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Creating Effective KPIs

KPIs are an effective way to measure and track a company’s performance. By understanding exactly what KPIs are and how to implement them, you can optimize your business for long-term success.
  • KPIs measure a company’s success versus the goals you set and other industry leaders.
  • Process-focused KPIs aim to measure your operational performance and efficiency.
KPIs vary widely between companies, industries, and from business to business. These are the 8 most commonly used KPIs :
  1. Revenue growth
  2. Revenue per client
  3. Profit margin
  4. Client retention rate
  5. Customer satisfaction
  6. Customer Acquisition Costs
  7. Customer Lifetime Value
  8. Sales Target
Today, brands and businesses that set KPIs have a big advantage over their competition.
If you use them to their full potential, you will reap the rewards. Below are a few benefits of using KPIs for your business:
  • Knowledge:  To win in today’s market, making consistently informed decisions based on correct data is a must. It will ultimately save you time and money while creating a level of innovation that will kill your competition.
  • Goals: By setting informed goals for your business, you will be able to innovate, scale, and refine your processes while becoming more adaptable to change.
  • Innovation: KPIs empower you to spot and uncover trends or patterns that you otherwise wouldn’t notice. Companies often become thought leaders in their field, building trust and growing brand awareness in the process.
  • Ambition: By working to set actionable goals, you will motivate staff to make improvements to their processes, which, in turn, will increase productivity, performance, and motivation.

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