{"id":49624,"date":"2019-07-24T10:43:52","date_gmt":"2019-07-24T09:43:52","guid":{"rendered":"https:\/\/www.clickworker.com\/?page_id=49624"},"modified":"2023-05-15T11:21:19","modified_gmt":"2023-05-15T10:21:19","slug":"key-performance-indicator","status":"publish","type":"page","link":"https:\/\/www.clickworker.com\/content-marketing-glossary\/key-performance-indicator\/","title":{"rendered":"Key Performance Indicator"},"content":{"rendered":"<section class=\"white section-space-small top_grey_separation_sm\">\r\n    <div class=\"container\">\r\n        <div class=\"row justify-content-center justify-content-lg-between\">\r\n            <div class=\"col-lg-6\"> <span class=\"gl_letter_offcanvas gl_single\">K<\/span>\r\n                <h1 class=\"section-headline pt-4 mt-1 mb-4\"><span class=\"gl_single_headline\">KPI &#8211; Key Performance Indicator<\/span>\r\n                <\/h1>\r\n                <ul>\r\n                    <li><a href=\"#explanation\">Key Performance Indicator (KPI) \u2013 Short Conceptual Explanation<\/a><\/li>\r\n                    <li><a href=\"#indicator\">What makes a Good Key Performance Indicator?<\/a><\/li>\r\n                    <li><a href=\"#types\">Types of KPIs<\/a><\/li>\r\n                    <li><a href=\"#pros\">Pros and Cons of Using Key Performance Indicators<\/a><\/li>\r\n                    <li><a href=\"#measured\">What to Do When a Key Performance Indicator is Measured<\/a><\/li>\r\n                <\/ul>\r\n            <\/div>\r\n            <div class=\"col-auto text-center\">\r\n                <img decoding=\"async\" class=\"gl_image max-width-100 rounded\" src=\"\/wp-content\/uploads\/2017\/04\/kpi.jpg\" alt=\"KPI - Key Performance Indicator\" \/>\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/section>\r\n<section class=\"gray section-space-small\">\r\n    <div class=\"container\">\r\n        <div class=\"row\">\r\n            <div class=\"col-lg-12\">\r\n                <h2 class=\"section-headline mb-4 mt-1\" id=\"explanation\">Key Performance Indicator (KPI) \u2013 Short Conceptual Explanation<\/h2>\r\n                <p>A <strong>key performance indicator<\/strong>, or KPI, is a broad term that encompasses whether or not a company is\r\n                achieving certain objectives. Different KPIs can be used to measure success in online ventures, as well as\r\n                uncover the success of various departments within a company, like sales and marketing. It is important\r\n                to identify metrics that should be measured and take action once the findings are uncovered.<\/p>\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/section>\r\n<section class=\"white section-space-small bottom_grey_separation_sm\">\r\n    <div class=\"container\">\r\n        <div class=\"row\">\r\n            <div class=\"col-12\">\r\n                <h2 class=\"section-headline mb-4 mt-1\" id=\"indicator\">What makes a Good Key Performance Indicator?<\/h2>\r\n            <\/div>\r\n            <div class=\"col-lg-8\">\r\n                <p>Everything is measurable with a key performance indicator. However, not all KPIs are effective.\r\n                    In order for it to be effective, businesses use the term SMART to determine whether a KPI is worth\r\n                    pursuing. SMART stands for:<\/p>\r\n                    <ul class=\"standardV8styled\">\r\n                    <li>Specific: What is being measured must be clear and specific.<\/li>\r\n                    <li>Measure: It must be something that can accurately be measured.<\/li>\r\n                    <li>Attainable: Is the goal associated with that metric attainable?<\/li>\r\n                    <li>Relevant: Is it relevant forto the current goals of the team?<\/li>\r\n                    <li>Time-frame: Determine how long the metric will take to measure.<\/li>\r\n                    <\/ul>\r\n                    \r\n                    <p>If any one of these items doesn\u2019t fit the goals of the company, it is not a metric that should be\r\n                    measured. For example, if the metric doesn\u2019t match any current goals of the company, or if it will take\r\n                    months and countless hours to obtain, it may not be worth pursuing.<br\/>\r\n                    Teams that get the most of key performance indicator findings take things further by using the acronym\r\n                    SMARTER, where the E stands for &#8220;evaluate&#8221; and the R stands for &#8220;reevaluate.&#8221; It ensures that a\r\n                    particular KPI is fully assessed and revisited so it provides the company with the most value possible.<\/p>\r\n                    \r\n                    <blockquote class=\"rounded\"><strong>Note:<\/strong><br\/>\r\n                    With appropriate measures you can increase your KPI. Find out more about <a href=\"https:\/\/www.clickworker.com\/solutions\/\">clickworker&#8217;s diverse solutions<\/a>.<\/blockquote>\r\n            <\/div>\r\n            <div class=\"col-lg-4\">\r\n                <img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/07\/adults-analysis-banking-1451447-1.jpg\" class=\"rounded img-fluid\" alt=\"What makes a Good Key Performance Indicator\" title=\"What makes a Good Key Performance Indicator\">\r\n            <\/div>\r\n        <\/div>\r\n        <div class=\"row py-5\">\r\n            <div class=\"col-lg-4 my-auto\">\r\n                <img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/07\/chart-data-desk-590022.jpg\" class=\"rounded img-fluid\" alt=\"Key performance indicators\" title=\"Key performance indicators\">\r\n            <\/div>\r\n            <div class=\"col-lg-8 order-first order-lg-12\">\r\n                <h2 class=\"section-headline mb-4\" id=\"types\">Types of KPIs<\/h2>\r\n                <p>A key performance indicator can measure anything. They are most often used to assess profits and\r\n                other financial metrics, but they can do more than provide a company with information on how many\r\n                products are being sold and what types of products are most popular.<br\/>\r\n                There are many different types of KPIs that include:<\/p>\r\n                <ul class=\"standardV8styled\">\r\n                <li>Customer metrics, like determining customer retention based on repeat sales and customer\r\n                acquisition based on new sales.<\/li>\r\n                <li>Process metrics can determine the effectiveness of customer support tickets and the\r\n                percentage of product returns due to defects.<\/li>\r\n                <li>People metrics measures things like the employee turnover rate and overall satisfaction of\r\n                current employees.<\/li>\r\n                <\/ul>\r\n                <p>Key performance indicators are also used online. For example, a company may want to determine a\r\n                conversion rate for a landing page by determining how many people visit the website compared to how\r\n                many people provide their email address. This would be an effective KPI for a company that is interested\r\n                in lead generation.<\/p>\r\n            <\/div>\r\n   \r\n        <\/div>\r\n        <div class=\"row\">\r\n            <div class=\"col-12\">\r\n                <h2 class=\"section-headline mb-4\" id=\"pros\">Pros and Cons of Using Key Performance Indicators<\/h2>\r\n            <\/div>\r\n            <div class=\"col-lg-8\">\r\n                <p>As is the case with any strategy, KPIs have pros and cons. When researched during a planning phase, a key performance indicator can be very useful. That might mean it is measured every year, quarterly, or more frequently, depending on when the company likes to plan out their next hiring strategy, new products, and more. It enables everyone on a team to get on the same page moving forward.<\/p>\r\n                <p>Measuring a KPI can be time consuming. It can require team members to spend hours of their time determining a result when their time could be better spent on other things. Lack of communication can make this method of measuring information obsolete. If the team doesn&#39;t learn about the latest company finding, or if the finding isn&#39;t properly explained or defined, the team will be no better off than before the finding was obtained. The value of using key performance indicators lies in measuring the right information, sharing the findings with the right people, and making sure everyone is on the same page moving forward.<\/p>\r\n\r\n            <\/div>\r\n            <div class=\"col-lg-4\">\r\n                <img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/07\/brainstorming-businesswoman-collaborate-1229359.jpg\" class=\"img-fluid rounded\" alt=\"Key performance indicators\" title=\"Key performance indicators\">\r\n            <\/div>\r\n        <\/div>\r\n        <div class=\"row py-5\">\r\n            <div class=\"col-12\">\r\n                <h2 class=\"section-headline mb-4\" id=\"measured\">What to Do When a Key Performance Indicator is Measured<\/h2>\r\n                <p>Communication is vital when uncovering the information behind a KPI. The relevant parties should be notified of the findings. That might mean scheduling a meeting or sending out reports regularly. Dashboards can make this kind of information much easier to access. Employees can review data in real- time with specialized programs that provide a plethora of information without the time consuming methods of obtaining KPIs the traditional way. It will also be important to interpret the findings of a key performance indicator clearly for the team. What the data has uncovered is not always obvious. Explaining how it relates to an important company goal, and how the company will be moving forward, is important.<\/p>\r\n            <\/div>\r\n        <\/div>\r\n \r\n    <\/div>\r\n<\/section>","protected":false},"excerpt":{"rendered":"<p>K KPI &#8211; Key Performance Indicator Key Performance Indicator (KPI) \u2013 Short Conceptual Explanation What makes a Good Key Performance Indicator? Types of KPIs Pros and Cons of Using Key Performance Indicators What to Do When a Key Performance Indicator is Measured Key Performance Indicator (KPI) \u2013 Short Conceptual Explanation A key performance indicator, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":34822,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"blank_with_breadcrumb.php","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Performance Indicator (KPI) \u21d2 Content Marketing Glossary<\/title>\n<meta name=\"description\" content=\"A key performance indicator, or KPI, is a broad term that encompasses whether or not a company isachieving certain objectives.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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