Keep your website performing at its best!
First of all, what is a KPI?
KPI stands for Key Performance Indicators, these are used as a performance measure which will help you determine where you are making progress with business online and what you might need to switch up or improve on to best reach your targets!
Why do I need to pay attention to them?
KPI's are really helpful when it comes to understanding your business, and you can make them as specific as you want.
You might decide to split up and create individual KPI's for each department of your business, as each one will be able to give you specific insights. For example, for marketing, you might decide to write your KPI's and objectives based around:
• Customer engagement
• Brand awareness
• New leads
• Customer retention
Or more focused around sales:
• Product performance
• Customer lifetime value
• Increase in profit
Stick to the rule of 4
It is good practise to consider 4 things when writing up your KPI's in order to make sure they work for you:
Measure - What are you measuring in order to determine progress? For example: number of new customers gained in a certain amount of time.
Target - How many new customers would you like to have within that time? For example: 1000 new customers within 6 months.
Source - Where is the data coming from? Have you set up a database that will collect it for you?
Frequency - How often do you want to review your progress? Monthly, weekly? Tip: Don't make it too short a timeframe, or it will be difficult to see a real change.
How do I write my KPI's? Keeping that rule of 4!
- Determine the objectives - what are you hoping to achieve as a company?
- Defining what success looks like - what specifically would you want to succeed in, how could you go about reaching this?
- Decide on how you're going to measure - consider what units you will be using and then an amount. For example: a 10% increase in followers over one month. Once that time is finished, evaluate! Did you reach your target?
- Write all of your results into an easy to read document, make sure you include graphs and charts too, this makes the results pop on screen and it will be easier to see a comparison!
Your document should then be clear to see what is going well for your business, and highlight any areas that may need some improvement. There is always time to make adjustments!
Your KPI's can be made specific - don't copy another business model just because they work in a similar area to yours. What works for one business might not necessarily work for another!
Utilise built-in analytics to track progress and measure your success. A site built by Minted Box comes with effective analytics built-in, tracking web-page and site performance as well as device usage, helping you to understand what makes your customers tick and constantly improve.
When you work with us, you have the option to as for a full website review where we can identify where your site is performing well and any areas of weakness. We then listen to you and your goals for your business, helping you to set realistic targets, designing in ways that aim to meet them, and guiding you when it comes to tracking your progress.
Why not get in touch and see how we could help you today?