Fully comprehending what learner engagement is and how to utilize it for a successful marketing strategy leads us to ask – how do we measure success? The growth and ultimate success of your organization will be determined by consistently meeting your desired goals and targets. It is crucial to have the ability to look back with initiative and be able to measure success so you can maintain what works and drop what does not.
What Is a KPI?
Key Performance Indicators, or KPIs, are individual metrics that measure the various elements of a how a business is performing. In this case, it allows business owners and managers to get an overview of how a marketing campaign is performing at any given time. They help you establish short-term goals within your mission and communicate your progress to others.
What is a KPI in business?
Larger corporations may have multiple KPIs for every department or segment of the business. In some organizations, they may also be known as a flash report or dashboard. Aside from a marketing campaign, KPIs could be used for business payroll, accounts receivable or operational activities like job completion status, labor productivity, and scheduling.
These indicators are present and tracked in most businesses for various reasons. In a flash report, these are placed under a magnifying glass and inspected with a fine-toothed comb. Done weekly, a flash report is meant to show the key areas in which you are underperforming and then allow time for correction.
Why use KPIs?
- Utilizing a handful of KPIs enables you to have a scorecard for your company’s health, where you can monitor where you want to direct your energy to affect change.
- Measure progress over time by reporting on: revenue, gross margin, # of locations, # of employees, etc.
- Solve problems or tackle opportunities when you are not sure how to gain support for a new initiative, like an LMS (Learning Management System). For example: if your KPI is member satisfaction, you can explain how the technology will get you to the vision of where you want to be.
- Analyze patterns over time by measuring the same KPIs quarter-over-quarter, you can begin to detect patterns in your numbers. There are countless ways these patterns can help you in your business. Maybe you can predict when your slowest quarter will be and use that time to do a system update or company-wide training initiative.
What are KPI metrics?
To set out these marketing goals is to figure out where your organization is struggling the most. Avoid outlining vague goals like “Get more followers,” or “Increase rendition rate”. Instead, clarify the percentage you want to increase them by. As a rule of thumb, be as specific as possible. Set goals that include real numbers like: impacting website traffic, conversions, and customer success.
Additional ways to use KPIs in Member Engagement
By asking similar KPI questions at the start of the relationship you’re able to gain key insights into the reasons an individual is joining your organization and what he or she hopes to get out of it. Demonstrate Your Association’s Value by delivering a great member experience from recruitment to renewal.
With its ability to track attendance, issue credits, and deploy interactive tools like polls, Q&As, and chats, Freestone allows associations to capitalize on the interactive tools to meet their KPI needs. To learn more about how Freestone delivers a powerful learning experience that meets the needs of both presenters and participants, contact us today for a guided demo of the platform.