20 KPI's for 2020
KPIs (Key Performance Indicators) are the life blood of any organization’s long-term health. They are typically used to monitor a company’s financial health, but are also tools that businesses and employees can use to measure a wide variety of factors. It is important that you write each KPI with two aims: practicality and clarity. For practicality, it’s important to communicate goals that you can achieve. For clarity, be precise as to what you want to measure and how you want to measure it.
Let’s dive into 20 key performance trending for 2020.
1. Optimizing homepage Traffic
As digital platforms and markets have evolved, it’s clear that homepages must capture your customers’ interests and you’ve got to optimize then for search engines. Also, make sure you have analytics, like google analytics, set up to monitor traffic so you can test what works and what doesn’t
2. Increase your organic search traffic with keywords
One way to get more customers is to increase your organic search traffic. If you want your pages to rank, they need to have keywords that aren’t too difficult to rank—remember you’re competing with enterprise companies—but also keywords that aren’t so obscure that someone wouldn’t use them in a search. SEMrush is my favorite and an industry go-to tool for keyword optimization.
3. Get Google to notice you
With so many companies fighting for the attention of consumers, it is crucial your business has a strategy for page rankings. Specifically, when a customer and a potential customer look for you online you need to make sure your company appears in the first page of search results. Search engines, especially google, change their algorithm every now and then. Always keep your eye on your page rankings and develop indicators to improve on these numbers. Check out this article on “How to adapt to Google’s algorithm changes like a pro.”
4. Increase your social media presence
For many digital natives, a business must have a social media presence, or it simply doesn’t exist. Build a presence on Facebook, LinkedIn, Twitter, and several other social media sites. Here’s a great guide on building your social media presence.
5. Convert social media followers into customers
Keep track of how many people visit your social media profile and then visit your website. Each platform will have a different way of describing this behavior but keep track of all of them and develop KPIs that push for these numbers to increase. For example, a great KPI here could be increasing your click through rate (CTR) from social media posts to your website by 10%.
6. Drive website-sales conversion rates
Your company has a great website, but you want more sales. Investigate potential points of friction, like incorrect links to make sure users have an easy path to purchase. Here are some tips on smoothing the purchase journey.
7. Raise your brand awareness in unconventional ways
Raising brand awareness is many a marketer’s prime target. But, there are some unconventional wayss to do this that may give you results that traditional mechanisms haven’t. Try getting an influencer on social media to post about your brand. Also, Google ADSenese is a great and underused tool. Take advantage of it and grow in ways that other brands aren’t.
8. Boost sales in inexpensive ways
There will always be seasonal fluctuations in monthly sales. But even when adjusting for these events, it is important set up goal for how you want sales numbers to change month to month. Here’s a great resource for how to boost sales that on a budget.
9 Year to date sales
A great way to monitor growth is to compare daily sales to what they were a year ago. Developing KPIs centered on year-to-date sales is an excellent way to not only monitor overall growth, these are solid ways to see if a company is better taking advantage of holidays and other events to increase sales.
10. Focus on regional sales
Set up KPIs relevant to each region in which you operate. They should take into account how locations in different areas can help one another. For example, if you have a store in a rural location that has less foot traffic than a store in a more populated area, develop strategies in which the low traffic store could handle some of the busy work for the high traffic location and measure this effectiveness.
11. Sector sales
Some companies may also operate in multiple sectors. For example, some car dealerships sell cars and provide credit lines. Or some restaurants may also have extensive merchandise. Regardless of what different sectors a company deals with, it’s key to develop KPIs unique to each type of revenue stream as well as KPIs that measure how these different sectors compliment one another to increase a company’s overall health.
12. Decreasing cost of new customers
Customer acquisition is an area that too many startups overlook. Figuring out ways to lower the cost of acquiring a customer is paramount to long-term net profits. A common way of doing this is to target customers based on their search history.
13. Keep your customers
Once you’ve acquired a client/customer, figure out how to keep them. In other words, how do you activate customers and keep them coming back. Here’s a resource that explains how.
14. Make a reliable and worthy product
What makes a good product? That question can be hard to answer—especially because you believe in your own product. Check out these tips on how to know if you’ve got a good product. Measuring the value of your product is one the most important KPIs for your business
15. Increase your post-sale training
Sealing a product is one thing. Getting folks to use it is another. Develop a training program and hire employees to go into the field and train others on who to use your product. Set up goals around this process, like increasing product adoption in current customers for a product by 15% in the next year. Learn more about customer and product adoption.
16. Your current customers are your best customers
Getting new leads and customers is great. But, often, I’ve seen companies overlook the potential staring right at them. Current customers are more likely to buy your products and services than non-customers. So how do you get more out of your current customers? Check out this article that explains how.
17. Empower your employees
Create performance goals for all your employees. Better yet, have your employees create their own goals. This tactic will create buy-in and motive your employees. Here’s a great guide on teaching your employees to draft their own KPIs.
18. Employee acquisition of new skills
With technology ever changing it is important to have a workforce that is always learning new skills. KPIs in this area can inspire employees to further familiarize themselves with software or even learn a new language as the company expands into a new country.
19. Maximize the average value of each order
Not all orders are created equal. Your goal should be to get customers to buy more products and more expensive products each time they purchase. That may sounds too difficult. But some companies out there, like Apple, are adept at doing hits. Here’s how you can increase the order value of your customers.
20. Track employee morale.
I left this one for last because it’s vital. If you’re a business owner, your employees are, in some ways, your customers as well. Even if you’re not an owner, keeping employee morale high and tracking its status is important to the healthiness of any business. Here are some ways to track morale for your employees.