How to set relevant KPIs for your next campaign
Talking about KPIs has long been popular in the corporate world – but what do they actually mean for your business and how can you make them work for you? We all know that KPIs stands for Key Performance Indicators, but what this really means is that these are specific numbers you can use to help you achieve certain goals, and to figure out when things are (or are not) working.
They say that numbers don’t lie, and KPIs are a really handy way of keeping track of results and making sure that individual performance and actions stay in line with your broader organisational vision and strategy. They’re a fantastic reference point – but only if you use them correctly and make sure they are relevant to your goals.
So what’s the best way to do this? We have a few suggestions…
KPIs come second
First you need to make sure you’re clear on your campaign goals and the strategy you’re going to use to achieve these goals. What are you actually trying to do? Are you purely going after sales? Are you building your audience or customer base? Are you focused on awareness? It is only once you’re crystal clear on these goals that you can go ahead and set a collection of truly relevant KPIs.
KPIs need to be SMART
Of course, they need to be smart, as in well thought out. But they also need to be SMART. By this we mean: Specific (know what you’re measuring and why), Measurable (you need to be able to define it), Achievable (you need to be able to deliver it), Relevant (it needs to matter to your business and boost performance) and Time-Bound (achievable in an agreed timeframe). Use this simple framework when putting together your list of KPIs and you’ll be well on the right track to success.
KPIs need to look back to look forward
By this we mean – don’t go setting KPIs in a vacuum. Use all of the information available to you, especially any historical data you have to hand. Even if you’ve not specifically set KPIs in the past, you can look at previous numbers to get a good idea of how things have played out previously and use this to set better and more precise KPIs going forward. If your business is too new for historical data, try doing some market research and use competitor numbers.
KPIs need to be tracked
The goal of KPIs is to analyse performance, for better or worse, so make sure you’re keeping a close eye on growth and tracking all the important data. If your campaign is set to run for a certain period of time (for example, three months) make sure you set regular reminders to check in on the numbers (ex: weekly) so you know in which direction they are going and pick up any changes. Never wait to the end for a big reveal, as you might miss the opportunity to implement some potentially valuable optimisations or adjustments.
If you need help crunching your numbers, assessing your past data and/or setting relevant KPIs for your company, please feel free to reach out to our team here at Awaken. We’re passionate about data (really, we love it!) and would be delighted to help you build a strategy that not only reaches your expectations but far exceeds them.
Get in touch today and let’s start a conversation.
