What is key about KPIs?
The acronym KPIs is one that is widely used. In full the term Key Performance Indicators can sound pretty dry but there is a point to establishing, nurturing and bringing to life the statistics they hold.
For teams it can be a reason to celebrate, for senior managers it may raise the need to address key issues.
Here's few things to consider when setting them up:
1. Consider business aims
Set up statistics around your aims - very often these focus around financials - growing your membership base and boosting take up across your products and services. Defining the impact of digital versus other channels is what’s important here.
2. Look at marketing channels
See how they are performing - comparing the immediate, medium and long term impact of channels will deliver sustainable growth. Metrics that compare channels and also link them to aspects such as member longevity are really powerful.
3. Look at customer engagement
Engagement is now an established part of the digital mix. Linking engagement to growing awareness and take-up of your offering is important to define.
4. Consider customer feedback
Consider how to report on customer feedback - often this area is not included in KPIs but having constant metrics to gauge customer satisfaction levels can give more depth to your insights. This could be metrics like Net Promoter Score; how likely are you to recommend us to friends or colleagues or a simple answer to a ‘Did you find what you were looking for’ mini poll
5. Stretch it
Do you have regular check-ins with your staff to gauge their satisfaction and feedback? Can you include productivity metrics - does more content = more engagement for example.
Lucy Conlan, Senior Marketing Strategies
The benefits of KPIs
- You have the confidence to know what is and isn’t working
- You can demonstrate the achievements of teams and organisations
- You can link trends across different metrics
- Over time you will identify seasonal trends which can help with budgeting and calming nerves in occasional downturns
