Last week, We’ve launched an updated version of KPI Tracking. Here is my video about that.
But before move forward, What's KPI (Key Performance Indicator)?
KPI is the quantifiable measure of how well you're doing against your company's objectives (goals). However, tracking the right KPI is the important criteria to make a better and smarter decision that impacts your strategy as well as your investment allocation.
You should be able to keep eye on your KPI progress to shape the next move of your marketing activities. Especially for managers to feel more in tune and aware of business successes or failures KPI tracking is inevitable.
If you don't know how you can track the KPIs and focus your team to improve them, let's give it a try heybooster KPI Management. It will show;
- predicted value,
- your progress ,
- whether you reach your target
in one screen from different traffic sources.
Most Tracked online business KPIs for marketing teams
We evaluated more than 1000 account and the KPI's they tracked and here is the result;
24% of the business need to track the monthly revenue KPI day by day,
15% of them have a strict marketing budget,
12% of them focus on acquire new user and their KPI is monthly new user registered,
12% of them is managing their marketing activities in term of ROAS,
9% is following conversion rate.
But how to choose correct KPI for your business?
There is no one and only correct KPI, each business has its own. It should be a sign of the need for improvement, revise or changes. You may probably have one goal & objective for your business like to increase the number of the repeated purchaser.
Each action point on your plans & strategy to reach that goal create a new KPI but WARNING it is a trap, do not track a lot of KPI just a few of them will focus you on the end goal.
One of the best practices is to align your strategy with the customer shopping stage. Each stage measure with a different KPI so the question around where we should fix first is quickly identifiable and gives you leading indicators to where you should pay attention.
The below drawing is an example of this practice. If you would like to listen more, we are planning to have a private workshop on that. Stay tune to get upcoming announcement and start to track your KPIs.