Determining Your KPI
Key Performance Indicators (KPI) help a company define and quantitatively measure the progress toward key business objectives. Whether you have an inside sales team, SDR team, BDR team, or field sales team selecting the right metrics and KPIs to track is essential in establishing a predictable revenue streams.
One of the biggest issues that large and small companies both face is eliminating vanity metrics. These are the metrics that seemingly show performance, but by themselves do not track growth.
One example of a vanity metric is Email Open Rate. While the open rate feels like something good, by itself it means very little. Without additional information like responses rates or click rates, the open rate is merely vanity. If you have to ask additional questions about your data then you are not tracking a real KPI. A better example of a KPI would be email positive response rate.
Metrics are important, but if you do not follow the path through to KPIs you will never reach the answer to your ultimate question which is economic impact.
Understanding KPIs vs metrics is essential for business growth. Need help defining your KPIs?
KPI Analysis
To define your ICP, we recommend starting by asking these questions:
- What about our messaging “got through the noise” you experience on a regular basis?
- When did the pain actually start with your organization, when did it become so unbearable you decided to make a decision?
- What made the pain grow over that time period? How did it fester?
- Where did your search for solutions (Google, G2, Referral, MSP thread, etc)?
The more you have around this, the closer you can get to define your IPP intent data needs.
