Key Performance Indicators (KPIs) give managers the data they need to make important and more strategic decisions for the company. But how do you know which KPIs are more important to measure?
Pro Tip: Before we dive into the world of KPI's it's important to know that field mobile software can keep KPI's front-and-center for your field team. Use the information below to help develop a strategy for growing your business and profitability, then make sure you have the latest software to ensure every team member has constant visibility into your current achievements and future goals.
One KPI to measure is the number of units you are selling of a specific product. Is there a particular product that you keep running out of? Is there another that you simply can't figure out how to get off of the shelf? Measure how many units are being sold of a product, then compare your result to the other products you sold during that same time period. This will help you see which products perform well without any help and which ones need more attention.
If you are using different strategies to market your products, then this is also a great way to compare your strategies to see which strategy is the most successful. You can also measure which attributes of a product are selling better than others in its family, such as its size, color, shape, etc.
You will also want to measure how much you spent on a promotional campaign versus how much that campaign is actually bringing in. Are you making more on the promotion than you spent to get it up and running? Did a social media post related to a certain product of yours generate an uptick in sales?
Another element you can measure is the number of units of a particular product that you are selling at a particular location. Stores with lower sales numbers could benefit from a beefing up of their promotional campaigns, as well as providing customers that visit those locations with discounts or other incentives (like free samples, etc.). Insofar as physical incentives are concerned, if you assign staff members to hand out these incentives, they can then talk with the customers about new products that are coming out and, in doing so, you give the customers a "face to the name" so that they will be able to connect that rep's friendly face and demeanor with your brand.
You can also track which promotions are successful and which ones need to be given the boot. Note specifics with regard to each promotion, like whether they increased or decreased sales, so that when you compare them to other promotions in the future, you might be able to track trends insofar as what your customers do and don't like.
This is especially true for promotions that you may run throughout the year, as opposed to promotions run during the holidays - times when people are more likely to make a purchase simply because of the influence of that time of year.
Are you gathering specific, concrete data that will aid you in making important decisions down the road? See how your data collection methods stack up against those of your peers by clicking below to receive our free Field Force Productivity Assessment.