KPI’s report to you areas that you are performing well in; and those where you are not. Key Performance Indicators help the business owner and his team focus on the areas that are most critical to achieving their goals by measuring performance in a tangible way – by using a predetermined metrics.
Tracking Key Performance Indicators will allow you to quickly:
- Measure your progress toward your goals
- Identify in what areas you and your team need to improve
- Focus on what matters most so that you maximize your productivity
We polled 44 Successful local business owners to see what KPI Metrics they used to ensure that their marketing campaigns were meeting their goals.
Here are the KPI Metrics they said were most important to making sure their campaings were properly tested and measured:
- Tracking Sales Revenue (and profit) against an established baseline
- Compare leads gained to leads sought
- Customer Loyalty
- Cost of acquiring a client
- Timeframe it takes to close a client
- Conversion rate
- Referrals – warm (quality) vs. cold
- Software references: POS tracking, Constant Contacts, Ace of Sales etc.
- Promotional codes to track lead sources
- Conversion ratio
The most fundamental KPI’s are financial metrics.
The key is to develop a set of KPI’s that are critical for your business and then measure them consistently. We all want to do better in our business. But the real question is better than what? KPI’s help you define the “what” and then track it to ensure you are getting the performance you want, or identifying weaknesses that you must address.
Whatever your business challenge is, we can help you starting today.
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