Your KPIs should bespecific,so define precisely what you want to accomplish. Instead of a vague goal like “increase sales,” specify a KPI like “increase monthly sales revenue by 10%.” There should also be a straightforward way tomeasureyour progress. For instance, if your KPI is “reduc...
No doubt, occasionally these three terms overlap seamlessly – especially when your goal is specific and measurable (see SMART goals later in this article). If your goal is to increase sales revenue by 20% – then perfect – your goal happens to include a KPI (sales revenue) and a target ...
Want to grow your company? Learn what a KPI is, how to identify the right KPI metrics to track performance, and how to measure KPIs to meet your goals.
Unlock effective KPI reporting with our guide. Learn how to create actionable KPI reports and track progress towards your organization's goals.
Be something that focuses a team on a common goal. KPIs should not be... Ridiculously hard to compile, taking valuable resources away from other activities. Used as a weapon for political ends. Confusing, ambiguous or discredited. Or, cause people to find “a way around” to make the numb...
Relevant:Website traffic is a relevant goal for your new online store launch because the more traffic you get, the higher your chance of getting conversions and seeing sales. Time-bound:You’ve set a time KPI for yourself that you hope to see within three months of setting it. ...
Achievable.A KPI should be realistic and attainable, considering the available resources and constraints. It should challenge the organization but remain within the realm of possibility to motivate rather than discourage. Relevant.The KPI must align with the strategic goals and objectives of the organiz...
Your overall business goal is to sell candles and make money. But looking ahead, you’ve set your KPI to sell 150 candles in the next 3 months through your online store in order to reach a revenue target. Now, what metrics are you going to use to measure your progress towards that ...
Setting long-term goals is typically what people think of when they hear “KPI”, but setting a long term goal often leads to losing sight of the incremental steps that are needed along the way. Be sure that you’re setting goals for short-term periods leading up to that ultimate goal ...
Let’s take an example that clearly shows how to define a KPI to meet your desired result. This example is the eCommerce Growth KPI. The desired result is to increase revenue from our eCommerce store by 25% Reaching this goal will help our business make a profit ...