aptDigital Weekly (#1) Know Your Numbers!

Newsletter

Nov 09

Hi, I’m Alex and this is the aptDigital weekly newsletter. Let’s use sales, marketing, and strategy to help your appliance repair business grow.

Pro Tip: Establish key performance indicators (KPIs) in your appliance repair business.

KPIs are quantifiable measurements used to gauge success. They help reach performance objectives, and are critical to building a successful business. But most important, you’ll be able to make better business decisions.

Here are two things you can do right now to start establishing your own KPIs:

  1. Review your profit and loss (P&L) statements on a monthly basis. You’ll start thinking about, and seeing, your business different. This will also force you to start recording data in a way that’s needed to set up your KPIs.
  2. Ask yourself “where do I want my business to be in 1 year?”, then ask the follow-up question “how can I measure this with the information found in my P&Ls?”. This will help you think about how to calculate your P&L data in a way to set up your KPIs.

Every business is different. But, there are a few standard KPIs that I recommend starting with:

  • Lifetime customer value. The average revenue that all customers (first-time and repeat) brings to your business.
  • New customer value. The average revenue that a first-time customer brings to your business.
  • Lead value. How much monetary value a new lead is worth.
  • Cost per lead. How much you pay to generate a new lead.

If you’d like help calculating your KPIs, then hit reply and let me know what you’re working on.

This Week’s Roundtable:

I host a free weekly Zoom call for appliance repair technicians and business owners. It’s a no pressure place/time to talk with each other about whatever’s on your mind.


Last night’s recording: https://youtu.be/lpcujSmUZn0

Highlights:

  • Repairing high-end appliances (0:40)
  • Talking through the diagnostic process (10:43)
  • Dealing with no-cool symptoms and a high-level discussion on refrigeration (21:15)
  • Utilizing contractors vs. building a referral network (25:45)
  • Why it’s important to know your numbers (35:09)

Check out past recordings here, and subscribe to my YouTube channel here.

News:

  • Google announces passage-based indexing (source)
  • Microsoft announces Clarity, a possible competitor to Google Analytics (source)

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