Key Performance Indicators (KPIs) are crucial for businesses to monitor, analyse and improve efforts in order to ensure business performance targets are met and maintained.
By regularly monitoring KPIs, companies can compare the results of each effort, evaluate business performance, and track changes to improve their business outcome. This piece suggests various types of KPIs that businesses must monitor to improve their overall performance and outcome. They should monitor financial KPIs like profit margins that help companies measure financial results and performance.
Similarly, KPIs like average cost per lead, the number of onboarding calls, and customer acquisition costs help brands measure sales metrics. Additionally, using marketing analytics can businesses track and report KPIs like social media conversion rates and customer lifetime value. These metrics reveal whether certain marketing efforts are working with their target audience.
Operational KPIs enable business owners to check the effectiveness of daily operations, keep track on operating expenses and spot money leaks. Finally, product-based businesses can keep a check on product KPIs to monitor damage, waste, and return rates. Businesses should consider monitoring all these KPIs and using a KPI tracking system to capitalise on emerging trends.
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[4 minute read]