Key performance indicators, or KPIs, are the metrics that businesses use to see how they are doing and where they are going. Without KPIs, teams struggle to find ways to move forward. That’s why tracking KPIs—the right ones—is mission critical.
Forbes points out that businesses can waste precious focus on the wrong data. In a list of 16 signs that a team may be tracking KPIs incorrectly, the Forbes Council explained what “wrong data” looks like. The wrong focus happens when the revenue impact or goal for tracking a data set is unclear. The team might start with data they already have on hand, and fail to gather new info relevant to a new direction.
This is why seamless KPI tracking is essential to growth. With tools that comb through data and hone KPIs, teams can track data sets that make sense for goal-oriented tracking.
What KPI Tracking Means For Product-Led Growth
Building a “product-led” growth model means building a product that sells itself over time. The Product-led Growth Collective calls “product-led growth” the future of business growth.
Product-led models focus on the buyer, why they buy your product and the factors that make your product trustworthy and ready to solve the user’s pain points. Boiled down, a product-led growth model focuses on designing a product that is so well made its value speaks for itself in user experience scenarios such as free trials.
With the product-led market model, seamless KPIs are essential because they give actionable insights into what makes your product relevant to your ideal buyer.
The right KPIs put product designers on the same path as the buyer’s journey and help you understand where improvement can meet the pain points best. Product-led growth is a design-led commitment to making a product function with ease and efficiency, according to the Product-led Growth Collective.
How Seamless KPI Tracking Helps Steer Growth Opportunities
KPIs highlight “key performance indicators”. That information can show the things that make for a positive impact, but it can also show negative things that need improvement, according to Indeed.com.
Sometimes key performance indicators show problem areas rather than expected outcomes. This data helps teams crack down on areas that need work.
Seamless KPI tracking that shows the right data in real-time is an asset for steering opportunities. When a team leader sees from the mission-real KPI what areas should be highlighted, they can hone in on opportunities.
Seamless, Timely, and Relevant KPI Tracking
Tracking KPIs should include time frame factoring. The KPI information may be interesting, but irrelevant to the near future goal. A seamless KPI tracking system will allow for goals to adjust to their order of current relevance. This means that information that is most important now is ready for the task at hand, while information that will be important for a later target goal is queued according to its need to appear.
Why Tracking User Behavior Is Key
When your product is your leading point, focusing on user behavior data is the key point to kickstart customer success. This data lets you walk a mile in your user’s shoes, follow their journey, and understand their needs and wants. With this understanding, a team can orchestrate user journey paths to drive more meaningful product engagement. This self-service path translates into conversions and can reduce churn.
User Journey Data and Targeting Ideal Customers
Rather than taking on a bunch of new tools, teams can focus on data and use their toolkit in informed and efficient ways. This is why Coho.ai helps teams optimize their existing tech stack. The Coho system seamlessly integrates existing tools to cut down the time between product insights and Go-To-Market actions.
Using your current tools data in a timely way, you can reduce the time-to-value of a user’s experience with your product. Analyze how consumers are engaging with and using your product.
Watching these interactions, you can create workflows in your existing toolkit that target the roadblocks to user paths. By doing this, you are cutting down the work your users have to do to understand the user experience or UX flow.
Earlier we talked about six steps to optimize your user’s journey. Once user journey paths are identified through data, you’ll need to target your ideal customer. Focus special attention on building client relationships by upselling services to highly engaged users.
Want to seamlessly track your KPIs? Contact us!