To know about the performance of your company strategies, Key Performance Indicators (KPIs) have been made as a new trend. KPIs define whether or not you are meeting your company goals.
There are two major categories of indicators including Financial and Non-financial Indicators. Where financial indicators talk all about the investment, growth and other monetary aspects, non-financial indicators include customer satisfaction, quality related matters, supply chains, safety, and health-related issues.
After understanding what KPIs are, it is worth noting why they are important. Here’s why:
To measure your goals
KPIs are the kind of measurement tools that tell you if you meet your strategic goals.
KPIs offer an insightful capture of the company’s performance and reliable information for making effective decisions.
KPIs create an atmosphere where the employees learn and grow together which further gives birth to innovative business strategies.
When you meet the company’s KPIs, receive positive feedbacks and attractive incentives, it could eventually give rise to your morale, thriving on more.
Employees come and go; priorities and goals changes with time but KPIs should remain intact. If you are planning to rely on continued strategic goals, you must not change the KPIs.
Your little marketing efforts will support product and image advertising. This moreover will require being consistent with brand identity highlighting the level of brand performance. Worry not if you are planning to run a successful ad campaign. Understanding a few questions related to different parts of the campaign will get you the game right.
Here’s how to combine Key Performance Indicators in a successful ad campaign:
- How do you plan to reach your goals? How the target group is going to evaluate the campaign?
- If the campaign contributes to any further plans of working on their brand awareness building strategies?
- Does the campaign focus on building the company’s brand image? Is there any impact on the brand image with the campaign?
- Out of all the purchase funnels used for the campaign, which affected the sales, the most. Does the campaign have increased sales?
- Which touchpoints generated the highest campaign call?
These questions will only be answered if there is enough data to compare including the data of previous campaigns.
Monitoring and Measuring
It is a tedious task to do when you have to go back and monitor the measurement systems, used methods and strategies to find out if a certain target is met or not, once it has already started.
How will you measure?
What will you evaluate?
What would it be based on?
Making your campaigns worth the work done, KPIs make sure that they not only run successfully but give you more than the expected results. Within the budget you decide, they market your brand retaining your brand image.