Key business metrics characterize the achievement of set goals on an enterprise scale. They must be agreed upon with the staff: without understanding the common goal, there is a possibility that employees will start to conflict with each other.
All subordinates, regardless of their work experience, should understand the North Star metric. You don't have to go into detail about other indicators, the main thing is to understand the main goal.
Monitor deadlines: create a schedule for completing tasks, assess the team's preparation, optimize processes to increase productivity.
If you have reached an agreement with advertising data package your team to accelerate the launch of marketing campaigns, given that promotion on new sites requires the consent of three departments, then you should not count on the result. When developing internal processes, you need to proceed from current goals.
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Identify your top 5 competitors and analyze their results
Let's say, if your company specializes in mobile development, then first of all you need to analyze the number of downloads and the size of monthly income.
To find competitors, it’s best to use Google Play and App Store app ratings. The statistics can be summarized using analytics services like data.ai. The information you get can cover any period and include the total number of downloads in a section, a list of the most popular apps, and the amount of revenue they generate. At the same time, you also get an idea of the trends in your chosen area.
If you are working in a different direction and are not familiar with competitors, organize a survey of current or target consumers to identify their price preferences and identify options for solving their problems in the specified area.
You can identify competitors differently - by the highest positions in search results. At the same time, you can figure out how they organize promotion.
What does tracking your opponents' achievements give you?
Clear understanding of the market situation. If your business is not growing, pay attention to your competitors. If the crisis has affected the entire industry, the difficulties are due to external factors (seasonal, political or economic).
New mechanisms for brand promotion. Data on competitors allows you to identify the latest trends, characterize the state of the market, adopt production secrets and identify promising areas for development.
The ability to avoid other people's mistakes.
In addition to numerical data, tracking qualitative metrics such as brand awareness can be very useful. This gives you an idea of how aware consumers are of your company and how they generally feel about your products. Sensor Tower, AppMetrica, and data.ai are used to assess qualitative metrics.
Develop a strategy based on the metrics you choose
Having a strategy helps ensure that allocated funds are used efficiently.
If you plan to receive more orders, the policy should describe how you will attract new customers and introduce them to your products.
New product, novelty
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Let's assume that customers are willing to respond to your appeals, but are not loyal to your brand. Accordingly, you should organize a check and clarify at what stage consumers refuse the product, what its shortcomings are, how customer service is organized.
Often, users actively sign up for a subscription, but at the end of the trial period they refuse to renew it for a fee. Their dissatisfaction may be caused by the fact that you were unable to provide them with the service in accordance with your promises. In such a situation, you should ask questions to trial users who did not agree to purchase.