Last week, I reviewed what a KPI is in Part I of a three part series on key performance indicators. This week I’m moving onto “the why”. To keep it short and to the point (as I promised), here are five reasons you should be measuring KPIs.
5 Reasons You Should Be Measuring KPIs:
1. Measuring KPIs helps keep you on track for reaching your strategic and/or organizational goals.
2. The more you know about how specific actions (marketing campaigns, website traffic, the number of website leads, etc.) affect your business, the easier it will be to make changes/adjustments when needed.
3. When shared with the organization, KPIs give everyone an idea of what goals and results mean the most to your business. This helps different departments determine which actions should take priority over others.
4. When you know where you stand (in terms of your organization’s goals), you know where improvements need to be made.
5. Measuring KPIs helps measure and quantify ROI, which is one of the most important indicators for any business.
Check back next week for Part III of the “What is a KPI?” series, which will cover how to define and measure KPIs.