Marketers often miss the most important part of any project, setting KPIs and goals to measure performance.
It’s an absolute necessity for early-stage companies to set the right KPIs and goals. This comes from a need to prove real value and serves as an essential guide to growing the business. Why isn’t this more common at the start of marketing projects?
Marketing initiatives typically start with determining the audience, channel, segmentation, etc. Important pieces but KPIs and goals almost always take a backseat and then are forgotten as we become busy and prepare for the next campaign or launch. But, this a huge miss. Here’s why they matter.
Gaining focus and clarity. With so many stakeholders providing input, it’s essential to keep target KPIs and goals at the forefront of all decision making. Avoid the projects that feel like a winding road to nowhere. If you can’t anchor the work to an overarching KPI or goal, then it might not be a value add.
Motivation during trying times. We all need something to strive towards. When companies inevitably have down periods, marketing often scrambles to help, but the output is usually misguided and low impact. Setting the right KPIs and goals, focused on raising the tide, will keep spirits high.
Increased team and personal growth. How do you improve if you don’t adequately measure your impact on the business? Assessing your work with your KPIs and goals often brings about visibility into any critical gaps in the process. More often than not, this opens up the opportunity for development and improvement.
If you’re looking for more, here’s a great tutorial on how to set KPIs and goals from Y Combinator Partner Adora Cheung. Y Combinator is an American startup accelerator helping incubate companies such as Airbnb, Dropbox, and Stripe.