Monitoring the success of your mobile notary

Introduction

As the demand for mobile notary services increases, it is important to track the success of your mobile notary. The best way to do this is to track key performance indicators (KPIs) that show how your business is performing. In this blog post, we’ll explore the top seven mobile notary KPIs, and how to track and calculate them.

Your KPIs should include:

• Average Righting Time
• Percentage of notarizations without error
• Customer retention rate
• Average revenue per service
• Average cost per service
• Net revenue
• Customer satisfaction rate

Average Righting Time

Definition

Average turnaround time is the time it takes for a mobile notary company to deliver a completed document to their client after an application has been requested.

Benefits of Tracking

Tracking the average turnaround time for a mobile notary is important because it helps ensure clients receive their documents in a timely manner. This builds customer loyalty and trust, and it also helps manage customer expectations.

Industry Benchmarks

The industry benchmark for the average turnaround time for a mobile notary is typically 24 hours. This means that the average time it takes for a mobile notary to deliver a completed document to their client should not exceed 24 hours.

How to calculate

The average turnaround time for a mobile notary can be calculated by taking the total number of completed documents delivered to clients during a given period and dividing it by the total number of requests made during that same period.

Calculation example

For example, if a mobile notary company completed 30 documents and received 50 requests in one month, its average turnaround time would be calculated as follows:

This would mean that the average execution time for the mobile notary is 0.6 days, or 14.4 hours.

Tips and tricks

• Regularly monitor the average turnaround time to ensure it meets industry benchmarks.
• Be sure to account for any delays due to holidays or other events when calculating.
• Make sure the client is aware of the estimated turnaround time before notary request.

Percentage of notarizations without error

Definition

Percentage of error-free notarizations is a key performance indicator (KPI) used to measure the accuracy of notarizations performed by a mobile rating company. It is calculated by taking the total number of accurate notarizations and dividing it by the total number of attempted notarizations.

Benefits of Tracking

Tracking this KPI is important for any mobile notary business as it understands the accuracy of their operations. This metric can be used to identify areas for improvement and help ensure that notarizations are performed correctly and efficiently.

Industry Benchmarks

The industry standard for this KPI is usually above 95%. Any company that falls below this benchmark should take steps to improve their accuracy.

How to calculate

The formula to calculate this KPI is as follows:

Calculation example

For example, if a mobile notary company attempted 200 notarizations and achieved a total of 195 accurate notarizations, their percentage of error-free notarizations would be 97.5%:

Tips and tricks

• Ensure that all notarizations are done correctly and accurately
• Provide employee training and support to improve accuracy
• Perform regular reviews and audits of notarizations
• Implement quality control processes to ensure accuracy

Customer retention rate

Definition

Customer Retention Rate (CRR) is a metric that measures the percentage of customers who have not purchased or left the business during a given period.

Benefits of Tracking

CRR is a key metric for businesses that depend on repeat customers. Tracking this metric allows businesses to understand customer loyalty, understand customer trends and behaviors, and identify opportunities for improvement.

Industry Benchmarks

The average CRR for mobile rating companies is 70-80%. However, this may vary depending on the industry and type of customers.

How to calculate

Calculation example

If a mobile notary company has 100 clients at the start of the period and 95 clients at the end of the period, the CRR is:

Tips and tricks

• Track CRR over time to understand customer loyalty trends and identify areas for improvement.
• Focus on customer retention strategies such as loyalty programs and customer service.
• Analyze customer data to understand customer behaviors and preferences.

Average revenue per service

Definition

Average Revenue Per Service (ARPS) is a KPI used to measure the total revenue generated by a mobile notary business for each service offered. This metric helps understand the effectiveness of each service and the overall value it brings to the business.

Benefits of Tracking

Tracking ARPs is important for mobile notary businesses as it can provide valuable insight into the profitability of different services. By understanding the revenue generated by service, businesses can make informed decisions about which services to invest more in and which to discontinue.

Industry Benchmarks

Average arps for mobile notary companies vary depending on the type and complexity of the service offered. Typically, average ARPs for a notary service are around , but this can vary significantly depending on the type of service and geographic location.

How to calculate

ARPS is calculated by dividing the total revenue generated by the number of services provided. The formula for calculating ARPs is as follows:

Calculation example

For example, if a mobile notary business generates total revenue of ,000 providing 30 services, the ARPs would be calculated as follows:

Tips and tricks for maximizing arps

• Offer additional services such as document scanning, copying and shredding to increase revenue.
• Provide discounts or loyalty programs to encourage repeat customers.
• Research the local market to determine competitive yet profitable prices.
• Advertise services on social media to increase brand visibility.

Average cost per service

Definition

The average cost per service is a key performance indicator (KPI) that shows the average cost of services provided by a mobile notary. It helps in measuring the performance of a business, as it tracks the average cost of services provided to customers.

Benefits of Tracking

Tracking the average cost per service KPI helps determine the financial health of the business, as it shows the cost of services relative to the revenue generated. It can also help identify areas for improvement and identify potential areas to increase profitability.

Industry Benchmarks

The industry benchmark for average cost per service varies depending on the type of services provided. Generally, mobile notary companies should aim for a cost of service below the market rate.

How to calculate

The average cost per service is calculated by dividing the total cost of the services provided by the number of services provided.

Calculation example

For example, if a mobile notary provided 10 services at a total cost of 0, the average cost per service would be .

Tips and tricks

• Regularly monitor the average cost per service KPI to ensure that the cost of services remains in line with the market rate.
• Look for ways to reduce costs and increase efficiency to lower the average cost per service.
• Compare the average cost per service to industry benchmarks to ensure the company is competitive.

Net revenue

Definition

Net income is a key performance indicator (KPI) that measures a company’s total income earned after deducting all expenses. It is a measure of profitability and is important for tracking the financial performance of a mobile notary.

Benefits of Tracking

Tracking net revenue is important for understanding the financial performance of a mobile rating company. It helps identify areas of the business that need improvement, as well as areas that are performing well. Additionally, tracking net income allows a business to set goals and measure progress toward achieving those goals.

Industry Benchmarks

The average net turnover of a mobile notary is usually between ,000 and 0,000 per year. However, this can vary greatly depending on the size and scope of the business.

How to calculate

Net income can be calculated by subtracting all expenses from total income. The formula is:

Calculation example

For example, if a mobile notary has total revenue of 0,000 and total expenses of ,000, the net revenue would be ,000.

Tips and tricks

• Make sure to track all income and expenses accurately to get an accurate net income figure.
• Regularly review the net income figure, as it can be a useful indicator of the company’s overall financial performance.
• Compare net income to industry benchmarks to better understand how the business operates.

Customer satisfaction rate

Definition

The Customer Satisfaction Rating (CSR) is a quantitative measure of your customers’ satisfaction with the overall service experience they receive from your mobile notary. It is a key performance indicator (KPI) that helps you identify how well your company is delivering customer service.

Benefits of Tracking

Monitoring the CSR of your mobile notary can help you identify areas for improvement in customer service. By monitoring CSR, you can quickly spot issues and take action to improve customer satisfaction. Tracking CSR also allows you to compare your company’s performance against industry benchmarks and make changes accordingly.

Industry Benchmarks

The average CSR for mobile rating companies is 85%, according to a recent survey of industry professionals. However, the exact number varies depending on the type of services offered and the size of the business. To better understand how your business is performing compared to the industry average, it’s important to track your own CSR over time.

How to calculate

The CSR formula is:

Calculation example

For example, if you had 200 customers in the last month and 150 of them were satisfied with your services, your CSR would be:

Tips and tricks to improve KPI

• Focus on providing quality service and resolving customer issues quickly.
• Make sure the customer service representatives are well trained and knowledgeable about your services.
• Provide regular feedback to customers on the status of their requests.
• Send customer surveys regularly to gauge customer satisfaction.

Conclusion

By following these important metrics for your mobile notary, you can understand where you need to improve and how you can succeed in your industry. These metrics can help you focus on the most important aspects of your business and improve. As the demand for mobile notary services increases, you also need to understand the key performance indicators in your business. Track and calculate these metrics to give you the best chance of success.