From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
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Key performance indicators (KPIs)
From the course: CMO Foundations: Measuring Marketing Effectiveness (ROI)
Key performance indicators (KPIs)
- Along with your dashboard, you may want to set up temporary metrics called key performance indicators. Like the dashboard, they keep you on track. To be most effective, each KPI should be quantifiable and measurable. You can have as many as you want, but don't measure a KPI just because you have the data. If you're not going to use it, don't bother. It's a waste of time. Measure something only if you plan to take action from it. That's why we set thresholds around each one. Each KPI should have a target of what you expect to happen, plus a high and a low number around that target. For those thresholds, you and your planning team should agree in advance what action you'll take if these thresholds are exceeded. Here's an example. Assume you create a KPI about the number of new customers acquired each month. You set your target at 500 and also specify a high and low threshold of 600 and 400 respectively. If your actual…
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