If your digital group has been around for a while, you may have digital strategy, goals, and KPIs defined. Maybe it is time for tweaking? Been awhile since you have looked at this?
Align with your company strategy
Your digital teams strategy, goals, and KPIs need to be closely aligned with the company’s. With your companies as the starting point, start to think about how digital enhances your company’s objectives.
For example, let’s say that you are a B2B manufacturer. Your company’s objectives are to retain current customers, while gaining new customers. That’ll work.
Your digital objectives might be to service your current customers through a customer self-service portal, and to gain new customers through your public facing site. For retaining current customers, your KPIs might be Net Promoter Score and Retention rate. For new customers, your KPI could be lead generation or eCommerce sales.
Chose 3 KPIs
As mentioned on kissmetrics, “The data you collect may be helpful at some point; but if you can’t cut out the noise, you’ll get buried.” Thus, we recommend choosing 3 KPIs for your digital program. This allows you to choose enough KPIs to counter each other, in the case where one rising to infinity could actually have negative benefits. 3 is very manageable for the team to be able to rattle off and understand. More than 3, and they likely won’t resonate with your team.
You might be thinking, well I have these other 10 things I want to track! Don’t worry, you can include the relevant ones as metrics underneath your top KPIs.
Continuing our example above, for the eCommerce sales KPI there could be a variety of metrics supporting it: top of funnel conversion, bottom of funnel conversion, etc.