Setting KPIs and Creating Realistic Yet Ambitious Goals
All data tells a story. But if you haven’t set up the right framework, it can be difficult to know if your story is a thriller, drama or something else altogether.
Identifying Key Performance Indicators (KPIs) is critical, but it doesn’t have to be a daunting task. Likewise, setting goals should be an exercise in optimism, not a burden. Knowing how to recognize meaningful KPIs and set proper goals is a unique skill that will ultimately guide you through your unique data story.
The following tips will ensure your KPIs and goals are ambitious yet attainable.
Follow the Consumer Decision Journey
People often stumble at the outset as they realize they don’t know what they should be measuring. For that reason, using the Consumer Decision Journey (first discussed by McKinsey) as a road map can be a valuable approach to identifying KPIs. By following the steps of your customer’s relationship with your brand, you’ll be able to identify and organize meaningful metrics.
Need Some Inspiration?
Having the map is helpful, but knowing what to look for is another story. If you’re struggling to get things moving, we’re here to help. Check out these KPIs (that match up with each phase of the CDJ) to help inspire your own unique journey.
Six Aspects of Successful Goal Setting
Once your KPIs are solidified, it’s time for the fun part: setting goals. Your goals should be relevant and achievable, but just as importantly, they should get your key stakeholders excited to say “let’s do this.” Follow the path below to ensure you are covering key checkpoints as you set your goals.
Track, Report and Share
You’ve selected your KPIs. You’ve set your goals. Now it’s time to get to work! Start tracking your consumers’ unique journey. By learning from and reacting to each marketing activity, you can course-correct often and quickly. By the end of your timeframe (90 days, six months, one year, etc.), you’ll be able to say with confidence what kind of story your data is telling you.