4 KPI Indicators To Analyze The Evolution Of Your Business
Any business in the world has the same goal: to increase sales. Different related tools will be helpful to us to achieve this end. One of them is the KPI indicators we want to talk about today.
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What Are KPI Indicators
Its acronym comes from the English Key Performance Indicator, which in Spanish we could translate as Key Performance Indicator. It is a series of metrics used to analyze information related to the efficiency and productivity of all the business’s actions.
So we can empower the ones who work and change those who don’t. They are also known as quality or business key indicators and can be applied in any area or sector. Still, without a doubt, their most excellent effectiveness is demonstrated in everything related to online marketing.
What Are The Benefits Of KPI Indicators
Given that the main objective of KPI indicators is to help us make better decisions regarding our business, what advantages can they offer us?
- We can obtain precious information about the operation of our marketing campaigns.
- Measure the variables and the results based on that information.
- Analyze the effects of your strategies.
- Compare the information so that we identify effective strategies and enhance them.
What Are The KPI Indicators You Need In Your Business
Various KPI indicators can be used in a business, regardless of its size. However, although as you go, you can get to know the ones that best suit you, there are some generals that you need to have.
Income Statement
This KPI allows you to analyze your income and expenses to ensure that the benefits are in line with them. It is recommended to do it every month and carry out quarterly reviews to always be up to date and make the appropriate modifications.
Traffic Data
Web traffic is necessary for a business with an online presence to function, and if you do not have visits (traffic), it is useless to be present on the Internet. As the objective is to increase traffic, the KPI indicators that control the existing one allow you to know if your strategies are working and what to do to improve them.
Conversion Ratio
Without a doubt, this is one of the essential KPI indicators since it allows you to know the income of your business by dividing between the monthly visits and the sales made. Then multiply the result by 100, and you will learn how much you have won. In this way, you can make the necessary changes to continue increasing sales.
Churn Rate
Some businesses receive many visits but few sales. Why do people leave your site without buying? Knowing how high this rate is can lead you to analyze details of your site and improve bugs. Maybe it’s things like loading speed, usability, or other easy-to-change details.
