How you define the success of a project or service is far less tangible than the need to measure that success. Check out the approach of one business owner for evaluating success.
“There is a science to this as well as an art,” explains Jared Fisher, founder of Rogue Beauty.
“The science is about growing your business in the right way at the right speed, because you do have to execute the building of a brand in a relatively fast way. You can’t have something that everyone loves, but only five people know about and carry, because after five or 10 years it falls off the radar.”
Signing up a new customer to sell his products is not Jared's definition of success.
Instead, he says success is when that new customer has been educated and trained in his products, because at that point, he knows they are fully invested.
“That's when we consider a customer to be open and when those consumers are getting exposed to the brand through the hairdressers. That's our benchmark for when somebody's part of our business,” Jared says.
The real mark of success, according to Jared, is not when you bring on a new customer, but when you can ascertain that they have become a stable repeat customer.
“The key metric in what we do is how that replenishment is, how those monthly reorders are looking. It's not about that opening; we celebrate when we've had two or three years of successful reorders from a customer.”
Defining success for your business enables you to gauge the effectiveness of your products and services, as well as the way you market them and engage with your customers.
“I think you do need to hit certain growth milestones along the way,” says Jared.
“The minute you start seeing that taper off or drop off, you've got to, I guess, align what's happening and focus on whether you have the right team, whether you're doing enough PR, or what other dynamics are at play in the market.”
- Too many SMEs are making this mistake
By Adam Joy
- Taking digitisation out of the ‘too hard’ basket for SMEs
By Jason Brouwers
- The insanity of consumer expectations
By Jason Dooris