Non-financial metrics serve as the leading indicators for future financial performance. These metrics can help you gain more insight into the Organization’s capabilities and how it can affect the organization’s stakeholders and society as a whole. They can be used to understand why financial results occurred and what you need to change to improve your financial metrics. Here are some of the key non-financial metrics that marketing should know and measure to evaluate the business performance.
- Brand Preference: It is a very important metric to understand the position of the company along with the products and service in comparison to its competitors. Brand awareness addresses whether people know about you and not. Conducting brand awareness studies helps to understand the significant point in learning how the brand is performing.
- Take Rate: Take Rate helps you understand how many customers or potential customers act on your various call to action. The major call to action for the product and service you offer could be a call to action, download a case study, sign up, subscriber, trial, schedule an appointment or make a purchase. Calculating a take rate is very easy and convenient.
- Customer Experience: Customer experience helps you measure all the customer’s touch point how your company interacts with the customers. It is very important to evaluate the performance and rate the customer experience. You should help monitors the major performance areas of improvements and develop the user test cases.
- Market Share: All the major financial and non -financial metrics help you understand how they can impact the company’s market share. The market is the important major area of measuring the marketing and sales efforts. An increase in market share has some benefits like improved margins and better financial components. To measure your market share, you will need to know how many customers and the money is available in the market. Then you can calculate how many of these customers and dollars are in your portfolio of the product and services you offer.
- Innovation: Innovation is your ability to bring in new products and services to the market successfully. The number of new products in the pipeline and the adoption rate of the product reflects your company’s ability to provide value to your customers and the market.
Almost all the companies measure these non- financial metrics. All the teams and the department can benefit from these key metrics and helps communicate the marketing’s contribution and the business impact.
