How can I develop my own product analytics KPIs?
Asked a year ago
I want to develop a kind of scale to improve the performance of my products and my business. Seeing that key performance indicators (KPIs) are essential and great tools in the decision making process, This way, I can measure the overall progress of the business in general. What exactly are the steps to developing and defining your own KPIs in e-commerce?
Friday, June 17, 2022
Follow these 3 systematic steps to develop successful KPIs:
- Have Clear Goals: You need to have clear goals to make relevant KPIs that can give you critical insights.
- Leading vs. Lagging Indicators: Separate the indicators into leading (what your company is gaining) and lagging (what your company is losing).
- Decide KPIs: Question yourself. Will the following KPIs help you get the insight you need? It will help you choose the most suitable option. You don't have to select 100s of KPIs. Just 10 most relevant KPIs would work well.
Thursday, September 15, 2022
Product KPIs help determine the product's distinct aspect that is the prime cause of its success. Better measurement leads to a better judgment of the business performance and improvising it further. To develop and define your product analysis KPIs, follow the guidelines given below:
- Understand your core business objective and write a clear objective for your KPI accordingly.
- Create an organized framework to track your thought process and behavior.
- Establish what success looks like for your product analytics KPIs.
- Decide on how you will measure the success of your KPI.
- Finally, decide and write your KPIs that must comply with the SMART-ER format (Specific, Measurable, Attainable, Relevant, Time-Bound, Evaluate, Re-evaluate).
- Review and evolve your product analytics KPIs with time.
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