What Do Most Companies Measure To Determine The Success Of Their Websites

7 Metrics to Help You Measure Success and ROI in a Fleet Business

All organizations face competition, evolving industry dynamics and changing customer loyalties. This makes it crucial to keep a finger on the pulse of how a company is operating, and where challenges and opportunities exist. That's why, regardless of industry, companies should put benchmarks in place as a way of periodically measuring business success.

Organizations that manage fleets as part of daily operations are especially reliant on near real-time ROI metrics. Here are examples of success metrics you can use to gauge your fleet-based organization's success, followed by how telematics technology can help achieve them.

1. The break-even point

This is the number you need to get to in a given period (generally monthly or quarterly) in order for the company to cover its own costs and sustain itself, even if it is not making a profit during a slow time.

2. Leads generated and leads converted

Not all organizations are marketing-dependent. But if yours is, you need to keep track of where your leads come from (direct mail, email, ads, etc.) to help you decide where to allocate marketing dollars. Likewise, you should also know how many leads actually become customers, which helps track growth.

3. Sales indicators

Volume and frequency of sales can provide data on overall business success. You can break this down by sales to new customers, sales to existing customers, profit per sale, which products/services are making the most money, or any other categories that might be important to your business. Keeping track of these numbers can provide valuable insight for other actions. For example, if you see sales to existing customers suddenly drop, you can investigate why.

4. Net income ratio/profit

Your profit—the money left over after operating expenses are subtracted from revenue—is an important benchmark. A business just starting out, or one in an industry that experiences periodic or seasonal slowdowns, may have a bottom line in the red from time to time. But you should always aim to grow profits—if you're losing money, look at ways to trim expenses or reconfigure operations.

There are also some less tangible, but still important, ways of measuring business success:

5. Customers (new, repeat and referrals)

A growing customer base means your business is meeting target audience needs and creating happy customers who are likely willing to refer others. So, consider offering a referral incentive to help attract new customers and help you gauge current customer satisfaction. Keep all customer data in one place and be sure to have a way to track where each customer came from.

6. Employee satisfaction

Your employees are a critical part of your company. Helping ensure they have a positive, supportive work environment with tools that let them succeed will motivate them to work harder. This lays the groundwork for employee satisfaction that translates into increased customer satisfaction.

7. Your satisfaction

Don't discount your own satisfaction with your business and the direction it's going. If you aren't happy, it can trickle down to employees and then to customers. Make sure to periodically review the state of operations to determine if you are satisfied with where the business is heading. If you're not satisfied, create an actionable plan for change around areas that need improvement.

Your peers in the industry are reporting increased ROI in less than a year. Download this report to know more.

Create valuable fleet tracking reports with telematics

Telematics technology enables your organization to create specific reports around route optimization, asset tracking, fleet maintenance and costs, and long-term driver behavior or monitoring.

From GPS fleet and asset tracking to video monitoring via smart dashcams, telematics can help fleet-driven companies like yours increase their chances of exceeding success metric benchmarks.

Analyze fleet performance over time: See important trends by team, department or across the entire fleet via customizable dashboards that make it easy to review progress towards KPIs or budget goals, and access near real-time fleet analytics to compare against success metrics.
Leverage technology to help improve driver safety: Use in-cab alerts to help drivers perform at their best and keep tabs on less-desirable driving habits like speeding, idling and harsh braking. In dangerous weather, trigger a lower-limit speeding alert when vehicle wipers are active. And replay actual vehicle route histories for specific dates. Rely on dashcam video to better understand what happened before and after an accident or unsafe driving event.
Keep tabs on vehicle and asset costs: Asset tracking lets you monitor equipment to help improve safety, reduce theft and improve utilization. Fuel card tracking lets you automatically identify suspicious transactions to help reduce fraud, and get a detailed view of fuel expenditures. Smart maintenance alerts help you improve the accuracy of your preventative maintenance program to control vehicle costs.
Centralize data management: Take an integrated approach by combining all mobile workforce software and systems on a single platform for improved operational efficiency and data sharing. Have one dashboard for enterprise systems, such as SAP, using standard web-based APIs (REST, SOAP etc.), while also helping improve the speed and accuracy of data collection for payroll, HR and CRM solutions.

Streamline field operations: Respond to customer requests with greater visibility of technician and job status, using field service software. Have everyone log into one system to avoid patching together separate calendars and spreadsheets.

How telematics reports can positively impact success metrics

For fleet-dependent companies, technology plays a major role in improving employee satisfaction, enhancing operations and impacting the customer experience. Telematics, in particular, provides tools to help drivers and staff work more productively and efficiently, while at the same time streamlining workflows, centralizing data access and helping to improve safety and ROI.

Verizon Connect along with Bobit Business Media, the publishers of Automotive Fleet, Heavy Duty Trucking and Work Truck conducted a survey to understand the technology usage among fleet business.

According to the results of 2021 Fleet Technology Trends Survey, 72% of fleets say they use GPS tracking software. Of those who do, 96% found the it beneficial for their business and 32% reported a postive ROI in less than a year.

What specific benefits can telematics bring to organizations? In addition to improvements in productivity, regulatory compliance, customer service, routing and maintenance, companies who use this technology also see significant cost savings.

Fifty percent of respondents saw benefits related to customer service, 50% experienced productivity related benefits and 49% saw improvements in compliance related matters.

For more on the right fleet tracking metrics and how they can help you improve your business, download this free eBook.

Tim Tyler

Tim Tyler joined the team in 2015 and is responsible for product positioning and voice of market (VOM) in order to affect the way the marketing team connects and communicates with customers.

Tags: Revenue & ROI