Examples of Key Performance Indicator in the following topics:
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- Retail stores, for example, often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale ; the perceived success of such interactions are dependent on employees who can adjust themselves to the personality of the guest.
- A challenge working with customer service is to ensure that attention is focused on the right key areas as measured by the correct Key Performance Indicator.
- Retail stores and organizations in general often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale.
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- Merging this data with customer service Key Performance Indicators (KPIs) also helps direct the company's attention to areas where customer feedback can make a positive impact (e.g., cost savings, service improvement) on the overall organization.
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- The main advantage of using market share as a measure of business performance is that it is less dependent upon macro-environmental variables, such as the state of the economy or changes in tax policy.
- Market share is a key indicator of market competitiveness—that is, how well a firm is doing against its competitors.
- The aforementioned usage of market share as a basis for gauging the performance of competing firms has fostered a system in which firms make decisions with regard to their operation with careful consideration of the impact of each decision on the market share of their competitors.
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- They perform well in the market, but not exceptionally.
- Indicate the characteristics and application of a re-positioning as it applies to competitive perceptual positioning
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- KPIs, ROMI, and Accountable Marketing are all metrics that are used to track marketing performance.
- Organizations use various methods to evaluate marketing key performance indicators (KPIs) or metrics.
- Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
- To ensure meaningful comparisons among activities, brands, markets, and time periods, organizations may employ a common scale to analyze performance metrics.
- Using an established methodology to evaluate marketing effectiveness helps companies accurately measure performance and assess business needs.
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- Evaluating marketing performance guides future marketing initiatives and helps a company achieve its goals.
- Ideally, marketing performance measurement should be a logical extension of the planning and budgeting exercise that happens before a company's fiscal year.
- Companies employ various methodologies to measure marketing performance and ensure they meet those performance goals.
- Marketing performance metrics or key performance indicators (KPIs) are useful not only for marketing professionals, but also for non-marketing executives.
- Evaluating marketing performance helps companies plan and budget for the following fiscal year.
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- Continuous monitoring of performance against predetermined targets is of utmost importance.
- The most important elements of marketing performance which are normally tracked include:
- Expense Analysis: The key ratio to watch in this area is usually the "marketing expense to sales ratio. " This may be broken down into elements including advertising to sales and sales administration to sales.
- Key ratios include gross contribution to net profit, gross profit to return on investment, and net contribution to profit on sales.
- The above performance analyses concentrate on quantitative measures directly related to short-term performance.
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- Measuring the performance of the sales force within a company is vital to ensuring its success.
- This can be done through conducting performance appraisals and offering feedback.
- One key item that is often forgotten during the appraisal process (by managers and employees alike) is that the appraisal is for improvement, not blame.
- Performing an appraisal can be nerve racking for both parties if the situation is not handled correctly.
- Constant fine tuning of performance can be much more effective than annual overhauls.
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- One of the key inputs to achieving sustainable competitive advantage is long-term customer satisfaction excellence (i.e., being excellent in the eyes of your customers).
- Performance figures can be tracked directly or indirectly.
- Indirectly tracking customer satisfaction can indicate the organization's long-term marketing performance.
- Questionnaires - Distribute one-page questionnaires that ask key questions like: What do you like/dislike?
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- Consumers recognize product quality and differences in the performance of alternative products.
- The main task of an organization utilizing the product orientation approach is to continue improving quality and reducing costs as key factors in the fight to maintain and attract customers.