What are the most important KPIs for your business? Sales? CPA? Customer lifetime value? How many espressos you have at the office? (Maybe not that!)
Monitoring KPIs, or key performance indicators, is like getting a checkup at the doctor. It lets you know your company’s overall health, progress, and if there’s anything, in particular, you need to improve.
However, think about everything you have to do every day: managing teams, balancing budgets, creating new products, etc. It never ends. Monitoring KPIs while scaling can be tough.
Unless you follow these three steps:
Step 1: Set the most important KPIs
Every business is unique. So, what you measure will be different, too. Let me ask you this: what moves the needle for your organization? It might be outbound sales, inbound leads, acquisitions, or otherwise.
According to a study performed by Ascend2 and partners, ROI, CPC, and campaign performance are the top three metrics for marketers.
Next, what type of performance of each metric does your company need to consistently grow? Perhaps you need 50 new SaaS customers from sales every month to break even in your startup, for example. Set clear numbers or you’ll be shooting in the dark.
Step 2: Choose monitoring tool
If you stacked all of the monitoring tools available on the market it’d be higher than Mount Everest. So, it can be tough to choose just one. Monitoring tools allow marketers to plug in KPIs and track them via dashboards and campaigns.
These are some of the main factors you need to pay attention to when choosing a tool:
- Pricing: Is it easy on the pocket? Are there flexible pricing plans with quick upgrades when they are needed?
- Features: It should have all of the monitoring features you’re looking for like custom dashboards, split testing, etc.
- Integrations: Check their documentation to ensure that it integrates with other tools that you use beforehand.
- User(s): How many users can have access to the tool? Are extra users a one-time fee or monthly?
- Demo: Demos and free trials are ideal for testing the software beforehand.
Try different tools to find the best one for your business. Add team members and make any necessary integrations once it’s adopted. If you can, ask for a guided onboarding as extra attention always opens your eyes to how the software was built. Then, plug the KPIs or campaigns I mentioned earlier into the software.
That brings me to the last step.
Step 3: Optimize with your findings
You’ve set KPIs. You’ve adopted a new tool. Cool, now it’s time to start using that juicy data it’s given you. You’re going to have one of two scenarios when monitoring key performance indicators:
- Low performance: If you’re not reaching KPIs, you need to assess what is happening. Do you need automation? Better sales training? Why is this area underperforming?
- High performance: Some areas will knock the ball out of the park. While it’s great to celebrate, take the time to analyze why you’re so successful. Use this to refine strategies, planning, and continue replicating the performance.
If you need more inspiration for what KPIs to measure, check out our blog post on the top metrics for agency growth.
Every business needs clear KPIs. These are indicators of a company’s health and growth. Tracking them also gives peace of mind knowing what’s happening within a business.
The first step is documenting what metrics have the greatest impact. Marketing ROI, CPC, and campaign performance are the top three as I mentioned earlier.
Then, you need to choose a tool. Take advantage of demos and free trials to narrow down one that matches your budgets and needs. Get your team onboarded, integrate other tools, and start optimizing!
On that note, try Morphio today for free. Our AI-driven marketing security software tracks KPIs to discover optimizations without the need to constantly monitor them yourself.