI will help you monitor your revenue mix between acquiring new clients and serving existing clients. You will want to make sure that you are turning new clients into return clients as well as retaining existing clients through stellar client experience.
This brings us to our next KPI- Client Retention. Your client retention rate is the percentage of clients that return within 90 days of their last appointment. Obviously, you want this percentage to be high! An analogous KPI is your Churn Rate which measures the number of new clients that do not return within 90 days. Both of these KPI’s will highlight issues you are having with client retention and ultimately client experience.
Client experience metrics are extremely valuable to measure so you can diagnose and address service issues quickly. Pay attention to your online reviews and take to heart the feedback you are getting. You also want to measure the number of client referrals you are receiving each month.
If you have a client satisfaction survey that goes out via text or email after appointments, you can measure your Net Promoter Score. This KPI reveals the willingness of your clients to recommend you and a great gauge for loyalty!
While we understand that performance metrics can be a tad dry and sometimes cumbersome to extract the right data, we are here for you. We create custom Dashboards for your aesthetic business and will help sift through the data. We love numbers and want to help you arrive at the best metrics & KPIs to set your priorities and meet your growth objectives!
Contact us at firstname.lastname@example.org to have us create custom Dashboards for your business!