Set Your KPIs in Advance

byphil1944

8.6K followers

2 years ago

Set Your KPIs in Advance

KPI stands for Key Performance Indicator and it's an important component of your online business.

Because

a) It gives you something specific to strive towards and

b) It's measurable.

For example, I'm launching a new, paid training course on March 22, so just over a week away.

It's being launched to a very small list of around 90 people who have filled out a "Register Your Interest" form on the relevant website in the past few weeks, so I'm not expecting major income.

But I have defined my KPI and the resultant actions.

Clearly, the primary KPI here is the number of people who buy the course.

And here are the actions of decided for three possible outcomes for the number of purchasers.

Zero: I have faith in the quality of the course and the belief that there is a huge number of people who would benefit. If I make no sales, I'll believe that my audience targeting is the issue and precede my next launch with paid, tightly targeted advertising,

One: I'll take that as proof of concept. I'll take the same action as for Zero, but with a higher level of confidence.

More than One: From a list of only 90, I'd regard that as wildly successful. As well as taking the actions described for Zero and One, I'd seek out others operating in similar niches, with the aim of targeting their much larger lists with a JV proposal.

How Do I Know These Actions Are Correct?

The fact is that I don't.

But they give me clear courses of action, planned out in advance, not made up as I go along.

And the further along I proceed and the more data I get, the better informed my decisions will be.

So whatever the results, I'm looking forward to them.