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2016-01-19

Strong KPIs – the reliable groundwork of your business

How to manage business effectively and get notable results as quick, as possible? How to understand customers’ preferences and increase sales force efficiency at the same time? The innovative technologies and brand-new digital trends transform common approaches to the organization of business processes, as well as provide companies with deep insights into the entire strategy performance. The only thing left is to find the right mechanism to increase productivity and shorten time to revenue. 

(Source: Infographic, Social Media Measurement Model)

What digital tools can help you to measure success and tell how is your business going? Roger Hirst, the Director of European Equity Research Bear Stearns International, admits:

(Source: PWC, Guide to key performance indicators: Communicating the measures that matter)

Properly chosen key performance indicator allows companies to track any business data in real time, like customer adherence, ROI, purchase funnel, cost per lead, product performance etc.

35% of respondents consider that the strongest KPIs’ feature is that they are quantifiable and comparable. Meanwhile, 24% state that KPIs are extremely important because of the opportunity to receive accurate, timely data (Resource: Infographic “Leading indicators: What`s so KEY about your KPIs and 5 must-dos”).

(Source: Infographic, Leading Indicators: What`s so KEY about your KPIs and 5 must-dos)

The question of main characteristics of good KPIs examples is raised in the next article “Understanding Key performance indicators (KPIs) – Complete Guide”. The author determines 5 key features of performance indicators examples:

  1. Available and Measurable.
  2. Hugely business bottomline impacting (a metric should have an impact on business bottomline, otherwise you can be sure that it is not a good KPI).
  3. Relevant (KPIs should match your business aims and strategy).
  4. Instantly useful (it means, that with a help of good KPIs you can instantly take actions, corresponding to the current market situation).
  5. Timely.

The following infographic proves that the biggest KPI challenge for respondents was to choose the right KPIs (56%), additionally 17% answered – “measuring KPIs”, while another 17% ticked the answer “identifying what actions are needed to improve performance”. 

(Source: Infographic, Leading Indicators: What`s so KEY about your KPIs and 5 must-dos)

According to the “Guide to key performance indicators: Communicating the measures that matter” by PriceWaterhouseCoopers, key performance indicators examples, both financial and non-financial, are of great importance. Likewise, they are a good tool of expressing progress, ups and downs to measure your company`s success and keep “narrative business reporting”. The authors of the guideline pointed out that only long-time measurement can showcredible results, while measuring in isolation over a single period will not provide extensive information.

Mark Hayes gives wonderful examples of key performance indicators for sales performance, marketing and customer service in the article “32 Key performance indicators (KPIs) for Ecommerce”, which can help to measure levels of sales, marketing performance and efficiency of customer service provided. He also states, that monitoring KPIs should be a daily task to take actions and drive business decisions.

You can also find some good piece of information and example of key performance indicators with its description on Klipfolio and decide which one fits you best.

Dream to be always sure, that your digital marketing plan is actionable, successfully implemented and produces positive results? The next article “Capture ROI Success: 50 KPI Kick-starts for Digital Marketing” introduces nice types of metrics to track. For example, key performing indicators for sales and marketing, financial sector, business operations, customer characteristics, employee factors and other.

KPIs can be used in different fields of work, and pharma marketing is no exception. With a help of eWizard tool and Viseven CRM and CLM systems, med reps can gather advanced analytics during the call and transform them into actionable visualized data. To find more information about how this tool can provide your company with powerful analytics – email us right away.