Are you interested in knowing what your company’s progression rates are? If so, you need to start taking advantage of Key Performance Indicators which will open your eyes to a whole new way of monitoring your business. Key Performance Indicators, also known as KPI’s, are measurable goals that companies define in order to evaluate their business’s success. In recent year’s company’s, especially in the online world, relied on CTR’s (Click Through Rates) as their Key Performance Indicators, but in the world of advertising and social media, we have come to understand that CTR’s just don't cut it anymore.
So what do Key Performance Indicators consists of? In short, KPI’s consist of long-term, measurable goals that are set by stakeholders, executives, and business leaders early on in the business development stage. For example, your company many want to monitor how many visitors turn in customers over x amount of time. This goal, being not only measurable, is a monumental aspect (to any business) and is crucial to understanding your companies overall success plan; More customers.
So why don’t you just monitor CTR’s? Well studies actually show that click through rates don’t necessarily convert visitors to customers. In fact, advertising that we see and don’t act on has been proven to impact the average person more then those that we actually click on. So by choosing to monitor form submission rates (leads), software downloads, newsletter sign ups, and social sharing of your content, you will gain a better idea of your customer growth and what aspects of your online business is driving them in. KPI’s, overall, allow companies to define structured analysis plans which, in the end, gives them deeper insights to towards their companies overall success.comments powered by Disqus