Marketing Key Performance Indicators (KPIs) are quantifiable targets that are used:
- To translate complex measures into a simple indicator that allows decision makers to assess the current situation and act quickly.
- To measure success against your objectives.
Examples of the kind of indicator might be loyalty, conversion and referral rates.
Always begin the construction of KPI’s with a clear understanding of the desired results. There’s nothing wrong with starting by saying you want to sell more of what you make. But try to be a little more specific. Do you want to, for example:
- Shorten the sales cycle by half?
- Generate 50% more leads?
- Create a new usage occasion?
- Get loyal customers to buy 30% or more?
If you are clear about where you are going, you can construct KPI’s that get you there.