Focus on Leading IndicatorsIdentifying the data with the biggest influence on your brand and revenue can certainly be challenging. Which metrics really matter? Where should you apply your energy? How can you find your focus? It all depends on your business goals or key performance indicators (KPIs). KPIs are either leading or lagging, and because they’re easier to measure, many businesses tend to focus on lagging indicators, such as revenue, profit and costs, to track performance. But these companies are missing out: If you’re not concentrating on leading indicators, you risk losing your edge as the market continues to evolve. Leading indicators are imperative to your brand’s success. By measuring them, you can predict possible future outcomes and make adjustments to save time, resources and revenue.
Let the Data Direct Your Strategy
Deciding what leading indicators matter for your company is essential. To find the answer, you’ll need to test out different tactics and track what’s working – and what’s not. As you fine-tune your strategies, adjust as needed based on the data you’re receiving. Identify the key metrics that matter for your brand, create and implement a plan, then start measuring and tweaking as you go – and remember to maintain consistency in your reporting. Your shoppers are constantly providing you with the data you need to convert them into loyal and satisfied customers, but it’s up to you to skillfully apply it to your business strategy and create a unified, creative and effective modern retail experience. The mystery of converting customers can become a straightforward map – and you get to decide its coordinates. You decide how to navigate it – and the possibilities are endless.
To learn more, download Leading Indicators: KPIs for Ecommerce and Tactics to Move the Needle.