Business Metrics and Freelance Programmers, How to Make the Best Use of Them?
- Updated On 03/02/2020
- Author : Ram kumar
- Topic : Business
- Short URL : https://hellboundbloggers.com/?p=67395
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Who are freelancers and what do they bring to the table?
The term freelancer refers to someone who is self-employed and not committed to any particular employer. They are generally represented by a company or a temporary agency and sometimes they do represent themselves and use professional contacts and websites to get work.
As time progresses there is a visible change in the way people work, they are shifting from the typical 9-5 routine to a working style which is more flexible and fluid in nature and companies who embrace the change tend to remain on top as freelancers have a lot to offer.
Firstly, the innovative and different perspective they bring to the table gives them a definite edge over typical office workers and this is because of the fluid nature of work that tends to keep them motivated and helps exceed expectations and another reason for such innovative thinking is due to their experience, as good freelancers gain good experience from working with a variety of different companies and business from various different places.
The other advantage which also happens to be one of the most important is that they affordable and since you can hire them only a need basis, it tends to save the company quite some money.
In some cases, if you need someone with a specific skillset and your company lacks that then you can hire the most suitable freelancer for the job only on a need basis.
Like a SaaS company will benefit most from a freelancer who uses SaaS business metrics.
What are SaaS business Metrics?
Firstly, business Metrics is a quantifiable measurement that businesses use to track and monitor the successes and failures of various businesses. Metrics usually indicate the priorities of the company.
For example, the marketing department keeps track of the metrics related to the success of the campaigns by using lead generation and lead scoring.
Business metrics without context mean nothing and companies use existing benchmarks to gauge business practices. Business Metrics are different from KPI(Key Performance Indicators) as business metrics are used to track and measure the growth in all areas of business and KPI usually refers to the targetting of certain areas in business to gauge performance.
When it comes to the SaaS (Software as a service) industry which has gained massive popularity amongst growing businesses of various other industries, due to this popularity boost it attracts many growth marketers but it becomes difficult for them to gain entry because they try and rush into it, rather than trying to understand it.
What are some SaaS business metrics companies and freelancers should be using
- Average Client lifetime value: For most businesses, their customers and clients are extremely important as they would be the final consumers of your product. And for freelancers, their anchor clients are the ones who give them work on a monthly basis however to reel them in, it would depend on the kind of services and offers you provide.
- Monthly Recurring Revenue: This is probably the most important metric that is used to gauge the performance of a company and keep the operation running smoothly as it is just one number that can be used to keep track of sales, price plans, and billing plans.
- Customer Retention Rates: The benefit of loyal customers are many, they help immensely in the growth of your business and help spread the word about it too. For both, companies and freelancers, it is a very important metric as it shows you clients who make repeated purchases. Retention rate shows you the number of clients/customers who are using your product/service for an extended period of time.
The formula for calculating retention rates:-
Retention Rate = ((CE-CN)/CS)) X 100
CE – Number of customers at the end of a time period
CB – Number of customers acquired during the same period
CS – Number of clients at the start of the period.
- Lead to Client conversion rates: A lead can never turn in to a customer on its own, these leads are contacted by the sales team who will convert them into paying clients, the same goes for freelancers who use professional websites to find work will find leads, they have to contact the leads and convert them into paying customers.
- Churn Rate: Churn Rate or Customer Attrition refers to the number of customers who leave or unsubscribe in a given time period.
- ARPA: ARPA or Average Revenue Per Account refers to the average revenue generated per account. It counted on monthly, yearly or quarterly.
Calculating ARPA is simple, you have to do is divide the MRR value with the total number of customers.
Hiring a Freelancer Programmer, how to go about it?
How do you find freelance programmers? It is a challenge may recruiters face in today’s world.
Especially the software industry is a remunerative industry. That is because, a lot of business from various industries are seeking to use the power of technology and software to make life easier, due to this the Software industry is expected to grow at a significant rate over the coming years.
With several businesses wanting upgrades on their product, this also increases the competition in the online/software industry as everyone wants the best. As technology is the backbone of these companies.
Given all this, it is typical of any company to be selective about their choice as everyone wants only the best and with no shortage of freelance programmers it becomes very tedious to select the best as the process involves going through all the applications.
But to make the life of these companies there are websites who help you find professional freelancers with almost little to no work from the companies side.
Top Sites to Hire Freelance Programmers
- Upwork: Upwork is a site that has more than 12 million freelancers with 5 million clients, it definitely is good place to look for some top freelance developers/programmers.
- DevTeam.Space: If you are looking for a specialist in development then Devteam.Space is where you should head to as they choose and pick the kind of freelancers they want to associate their company with.
- Fiverr: Another great platform to find freelancers. Over 50 million transactions occur on a monthly basis, so you can be sure to find the best programmer for your SaaS company.
- LinkedIn: One of the most popular and professional platforms that have been helping freelancers and clients by connecting them from various places across the world.
- Indeed: Again one of the most popular platforms that freelancers and clients both use find each other. The recruiter posts about the requirements of the job, the freelancer goes through the post to determine which one would be most specific to their skillset and ten go ahead and choose the recruiter.
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