OK, you know how your brand stacks up against the competition. Sales figures cover that territory nicely. But can you gauge how well the brand is doing internally? Are you progressing sufficiently? Or are you stagnating, or worse – stumbling backwards?
You’ll be in the dark about all this unless you establish a set of internal goals known as Key Performance Indicators. The verbally rushed can use the convenient abbreviation, KPI. No matter how you say it and slice it, however, these handy digits speak volumes about how well you’re meeting goals.
Many KPI’s readily are available for immediate use by brand marketing strategists. One of the most prominent is the ever- popular revenue targets. These measurements can vary from business to business, depending on circumstances. Most often, the targets are divided into a spectrum of time frames typically designated as month, quarter, and year. Deciding which are relevant is matter of internal need. But at least one of these measurements should be utilized to establish your marketing trajectory – are you approaching the target or veering hopelessly away and in urgent need of a course correction.
Another must-use KPI in the brand marketing world is site traffic. Most businesses have or should have set traffic density goals for their glorious websites. How many people are visiting and when? As with other performance metrics, the numbers can be segmented into varying time frames such as visits per hour, day, week, and month. Your brand, your choice.
If you don’t identify traffic goals, how can you gauge success? No excuses. Set some numerical objectives to pinpoint your progress. Otherwise, you could be watching the competition zoom ahead shortly before you’re forced to explain yourself to a disgruntled management. And all for want of a KPI.
If you have questions or comments about Key Performance Indicators, or any other brand-related topic, feel free to send them our way. You can connect with the Young Company team at 949-376-8404 or bart@youngcompany.com. And be sure to follow us for the latest brand marketing news and tips.