The success or failure of any project can be measured if you keep an open eye and know how to measure your company’s performance. You must have measurable data order to understand the significance of any market action. Goals must be set as benchmarks of success or failure. These goals should be realistic and attainable. These measurable benchmarks are referred to as “Key Performance Indicators” or KPIs. These are items that “help an organization assess progress toward declared goals.”-TechTarget.
What is a KPI?
These measurements “are used to evaluate factors that are crucial to the success of an organization,” – TechTarget. KPIs allow organizations to measure the results of their campaigns. These items help to tweak current goals to better sell their product or service. Well set KPIs can determine the success of an organization. Simply stated – if you can’t accurately measure your established performance, there is no way you will be able to modify precisely those behaviors for growth toward your goals.
Differing from group to group
Because organizations in every industry vary, the KPI’s need to reflect those organizations must differ . Each KPI is relevant to a specific purpose. While the basic premise is the same, the goals for each team will be dependent on what the result needs to be. KPIs for a mobile marketing campaign can measure the lead generation and the capture of a customer, but those KPIs will differ from a hospital’s patient ER wait time. The goal of a KPI is to find the best possible way to gain success without spending enormous amounts of time, effort, and money to get there.
Why use a KPI?
When an organization thinks up a new idea, product, service, or campaign, the result and their needs goal has to be assessed. Which means, “before you start assigning KPI’s to everything you can think of, there needs to (be) a clear understanding of your business objectives and strategic directions,” Intouch Marketing. Organizations must ask questions before, during, and after the launch of the campaign to determine the importance of their KPIs.
For KPIs to be successful, an organization must know how to translate the data. “If management cannot translate the importance and understanding of the businesses KPI’s to their employees effectively, they will most likely fail,” Intouch Marketing. Management must be able to quantify the statistics to their employees, so those individuals can execute the campaign to drive success.
Success is something that every organization wants and needs. Measuring KPIs is a key tool to reach those achievements. Organizations must always have an action plan for end results whenever initiating and executing something new into the mix. Otherwise, not setting goals will inevitably end in failure. Be wise and use those KPIs!
If you need guidance on measuring your corporation’s growth and performance, contact Colure’s Project Managers to help you define your next step for corporate growth.