The Growth Series

Key Performance metrics to measure for success

Measuring the performance of your business is essential if you’re to grow, identify your strengths and address any weaknesses. That in turn can help you attract and retain leads, build a solid pipeline of prospects and secure a competitive advantage of other intermediaries.

So what specific metrics should your brokerage be measuring and why are they important?

Let’s take a look…

Sales and Financial Metrics

Total revenue and profit

Your total revenue is the amount of income you generate by selling goods and services, and profit is the amount of income that remains after all expenses, debts and operating costs are factored in.

You can measure profit in two ways. Gross profit margin is the percentage of revenue that remains after you subtract costs such as broker fees, lender fees, and other expenses associated with arranging mortgages. Net profit margin, meanwhile, is the percentage of revenue that remains after you subtract business expenses, such as taxes, rent, utilities and wages.

Customer Lifetime Value (CLV)

The total revenue that you’d expect a single customer to generate during their engagement with your business. This can help you assess the long-term value of your customer base.

Cash flow

The amount of cash that’s coming in and out of your business.

Revenue per broker

How much money each individual broker in your business is generating.

Average procuration fee per loan

The amount of commission brokers receive from mortgage lenders.

Average mortgage fee per loan

Different lenders will have various fees, charges and taxes for property buyers, so getting an average figure can be a useful guide when advising clients.

Conversion rate

The proportion of people engaging with your brand, perhaps by visiting your website or making an initial phone call, who become paying clients.

Repeat business and referrals

The number of people who are seeking your services more than once and recommending you to others.

Learn more: Boosting Customer Retention with CRM

Marketing Metrics

Cost per lead

Your total marketing spend divided by the total number of new leads, which shows you how much you’re spending to generate a new customer.

Return on investment (ROI) 

The amount of business revenue and growth that can be attributed to your marketing activities.

Customer acquisition cost (CAC)

How much it costs your business to acquire new customers.

Leads by source

The channel leads are going through to discover your business, such as referrals, events, search engine results pages and social media.

Website traffic

The number of people visiting your company website.

Conversion rate on website

The proportion of people who have visited your website who then become a paying customer.

Social media engagement

How much people are interacting with your social media content. For example, how many likes and comments you are getting on Facebook, the number of tweets and retweets you get on Twitter, or the number of views your videos get on YouTube.

Learn more: Valuable marketing metrics for brokers

Operational Metrics

Processing time

How much time does it take to process a loan, for a client to receive a mortgage offer and complete on their purchase? These are important measures of success, as they are areas where brokers can add considerable value to clients. For example, brokers can shorten offer times by ensuring documents are delivered to lenders earlier and work with solicitors to speed up completion times, so it’s worth keeping track of.

Customer satisfaction rating

How many of your customers are happy or unhappy with the service you are providing - and what specific praise or criticism do they have?

Productivity and efficiency

Measuring the productivity - the quantity of work produced -  of your administrators and mortgage advisers, as well as productivity - whether you are making effective use of your resources and getting the results to justify your outlay - can help you identify good practice and areas for improvement throughout your business. 

The metrics you choose to track depends on the size of your business and your client base, and the extent to which you’d like to scale up in the future.

But keeping on top of your performance metrics can make a huge difference to how you operate, influencing your day-to-day decisions, long-term strategy and overall success.

Learn more: How to make winning decisions using data

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