In business, achieving goals is a constant challenge. However, without specific guidelines, you won’t know what to do or how far you’ve progressed. That’s where indicators called KPIs become important.

This time, we will explain in detail everything from an overview of KPIs to how to set them and examples of their use .

What are KPIs?

KPI is an abbreviation for Key Performance Indicator , which is translated into Japanese as ” key performance indicator .” It is an indicator for quantitatively evaluating the achievement of goals set by an organization.

For example, if your goal is to increase sales , you can set the following KPIs:

• Conversion rate
• Customer unit price
• The number of customers
• Repeat rate
• Number of website visits

By measuring and analyzing these KPIs regularly, you can keep track of your progress towards achieving your goal of increasing sales.

The importance of KPIs

Setting KPIs provides the following benefits:

• Visualize your progress toward your goals
• Problems can be identified early and measures can be taken
• Increase employee motivation
• Streamline decision-making across the organization

In other words, KPIs act as a compass to help an organization achieve its goals .

Specific method for setting KPIs

When setting KPIs, you should keep the following in mind:

1. It’s a SMART metric

• Specific
• Measurable
• Achievable
• Relevant
• Time-bound

2. It must be aligned with the organization’s goals. 3. The measurement method must be clear. 4. It must be reviewed periodically.

Examples of using KPIs

KPIs are used in a variety of industries and occupations. Below are some specific examples.

■ A retail company

• By implementing KPIs, we were able to increase sales by 15% .
• Specifically, sales increased by improving conversion rates by 5% and increasing average customer spending by 10% .
• In addition, sharing the analysis results based on KPIs at each store also helped to improve employee motivation .

■ The case of a certain web marketing company

• By implementing these KPIs, we were able to double the number of visits to our website .
• Specifically, by strengthening their SEO measures , they were able to significantly increase the number of visitors coming from organic searches .
• They also focused on social media marketing to improve brand awareness and drive traffic to their website.

■ In the case of a certain call center

• By implementing KPIs, we were able to increase customer satisfaction by 10% .
• Specifically, we improved customer satisfaction by shortening customer response times and increasing resolution rates .
• We also focused on employee training to improve the quality of our customer service .

Tools and services for setting and managing KPIs

Various tools and services can help you set and operate KPIs more efficiently.

• KPI setting tool
  • Tools to support goal setting, KPI selection, indicator setting, etc.
• KPI Dashboard
  • A tool that allows you to visualize set KPIs and grasp progress
• KPI Analysis Tools
  • A tool that analyzes KPI data and identifies issues

Frequently asked questions about KPIs

Q.What is the difference between KPI and KGI?

A. KPIs are specific indicators in the process of achieving KGI, while KGI is the ultimate goal that an organization wants to achieve.

Q. What kind of KPIs should I set?

A. KPIs must be aligned with the organization’s goals. It is also important that they are SMART indicators.

Q. How should I measure my KPIs?

A. There are various ways to measure KPIs. You need to choose the method that best suits your purpose, such as a questionnaire, customer satisfaction survey, or web analysis tool.

Q: Once I have set my KPIs, what should I do next?

A. Once you have set KPIs, it is important to measure and analyze them regularly and make improvements as necessary.

8. Summary

KPIs are important indicators that act as a compass for an organization to achieve its goals. By setting KPIs, you can visualize progress, detect issues early, and take measures. You can also motivate employees and streamline decision-making throughout the organization.

If your organization has not yet implemented KPIs, we recommend that you consider doing so.

summary

KPIs are an important tool for organizations to achieve their goals. By setting KPIs, you can visualize progress, detect issues early, and take measures. You can also motivate employees and streamline decision-making throughout the organization.

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