As humans, often our goals are not achieved because we take our eye off them. This might be because business plans have changed, but more often it is because we are distracted from the most important objectives; it might mean following the shiny new thing, responding to other people’s objectives, or just being busy with other things. What we do know, however, is that what gets measured (KPIs) gets done.
A Key Performance Indicator (KPI) is a measurable value that demonstrates how a business is performing against a set objective or outcome. KPIs are used in a number of ways in a business, across departments. In some businesses, KPIs are something that is put in an annual report, some put them in a strategy document and never looked at again, but the most successful businesses use KPIs as a useful and living business tool.
Like any other business area, it is important that communications activities are measured in line with your business goals. Depending on your agreed strategy, you may track conversion rate on an e-commerce site, engagement rates in a Facebook group or global reach on your Twitter account. Your communications KPI provide data to underpin your marketing activities and if necessary, help convince your executive team or board that there is a business need for your activity and show Return on Investment (ROI).
Where possible your KPI suite would be benchmarked against other similar organisations, in order to measure your performance not just against agreed targets but against other businesses in your sector as well. There are a number of openly available websites which track digital marketing analytics and statistics, as well as some paid-for platforms which may suit your business needs.
Developing a fully benchmarked KPI suite which measures your activity against business outcomes may seem like a huge undertaking, however, Cofinitive can help. We have experience in helping clients to develop a KPI suite for their use, and can carry out monthly tracking and reporting on their behalf. If you would like to know more, do get in touch. Either way, do let us know what your favourite KPI is and how you track it!
By Nicky Shepard, Account Manager, Cofinitive.