5.2 Key Performance Indicators (KPI): Developing, Implementing, and Using Winning KPIs:
5.3 Key Performance Indicators For Dummies:
In every business, it is essential to know where you are and where you are going. This is true and applies to all areas of the business. However, it is very important for you, as the owner or person in charge of email lists uk the marketing area, to know where you are at the present time and where you are going with the digital marketing strategy that you are (or will be) implementing. To do this, you must determine the key performance indicators (KPI).
It is of utmost importance that you know that you must establish Key Performance Indicators (KPI) in marketing, since these allow you to measure, compare and evaluate the performance of your strategy without wasting time and hours of work; on the contrary, it effectively influences the achievement of desired results.
Now, you might be wondering what exactly is a Key Performance Indicator (KPI) and how to measure it? Don't worry, after reading this article you will know everything you need to know about this topic.
What is a KPI and what is it useful for?
The expert and digital marketing strategist , José Manuel Gómez, defines KPIs as follows: “KPIs are metrics (measurable and quantifiable) that will numerically determine a variable, directly related to the objectives set within our strategy or annual marketing plan.”
Entrepreneur Neil Patel, writing in the Huffington Post, defines KPIs as “metrics that enable control over production, provide accountability, and quantify marketing efforts.”
As we can see, there is no consensus among experts on the definition of this term. So we will define it in the simplest way possible:
KPI stands for Key Performance Indicator , and we define it as a metric or set of metrics that identify and track the key factors of different aspects of your company , allowing you to know where you are at this moment in these aspects and to be able to determine where you want to be .
KPIs can be used in all areas of the business, starting in the production area and ending in the sales area , always with the main objective of evaluating progress towards the objectives set in a given period of time.
One purpose of using KPIs, in addition to allowing you to know how things are going in the business, is that it helps you focus your attention on the tasks and processes that have been determined to be the most important to move toward your goals and meet your proposed objectives.
Using KPIs in the marketing area brings highly impactful results to the business. That is why many digital sales experts rely on KPIs to make decisions and carry out a thorough evaluation of the data collected in an organized and informative way.
In order to make use of KPIs, you must first know how to determine the correct and necessary ones for your company. Then, you must have a clear and simple process that allows you to collect the data necessary for your metrics.