Saber what are business indicators or KPIs and being clear about which business indicators are indispensable for your company is essential to save time, money and a lot of problems. The subject is more important than you think and read this It won't take you more than a few minutes. Shall we get started?
Experienced business people are familiar with the concept of business indicators, but since not everyone has the same economic knowledge, it is useful to briefly recall what KPIs are and to clarify the concept. what these trade indicators are for.
The trade indicators could be defined as metrics or measurement tools that enable us to check as objectively as possible whether we are selling well or badly our products or services. In a nutshell, we could say that trade indicators serve to check that our sales strategies are working as we had planned, if we are achieving the commercial objectives we have set ourselves in the short, medium and long term.
As you can imagine, using the different trade indicators available to us is key to any company large or small, In view of its importance, sales experts have devoted a great deal of time and talent to developing a new sales strategy, which is based on the following different trade indicators What are these KPIs? We look at them in the next section.
As we were telling you a moment ago, knowing and applying various business indicators is vital for any kind of business with competitive drive who wants to remain in the market for many years. There are dozens of KPIs, but from our point of view, there are three trade indicators that any type of company should know and use: commercial margin indicators, those that measure final customer satisfaction and commercial ROI indicators. Let's take a look at some details about them:
One of the oldest trade indicators is the one at the top of our must-have list: the trade margin indicator. I'm sure you're familiar with it: it's the one that measure the difference between the selling price of a product or service and the cost of producing it. It is a classic indicator, but it is still essential in the complex economic fabric in which we live.
The popularisation of technology and the globalisation of the market have led to a standardisation of the average quality of products and services offered by companies. Thus, today it is it is difficult to stand out for quality, However, it is possible to do so in order to improve the customer's final experience, consumer engagement and customer loyalty improving the overall satisfaction you feel towards our products and services, quality of care provided, technical service, technical service, telephone service, etc.
Ultimately, measuring this ultimate consumer satisfaction has become a a mainstay of our marketing and sales system and, logically, we must continuously measure this satisfaction using a business indicator complemented by a quality indicator.
If you have done online marketing campaigns on Google or Facebook, you've probably heard or read about the acronym ROI (“Return Of Investment” in English and “Retorno de la Inversión” in Spanish).
Measuring ROI or, in other words, to measure effectiveness of our online marketing strategy has become a maxim of our online sales processes and, of course, there are many free or paid business indicators that we can (and should) use.
Of course, there are many more trade indicators We could recommend, but in our opinion these three are the most basic ones that every entrepreneur should know and try out.
