Affiliate Tracking - Chapter 1: What is it?
(And why do you need it?)
Level Up Your Business!
The role of KPIs in your success
KPIs – Key performance Indicators are probably the most important decision you will make on the way to building your growth strategy.
True, it is possible to run a business, and measure it’s progress based on trial and error, past experience, experience of other people and even intuitions, but not for long. Without established and strong metrics that will give you real data and insights on your business function and health, you will not be able to make informed strategic decisions. KPIs alone are just dry data, but with knowing and understanding KPIs and with the proper analysis you can get the most effective information to write down the whole story. KPIs insights will help you build the most accurate and essential strategies for your company and customers.
But establishing the right set of KPIs is not enough. To fully understand how well your business performs, you will need to track the insights regularly, and understand the weak points and things that need to be working on or change. That will ensure you are on the right path to reach your business goals.
What makes a KPI so important to your business ?
KPIs are first and foremost metrics that provide data. But what makes KPIs different from other meaningless numbers is that they can tell you a story. Learning where your strengths are, and what steps are less valuable to you. Combined metrics can provide you with accurate data analysis including very significant business insights for further advancing, or redefining, your marketing strategy.
Once you have selected a handful of the right KPIs for your business, the ones that will drive business processes, you need to monitor them. When you start testing them regularly, you can begin to identify patterns of activity in your company and predict others. Without frequent monitoring you will not be able to maintain the health and vitality of a business. Processes you have established in your marketing strategy should justify themselves, and your only way to make sure of that, is monitoring.
Strategy & Goals
KPIs are process manufacturers. They are not just data that tells you about what is happening in the business, they are your next step in promoting, changing or rethinking your business strategy and goals.
A business that does not re-examine at any given moment its marketing decisions, is a business that will remain standing still with no forward movement towards growth.
Good KPIs are those that provide insights into the specific processes where change is needed. What are the weaknesses, what might occur and what specific strategies need to be rethought, they will guide you to specific actions that need to be taken, so your goals will be achieved.
The bottom line is that KPIs measure success, predict success, and are a necessary tool for success.
Every business wants to be successful, and every business can have infinity ways to get there, the question is at what cost and in what time frame?
KPIs are created and built to maximize your efforts, to the minimum necessary to maintain the right path to success, and to drive effective ways to take actions in the right direction.
“Great, I want that! But there are so many !”
Choosing the right, valuable KPI set for your business is a process that needs to be run carefully.
Here are the 5 most important steps we believe you should follow, to ensure you choose the most effective KPIs for you:
1. Asking yourself: What is my business’ true objectives and goals? Although it might seem obvious that every business wants to succeed, objectives should be changed through phases and time. What seems to be the most important today, might be less valuable to you in the next month.
2. What are you going to measure? Is it your income? Your campaigns on social media? This decision should be reconsidered everytime you are defining a new strategy.
3. Interact with your team. A healthy business is a business that reflects processes and data to all its team members at every stage. Campaigns manager and marketing teams are essential to your business’ growth. You need to make sure that whenever KPIs reflect to you a need for new strategies, that it is clear and understandable to everyone, and that everyone knows their role.
4. Choose the KPIs that will eventually give you the insights you will need to take actions upon. The right KPI is the one that will have a positive impact on your actions’ results. Don’t linger on metrics that might teach you new things that are not going to end with actions on your behalf.
5. Eventually Feel your business pulse, and constantly follow up and check what actions you need to take to keep improving your results. How and what can be changed in order to move forward.
KPIs can improve your strategy and maximize your potential , if you choose the ones that will drive actions to success.
Specializing in building KPIs dashboards, Kronoseal took care of everything!
We will Provide you with the most important and crucial KPIs set for getting actionable insights.
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