Over the next three weeks, we are publishing daily tips from Britain’s fastest-growing companies on how to grow your business.
The second tip of the Real Business three-week Business Growth Plan is: measure everything.
LoveFilm CEO Simon Calver says that measuring your marketing activity is “absolutely essential” for growing your business.
“There’s always talk about how entrepreneurs are big risk takers. But, in fact, when you’re running your own business, you make sure the way you roll the dice is in your favour,” Simon Calver explains.
“Every move is calculated. Entrepreneurs are actually far more analytical and focused than many big corporates.
With more than 500 marketing campaigns on at any moment, £200m business LoveFilm measures “absolutely everything” it can, which keeps it on top of its spend.
You should do the same. How many KPIs do you look at” Would your team be more productive if you held them accountable to metrics?