Deirdre Breakenridge shares some best practices for team collaboration and alignment to increase the accuracy, efficiency, and success of your GTM plan.
- For a new product launch you'll need to have a compass to show where you're going and how you'll continue in the right direction. In marketing we call this compass a key performance indicator or KPI. A KPI is a measurement metric that helps organizations determine the effectiveness of their current business initiatives. KPIs are used to help business leaders to make more informed decisions and to guide their companies to achieve business success. There is no one way to select your KPI system.
Unfortunately, it's not always a straightforward process. There are hundreds of KPIs and metrics, far too many to track, so you have to narrow down the playing field to determine which KPIs would be appropriate for you without becoming overwhelmed with too much data. Here are several considerations when selecting your KPIs. Number one, a business is ever changing and so is the environment in which it operates. Make sure your KPIs are easily translated into information that will give your leadership team a clear course of strategic action that's in line with the organization's business goals.
Number two, there may be an unlimited number of KPIs, but you have a finite set of resources. You'll want to select one or two KPIs per business goal. The same applies to the metrics that you select. Narrowing your number based on your resources will help you to capture data more precisely and to avoid information overload or data paralysis. Number three, know the difference between your KPIs and metrics you choose to support them.
Educate others on your team, as well. KPIs center your focus on the things that matter most. Remember, KPIs can be called metrics but not every metric is a KPI. The word key in key performance indicator is the determining factor. Number four, select KPIs that are easier to track if this makes sense for your business. Many companies are choosing digital KPIs and metrics so they can capture data through their websites and their social media channels.
Number five, make your KPIs visible to other areas of your company. They should be shared with your team and across departments. If you're in marketing, then sales, customer service, and web teams should also know your KPIs. They too should be sharing so you have access to supportive data sets for your measurement dashboard. Number six, be sure to set KPIs and keep them in place over time. KPIs help you to benchmark success, but only if you're able to spot interesting trends at different times of the year.
The best way to make informed decisions is to see what your KPIs reveal over time. Number seven, test your KPIs using the smart approach. Ask yourself, are your KPIs specific, measurable, achievable, reliable, and timely. And if they're not, reassess them. Are you ready to select your KPIs for your product launch? Choose the KPIs that will demonstrate product launch success and let them chart your strategic course.
- Building your go-to-market (GTM) plan foundation
- Assessing whether you need a marketing or GTM plan
- Entering new markets with a competitive advantage
- Developing your product vision and message
- Setting your product price at launch
- Setting up your channel strategy
- Driving better channel performance
- Evaluating KPIs and metrics
- Storytelling and the customer journey