KPIs – A-Z of Growing Your Business Online

kpi

This month I’m taking the alphabet and giving you tips from each letter on how to grow your business online. Today’s letter is K for KPI.

KPI, or Key Performance Indicators are great for evaluating if your business is heading in the direction that you want it to.

When you are in the middle of something, it can be hard to see if what you are doing is good or bad for your business. KPIs are a way that you can evaluate the success of the activities you are undertaking. KPIs are a way to measure the processes within your business. You want to measure to know that the direction you are headed is the right direction for your business.

Measure Something Meaningful

You have to have a reason for what you measure. Your KPIs must provide a benefit for your business, to help you with decisions within your business. So, choose what is important to your business.

Make It Easy To Measure

What is easy for you is often not easy for other people. You will have to track your KPIs some how. There may be a service that you can use that will do the work for you, but a lot of KPIs will involve at least a little bit of input from you. So make sure you make it easy for you, something that is part of your process so that you do it, otherwise it is useless.

Change and Adapt When Necessary

KPIs are there to help guide decision making within your business. If not getting this benefit, change what you are monitoring.

Likewise, as your business changes and grows, priorities (and what works) changes. Don’t just continue tracking what you track because you always have. Track what is meaningful for your business now.

What KPIs Do You Track?

I’d be very curious to see what you track in your business! Leave me a comment below :)

No Comments

Victor Björklund

Hi Charlie,

Interesting topic! I believe that one problem is that we often focus too much on the KPIs that shows us what we want to see (many visitors, ect) instead of KPIs that shows us what we can improve. Maybe we have too few subscribers? or we can’t convert our subscribers to customers? Etc. It all depends on our goals for the moment.

Right now I focus on building a huge subscriber list for my launch and therefore I look at number of subscribers. But more importantly I look at which sources brings the best conversions and ROI. I have discovered that Twitter is good at converting on my landingpage but visitors from facebook don’t convert. Then I can focus more energy on twitter than facebook.

Thanks for a great blog!

Victor Björklund

Reply

Susan Velez

Awesome tips about key performance indicators. I have to admit I am one of those people that checks my visitor stats everyday, to see how many people my blog is getting.

I should be more focused on tracking what works to build my email list. After all that is really what I want to do.

Your tips to building a successful business and growing are definitely opening my eyes and making me look at things differently. Thanks for the share.

Reply

Jennifer Kennedy

Right now, the only thing I check are my subscription numbers through Aweber. Matter of fact, I was just thinking about this today. I would like to really dive into Google Analytics.

I’ve seen that it’s possible to track goals within Google Analytics, so my hope is to set that up this weekend so I can begin tracking subscribers.

At times, I also take a look at where my traffic is coming from. But, I’m not too consistent with that!

Thanks for this reminder though!

Reply

Carlie Hamilton

Great point, Victor! The difference is between vanity metrics and actionable metrics. If you can’t tell what action to take next from the information you have, you are probably tracking the wrong stuff!!

Twitter is great for me as well. How do you track your conversions? I am just using Google Analytics at the moment.

I do know that I need some more content targeting at converting.

Anyway, thanks for commenting Victor. Also, watch out my name doesn’t have a H in there!

Reply

Carlie Hamilton

Hi Susan. Thanks for your feedback. I am so glad you are getting something out of this!!

Reply

Carlie Hamilton

Google Analytics is a bit meh for usability. But once you have it set up it is actually a really powerful piece of analytic software and for free. I am not an expert in GA, I am constantly learning new things I can do with it, it always amazes me!

I have goals set up, it is really good to see. One of the recent things I have discovered is advanced segmenting which is fantastic for really drilling down on specific information. I plan to do a tutorial on this one day.

Reply

Ash

Hi Carlie,
Great points on KPIs. It is easy to fall into the trap of only looking at the numbers, and not focusing on the numbers that matter. Like Susan, I too look at my numbers a little too much and only recently have I learned to focus on the ones that count – ie where the visitors are coming from.

thanks for the post
ashley

Reply

Post Your Comment Here

Your email address will not be published. Required fields are marked *