BRX Pro Tip: Do You Know Your KPIs?
Stone Payton: Welcome back to Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, today’s topic, do you know your KPIs?
Lee Kantor: Yeah. KPIs are key performance indicators, and those are kind of the metrics that matter in your business. Every business is different. Every business has different metrics that are important to them. In some industries, it’s more obvious than in others. Like if you own a restaurant, your KPIs might include food costs, it might include table turns.
Lee Kantor: At Business RadioX, KPIs that we keep track of are guest flow and client retention. We know that if we have the right guests coming on our shows and if we’re keeping our clients longer and longer, then our studio usually is in pretty good shape. So we know the first thing that happens. If we’re in a lull, we check our guest flow. We’re seeing who’s coming into the studios, who are we interviewing. Are they the right people or are they the right people that can ultimately write checks and sponsor shows? If they’re not, something has to change. That gives us a guide to make a move and know that we have to invite different people on here to get them into the studio so we can meet them and build a relationship so we can sell them something. If you don’t know these metrics in your business that matter, you better figure it out quickly, or else your business may not make it.
Lee Kantor: So, KPIs are an important thing. Every business is different. The key performance indicators of your business will make or break your business, so know them. And when things aren’t going well, react and change something.
Stone Payton: And I think that’s an important distinction because the I stands for indicators. So, this is not something where you’re looking in the rearview mirror and saying, “How did we do last quarter?” This is real-time. What is our guest flow? How many people are building relationships? How many of the people that we’re bringing in through to have the studio experience and share their story and promote their work fit that ideal client profile? But it’s real-time. It’s an indicator of where you are at this point in a short window. You’re not trying to look back and try to fix, you know, a quarter’s worth of misdeeds.
