3 steps to set KPIs - Key Performance Indicators

Diversity4Tech.Science
3 jul 2018
2 minuten om te lezen

Bijgewerkt op: 10 aug 2018

3 steps to set KPIs:

1. analyze business goals

2. evaluate the set SMART marketing goals

3. derive KPIs from these marketing goals as a measure to achieve them

What are KPIs exactly? KPI stands for Key Performance Indicators which is a technique to measure and ensure the completion of the set marketing goals. The marketing goals support the general business goals.

Step 1:

These business goals, as mentioned previously in Creating Digital Marketing Strategy Part 2, can be as follows:

1. Increase brand awareness.

2. Increase the number of sales (online and / or offline).

3. Increase conversion which entails that visitors of your website or in your store / office turn into buyers of your services and / or products.

4. Increase consumers’ loyalty (online and / or offline).

Step 2:

The marketing goals set to increase brand awareness can be for example:

1. Increase the traffic to your website or offline business (SEO, SMO, SEM, offline branding).

2. Improve the recognition / brand awareness of the brand or the company name.

The marketing goals set to increase consumers’ loyalty can be for example:

1. Increase the quality of users on your Social Media, referring to users who are your target audience and feel connected with your business and its services / products.

2. Increase the engagement level on Social Media.

3. Increase customer satisfaction.

For each business goal, you can set the marketing goals and then evaluate them.

Step 3:

For all these marketing goals you can set KPIs to accurately measure the progress of these goals.

Key Performance Indicators per marketing goal

Sales, by analyzing:

- Sales per hour, daily, weekly, monthly, quarterly, annually whatever is suitable to generate results of the current progress;

- The average order size (average shopping bag);

- The average margin.

Traffic, by analyzing:

- Website traffic;