Road map to track your performance in order to achieve the desired goal.

KPI’s & METRICS

First step towards achieving company’s goal is to make right goals, which are monthly, quarterly and then device the right processes, people and strategy. The process of setting up specific goals to get profits for their business can only be done with the help of a road map.

Key Performance Indicator (KPI) is a measurable value for the company to set u the key business objective. KPI is driven from top to bottom which is defined at a high level for overall business and further bifurcated in different departments below is one of the examples.

KPI Examples for various departments

 KPI is important for a company to envision its growth and anticipate how the future is going to be for them. Also, setting up KPI’s will make the employees focus on the goals and track their performances accordingly.

To take the company towards growth they must have a great strategy as to what the goal is, how to plan the path for it and lastly who will lead it. KPI should be SMART- Specific, Measurable, Attainable, Relevant and Time-bound. Also, the company should make sure that the KPI they have achieved can be Evaluated and Re-evaluated when needed.

Outcome of wrong KPI: Ontario’s Plan to Eliminate homeless didn’t work because it was a hollow plan; (Peder Enchorning, 2014) ongoing problem was not specified; no time frame was given and what actions need to be taken were missing. Referencing this for hollow plan

KPI Analysis with KPI Karta is the solution for the majority of the companies as what to take into consideration while forming the KPI and what to ignore. (KPI Analysis).  

METRICS is the process of tracking the marketing campaigns in the company to reach its goals.

To illustrate further on this, A web marketing manager will analyse the company’s growth with the help of big data, after comparing it from the heaps of past dat and finally get to a conclusion which metrics should be used to make it to their desired goal.

Not all Metrics are good, the one that is Comparative, Understandable, have Ratio, Rate, can improve company’s strategy based on the KPI it is devised, what is required in web marketing.  

KPI Dashboard Templates are required to see the performance and track on the metrics. 

Various examples of KPI Dashboard

To put it all in a nutshell, KPI is the business goal and metric is the process to track and provide data on the performance. Both are completely different from each other. Every KPI is a metric but not all metric is a KPI.

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BIBLIOGRAPGY:

1) Visix. (2019). KPI Examples for 10 Teams | Free Infographic | Visix Digital Signage. [online] Available at: https://www.visix.com/resources/infographics/kpi-examples-for-ten-teams/ [Accessed 6 Oct. 2019].

2) Rhythmsystems.com. (2019). 5 Reasons Why You Need The Right KPIs (Infographic). [online] Available at: https://www.rhythmsystems.com/blog/5-reasons-why-you-need-kpis-infographic[Accessed 6 Oct. 2019].

3) Enchorning, P (2014). ‘Well Defined Goals & KPIs Critical to Succeed’. Unilytics: better in Sight by Design. [online] Available at: https://unilytics.com/well-defined-goals-kpis-critical-to-succeed/.  [Accessed 6 Oct. 2019].

4) KPI Analysis: KPI Analysis with KPI Karta (no date). Unilytics: better insight by design. [online] Available at: https://unilytics.com/kpi-analysis/.  [Accessed 6 Oct. 2019].

5) ClearPoint Strategy. (2019). KPI Dashboard Template | ClearPoint Strategy. [online] Available at: https://www.clearpointstrategy.com/dashboards/kpi-dashboard-template/ [Accessed 6 Oct. 2019].

6) Klipfolio.com. (2019). Marketing Dashboards. [online] Available at: https://www.klipfolio.com/resources/dashboard-examples/marketing [Accessed 6 Oct. 2019].

7) OnStrategy. (2019). KPIs vs Metrics – Tips & Tricks to Performance Measures. [online] Available at: https://onstrategyhq.com/resources/kpis-vs-metrics-tips-tricks-to-performance-measures/ [Accessed 6 Oct. 2019].

8) Types of metric Image: self made