A key performance indicator, or KPI, is used to measure the performance of websites and businesses. They are really great for figuring out what a business or website is doing well and what they still need to work on. Before you decide which KPIs you’re going to use, there are a few tips to help you pick the right ones.
Keep Them Business Goal Related
You also want to make sure you make your KPI’s business goal related. For instance, if you run a car insurance agency and you want to increase car insurance quote numbers by 10%, you want to ensure that the KPIs you choose will help with that. Having KPIs that aren’t aligned with your goals means you won’t be able to measure what you need to. The information you’ll be collecting won’t help you continue on the path to meeting these goals. Not only is that a waste of time, but you’ll have an even harder time reaching these goals. Since you own your business, you know that meeting your goals is essential and you need to be able to stay on that path.
Consider Good and Bad Performance
You don’t want to focus on just what you’re doing well. You also want to see what you aren’t doing the best at. This will help ensure that you make your business well-rounded. The worst case scenario would be to only focus on the good things and just ignore the bad things because those bad things are only going to get worse. Not working to improve them can cause you to lose customers and possibly break your entire business.
Understand Different Business Needs
Another thing to consider is that every business is different. Just because a certain KPI works well for one business, doesn’t mean the same one will work great for yours. The main reason for this is because different businesses have different goals. Not every business is going to be working for the same goal, so it makes sense that not all businesses will use the same KPIs.
Offer Unique Selling Points
The first thing you want to do is make sure you offer a unique selling point on the services and goods you’re offering. You’ll have a much better chance of getting more business if you offer a unique stance on your items. The reason is that people don’t want to see a bunch of businesses with the same strategy. They want something that’s unique and different instead of something that’s the same as everything else. Showcasing your company’s USPs (unique selling points) on your website will offer your visitors an ease of decision making. Take an example of Youi’s car insurance quote’s website interface for a better understanding of the USP display.
Look for Accurate KPIs
Something else you want to do is look for accurate KPIs. You want to make sure that the KPIs you’re using is going to give you information that’s accurate and useful. There are a few ways to help ensure this. For starters, see if you can find some reviews on the KPI to see how it’s worked for other businesses. You could also try a free trial to see if it works well for you and if it doesn’t, you can just stop using it.
Think About Stage of Growth
Another thing you want to do is look at your company’s stage of growth. A business just starting up is going to need different KPIs than a business that’s been around for a while. Most of the time, a new business will need simple KPIs because they won’t have a whole lot of data, while a business that’s been around will need more in-depth ones because of all the data they need to process. This is especially true if they’re focused on ensuring that they keep customers coming in.
Look for Good Working KPIs
You also want to find KPIs that work well. You don’t want something that hasn’t been used by anyone in years or one that doesn’t have the best performance. The whole point of using a KPI is to collect the data you need and one that hasn’t been used in years isn’t going to be up to date or be able to process the data the way you want it to. Try to look and see when the last time it was downloaded.
Look for Measurable KPIs
Since a KPI is used to see how your website or business is performing, you want to make sure they measure these things out. Just telling you isn’t going to help you improve anything. You want to be able to see actual numbers because you’ll have a better chance of being able to improve the things you need to. On the other hand, if it doesn’t give you numbers, you have to kind of wing it and hope for the best.
Keep it Short and Sweet
You also want to make sure you keep your KPIs short and sweet. The reason this is so important is that too many KPIs are going to give you all kinds of information. This could be hard to wade through and it will make everything much more complicated. You want to use as few as you can to get the data you need. It would be a great idea to find 2 or 3 of them that lets you see what you need to so you don’t have to worry about a bunch of information that you don’t know what to do with.
Be Consistent with KPIs
You want to make sure the KPIs you choose to use are able to be consistent through all the departments in your company. This will make everything easier and you’ll be able to get the same information from all departments. This will help you understand all the results and improve what you need to.
Now that you know what to look for, you can pick the KPIs that will help you measure your performance the best. There are quite a few to choose from, but you’ll be fine as long as you take your time and find the best ones.