What is KPI?
The term KPI stands for Key performance indicators. Of course there is not just one and there are about several key performance indicators we are going to discuss in this article. This is an indicator of progress flow towards the desired goal. Well, desired is even not enough-it’s more about intention and good planning methods. KPI provides strategic and operational improvement when it comes to your productivity of b2C communications.
Performance and Productivity
In previous articles we have spoken quite much about general benefits of digital marketing campaigns and the vital elements to upgrade your Brand Status with time instead of keeping it in a static position. Now, let’s start with basics again-marketing campaigns have value when they perform well. It’s that simple. The indicators of good and in best case scenario excellent performance is upheaval in statistics of customer engagement and conversion. If you were to repeat campaign strategies that show low performance either for personal reasons or unwillingness to work with a specialized team-will do no good for your brand’s further improvement. This is where Key Performance Indicators come into the play.
- Provide objectively processed evidences on the path leading to intended campaign results. Keep in mind-The desired results must be as specific as possible.
- Use complimenting metrics to measure the right components of the campaign.
- Always compare the previous campaign performances to the new ones. Research well to understand where progress was made or where you need a different approach in relative cases of course.
- Tracking efficiency, functionality, quality, time-management, governance, customer behaviors, economic backgrounds, project performance, staff performance or resource usage in a correct manner.
- Balance in leading and lagging indicators.
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- Inputs measure several elements (amount and quality for example) of resources invested in processes that produce outputs.
- Process measures focus on how the functionality, quality, or consistency of given processes used to produce a solid output; they can also measure tweaks on that process, such as the tools/equipment used or process testing.
- Outputs are result metrics that indicate how much work is done and specify what is produced.
- Project measures Q&A related subject about the status of milestone progress related to important projects or initiatives for example.
- Outcomes focus on final accomplishments or summarizing impacts, and are viewed as Intermediate Outcomes. Such as customer brand awareness or End Outcomes, such as customer retention or sales which are clearly more profit driven. It somewhat depends on what you are concentrating on in this case.
Now, these were more like strategic types of measures. In case of a large enterprise especially, strategic is not enough and we are going to need operational measures as well. The operational measures can be explained in a brief manner. It’s pretty much focused on tactics. Designed to report on functions connected to service related subjects.
Risk and Employee metrics are also not the ones to forget about. It’s pretty much as it sounds. Risks can be connected to investments you put in certain projects and campaigns. Of course, none of us want to risk getting involved in anything that could downgrade our brand-image. As for Employees, measurements could be necessary to determine their productivity levels. But, don’t think it’s for controlling their work habits-it’s for gaining information which working pattern works best for your employees.
Take A Closer Look
Let’s say that according to your statistics of your staff’s productivity they are more likely to work much better from 8AM instead of 6AM. You might consider observing what is being done during that 2-hour gap and if that same job can be moved to so called productivity hours, consider trying it out for a week or so and see the results. Maybe it will be smarter to do so and profitable too. KPI pretty much helps you work smart not just hard.
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