Maximizing Your Profit: Essential KPIs for Mobile Notary Businesses

As a serial entrepreneur who has established numerous businesses, I've learned that in-depth tracking of key performance indicators (KPIs) is vital to achieving success. If you're in the mobile notary industry, knowing and monitoring the right KPIs can give your business a significant advantage over the competition.

• Number of clients served per month: This KPI is the total number of clients your mobile notary service has served within a month. Keeping track of this metric provides insight into your business's overall health and performance.
• Average revenue per client: This metric helps determine how much revenue your mobile notary service earns per client. It can be calculated by dividing your total revenue by the number of clients served.

Measuring these KPIs is just the beginning. In this article, we'll also explore a few other critical KPIs to track and calculate. By the end of this post, you'll have a better understanding of what metrics to keep tabs on to grow your mobile notary business.

Number of clients served per month

As a mobile notary, tracking the number of clients served per month is an essential key performance indicator (KPI). This metric allows you to measure your business's growth rate, monitor the health of your business, and track performance. Here's everything you need to know about this KPI.

Definition

The 'number of clients served per month' KPI measures the total number of clients your mobile notary business serves in a month.

Use Case

This KPI is crucial for mobile notary businesses, mainly as it helps track the business's growth and success rate. It allows you to know how well your business is performing. Also, by tracking this KPI, you can efficiently plan for the schedule of mobile notaries and streamline their work.

How to Calculate KPI

To calculate the 'number of clients served per month' KPI, divide the total number of clients served in a month by the number of working days in that month.

Calculation Example

Assuming that in June, we served 100 clients and worked for 20 days,

Therefore, the KPI for this month is 5.

KPI Advantages

• Allows you to track and analyze the growth of your mobile notary business.
• Helps you schedule mobile notaries efficiently.
• Streamlines the flow of work and improves the business's productivity rate

KPI Disadvantages

• The KPI may be affected by seasonal fluctuations in business volume.
• The KPI does not consider the number of clients served per day.

KPI Industry Benchmarks

According to industry reports, the average number of clients served per month by mobile notary businesses ranges between 75 to 100 per month. However, this benchmark varies depending on the business's size, location, and target market.

Average revenue per client

As a mobile notary public, understanding your Key Performance Indicators (KPIs) is essential for improving your business and growing your client base. One vital metric to consider is your average revenue per client, which can provide insights into your profitability and the effectiveness of your pricing strategy.

Definition

The average revenue per client KPI measures the average amount of revenue generated by each client over a specific period, such as a month or year.

Use Case

This KPI can help mobile notaries determine the effectiveness of their pricing strategy and identify potential areas for improvement. It's also a useful metric for evaluating the overall profitability of their business and identifying trends in client spending.

How To Calculate KPI

Calculation Example

KPI Advantages

• Helps mobile notaries understand the effectiveness of their pricing strategy
• Provides insights into overall business profitability
• Helps identify trends in client spending behavior

KPI Disadvantages

• Does not take into account differences in service offerings or client needs
• May not be a useful metric for businesses with a large number of low-value transactions

KPI Industry Benchmarks

The average revenue per client can vary widely depending on the industry and specific business. However, as a general rule, mobile notaries should aim for an average revenue per client that is higher than their cost per transaction.

Customer Satisfaction Rate

As a mobile notary, your clients' satisfaction should be a top priority. The customer satisfaction rate KPI measures how satisfied your clients are with the service you provide.

Definition

The customer satisfaction rate KPI measures the percentage of clients who are satisfied with your services over a particular period.

Use Case

By tracking this KPI, you can identify areas where you need to improve your service delivery to increase your clients' satisfaction. Additionally, high customer satisfaction can lead to customer loyalty, positive reviews, and increased business revenue.

How To Calculate KPI

To calculate the customer satisfaction rate, divide the number of satisfied clients by the total number of clients served, then multiply the result by 100 to get the percentage. The formula is as follows:

Calculation Example

Suppose you served 100 clients last month, and 80 of them reported being satisfied with your services. The customer satisfaction rate would be:

KPI Advantages

• Helps in improving services to meet client satisfaction levels
• Increases customer loyalty and retention
• Encourages positive reviews and referrals

KPI Disadvantages

• Subjective measure that may be biased towards the clients' mood at the time of service
• May not always reflect the overall quality of your services
• Difficult to standardize across competitors in the industry

KPI Industry Benchmarks

According to the industry benchmarks, the average customer satisfaction rate for a mobile notary is 80%.

Number of Referrals from Existing Clients

One of the most powerful KPI metrics for a mobile notary is the number of referrals received from existing clients. In this section, we will explore the definition, use case, calculation method, advantages, disadvantages, and industry benchmarks for this KPI.

Definition

The number of referrals from existing clients refers to the number of new clients that your business receives as a direct result of referrals from your existing client base. This KPI is an excellent indicator of customer satisfaction and can help you identify areas where you may need to improve your services.

Use Case

The use case for this KPI is straightforward: a high number of referrals suggests that your existing clients are satisfied with your services and are likely to recommend your business to others. Conversely, a low number of referrals may indicate that your clients are not entirely satisfied with your services or are not motivated to recommend your business.

How to Calculate KPI

To calculate the number of referrals from existing clients, you should first identify the number of new clients you received during a specific period. To this number, you should add the number of clients who were referred to you by your existing clients during the same period. The formula for calculating this KPI is as follows:

Calculation Example

Suppose you received 100 new clients during the past month, and 20 of these were referred to you by your existing clients. In that case, your number of referrals from existing clients would be:

KPI Advantages

• The number of referrals from existing clients is a cost-effective KPI that requires no additional investment from your business.
• This KPI offers valuable insights into customer satisfaction and can alert you to any problems with your services.
• Referrals are a powerful marketing tool that can help you attract new clients without having to invest in traditional advertising.

KPI Disadvantages

• This KPI only reflects the number of referrals received and does not account for the quality of those referrals.
• Client referrals can be unpredictable, and it may be challenging to sustain a high number of referrals over a long period.
• This KPI relies heavily on client feedback and may be inaccurate if your clients do not provide feedback regularly.

Industry Benchmarks

The ideal number of referrals from existing clients may vary depending on your industry and business size. However, as a general rule of thumb, a mobile notary business should aim to acquire at least 30% of its new clients through referrals from existing clients.

Average response time to client inquiries

One of the most important KPI metrics for mobile notaries is the average response time to client inquiries. This KPI measures the amount of time it takes for a notary to respond to a client's initial inquiry, whether by phone, email, or other means.

Definition

The average response time KPI measures the time it takes for a notary to respond to a client's initial inquiry, usually in minutes.

Use Case

The use case for this KPI is straightforward. A notary who responds quickly to a client's inquiry is more likely to be hired than one who does not. This KPI is especially crucial for mobile notaries who often need to travel to their clients' location.

How To Calculate KPI

To calculate the average response time KPI, add up the response times for all clients and divide by the total number of clients:

Calculation Example

Let's say a mobile notary has 10 clients. The response times for the first inquiry for each client are as follows:

• Client A: 10 minutes
• Client B: 5 minutes
• Client C: 1 hour
• Client D: 30 minutes
• Client E: 20 minutes
• Client F: 1 hour 15 minutes
• Client G: 10 minutes
• Client H: 45 minutes
• Client I: 20 minutes
• Client J: 2 hours

The total response time would be:

The average response time for this mobile notary is 27.5 minutes.

KPI Advantages

• Helps mobile notaries track and improve their communication with clients
• Allows for better scheduling and time management, leading to increased productivity
• Provides a benchmark to compare against competitors in the industry

KPI Disadvantages

• Does not consider the complexity or nature of the inquiry (some inquiries may naturally take longer to respond to)
• May not account for time zones or different availability schedules
• May be difficult to calculate for mobile notaries who use multiple channels to communicate with clients

KPI Industry Benchmarks for the KPI: ' Average response time to client inquiries '

Industry benchmarks for this KPI may vary depending on the specific niche or market the mobile notary operates in. However, a general benchmark for average response time to client inquiries is around 24 hours. Mobile notaries should aim to respond to their clients within a few hours, if possible.

Percentage of document errors or rejections

One critical KPI for mobile notaries is the percentage of document errors or rejections. It measures the percentage of documents notarized that contain errors or are rejected due to inaccuracies or incompleteness.

Definition

The percentage of document errors or rejections measures the frequency at which notarized documents are returned due to oversights or inaccuracies. In other words, it provides a clear understanding of the quality of the notary's work and overall accuracy.

Use Case

This KPI is particularly essential for mobile notaries since they are not in a stationary location. When mobile notaries are on the go, a single mistake can make it difficult to manage their work. With the percentage of document errors or rejections KPI, they can track the accuracy of their works.

How To Calculate KPI

To calculate the percentage of document errors or rejections KPI, divide the number of documents returned due to errors or inaccuracies by the total number of documents notarized, and then multiply by 100 to get a percentage.

Calculation Example

Suppose a notary public notarized 100 documents but had five returned for errors and inaccuracies. The KPI would be:

KPI Advantages

• It highlights the accuracy of the notary's work.
• It helps the notary to focus on error-prone areas of their work.
• It provides insight into the quality of the work produced by the notary.

KPI Disadvantages

• It does not measure the overall performance of the mobile notary.
• It can be misleading when the sample size of documents notarized is small.
• It is dependent on the clients to provide feedback on errors and inaccuracies.

KPI Industry Benchmarks for the KPI: ' Percentage of document errors or rejections '

While each state's allowable error rate is different, an error rate of fewer than 2% is ideal for most locations. While the industry standard varies, striving below this benchmark will place the notary at the peak of their game. Bear in mind that mistakes will still happen, and the goal is to ensure that they are kept to a minimum level.

Repeat customer rate

Repeat customer rate is a KPI that measures the percentage of customers who return to do business with your mobile notary service. This KPI helps you understand how loyal your customers are and if they are happy with your service.

Definition

Repeat customer rate is the percentage of customers who have used your mobile notary services more than once.

Use Case

This KPI is important in tracking customer loyalty. If you have a high repeat customer rate, it means that your customers are satisfied with your services, and they trust you enough to come back to you.

How to Calculate KPI

To calculate repeat customer rate, divide the number of repeat customers by the total number of customers and multiply by 100.

Calculation Example

Suppose your mobile notary service had a total of 100 customers in the last quarter, and 30 of them came back for another notary service. Your repeat customer rate would be:

Repeat customer rate = 30%

KPI Advantages

• Helps you understand customer loyalty and satisfaction
• Provides insight into customer retention
• Increases customer lifetime value

KPI Disadvantages

• May not provide a complete picture of customer satisfaction
• Difficult to compare across industries

KPI Industry Benchmarks for Repeat Customer Rate

According to the National Notary Association, the average repeat customer rate for mobile notary services is 25%.

In conclusion, tracking key performance indicators (KPIs) is crucial for success in the mobile notary industry. By keeping an eye on the number of clients served per month and average revenue per client, business owners can gain insight into their performance and identify areas for improvement. However, these are not the only metrics to monitor.

• Customer satisfaction rate is another crucial KPI to track. It reflects the level of service quality provided by the business and can greatly impact customer loyalty.
• Number of referrals from existing clients is also an important metric to consider. Satisfied customers are more likely to refer their friends and family, leading to increased business growth.
• Average response time to client inquiries can influence customer satisfaction. Quick response time can be a differentiating factor that attracts clients to a mobile notary service.
• Percentage of document errors or rejections also impacts overall business success. Reducing errors or rejections can improve efficiency and customer satisfaction.
• Repeat customer rate is a final KPI to track. It can help measure customer loyalty and retention.

By monitoring these KPIs and making data-driven decisions, mobile notary business owners can set their businesses up for success and stand out in a highly competitive industry.