It is so crucial to make sure your return on investment is positive. If you’re blindly spending money on marketing endeavors, partnerships, new hires, new products, and services, it’s nearly impossible to track which of those methods are working for you. If you’re just throwing money at different methods and hoping for a positive outcome, it’s hard to know where to “double down” and when to abandon initiatives unless you are tracking and understanding where the revenue is coming from.
Really knowing ROI on each initiative and digging deeper to understand those key metrics is critically important to making sure you are making solid decisions in the growth and success of the business. Do your research and be meticulous.