KPIs- What they are and why your organization needs them
”You can’t improve what you cannot measure”.
This is the fundamental concept behind KPIs. KPIs (Key Performance Indicators) provide us all the important information we need to determine whether and how effectively a company is achieving key business objectives. Every company that seeks progress should set some specific, measurable and time-bound goals. It is extremely important to have the right tools that help us see if we are heading to the right direction. If not, where we need to divert our attention to. The tools that are going to assistus in the journey of achieving specific and measurable objectives, are called, of course...KPIs!
In case you were wondering which are the most common KPIs to start off, there you go!
Unique Page Views
The number of individuals that browsed through our website. This number does not increase if the user revisits the website multiple times. It is usefulif we want to track whether there is an increase of the traffic to our website or not.
Average Time on site
It estimates the average time spent on our website by our visitors. The more time someone spends on our site, the most engaged they are. That means that it is more possible for them to convert.
Bounce Rate
It measures the rate of people that viewed only one page and then exited our website. A high bounce rate means that the content of our website is not appealing enough, or does not meet the needs of our visitors. Maybe our landing page that seems to have the highest bounce rate is not responsive and it’s difficult for our clients to navigate through their phones, meaning that they will just leave our website and the chances of aconversion are no longer high.
Conversion Rate
This KPI tells us how many of our visitors actually proceeded to a desired action, whether that may be to call us, subscribe to our newsletter or purchase something.
KPIs and goals are closely connected. If our goal is to increase traffic to our website, one option is to monitor the increase of unique page views, whereas if our objective is to expand our sales, conversion rate is the no1 tool to see if we’re on the right path. Visualize data and analyze the important KPIs you want to track using Google Analytics KPI Dashboards.
The concept here is simple, yet so effective! Note down that there are many KPIS to choose from. What is key here is to analyze the right KPIS for our company. Not all KPIs are useful and not all companies track the same KPIs. Monitoring random data and not knowing how to make a good use out of them, is valueless. The KPIs that we track should bring us one step closer to our goals. Then we know that we’ve made the right choice!
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