How to Set Meaningful KPIS
One thing to avoid is confusing a KPI with a goal, because they’re not the same thing. A goal is an outcome you want to achieve; a KPI is the metric you use to track your progress towards the goal. Without an accompanying target or goal a KPI is almost useless. For example, if one of your goals is to increase online-generated sales by 15% by 31st March 2020, you could use a set of KPIs as a metric to measure the results of your email marketing activities, such as number of conversations, click‑through rates, open rates, bounce rates, etc. By tracking the results of your email marketing strategy you can work out what activities are leading to sales and which are not, and adjust your strategy in whatever ways you need to in order to reach your identified target.
If you enjoyed this blog, please read about How to Clear Dead Stock.
Finding the right KPIs for your business will take a little bit of practice. What’s important is that you focus on those areas which are most central to the fulfilment of your business vision and strategic goals. After a little trial and error you should arrive at a set of KPIs that both you and your staff members can get enthusiastic about, all with the collective aim of improving operations, increasing customer and employee satisfaction and boosting that all-important bottom line.