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 entrepreneurs are well aware of the concept of a business indicator, but as not all of us have the same economic knowledge, it’s worth briefly recalling what KPIs are and clarifying What are these trading indicators used for?.
The trade indicators can be defined as metrics or measurement tools that allow us to check as objectively as possible if we are selling well or badly our products or services. To put it very briefly, we could say that trade indicators serve to To check that our sales strategies are working as planned, whether we are achieving the commercial objectives we have set for ourselves in the short, medium and long term.
As you can imagine, using the various trading indicators available to us is key to any company, large or small, from any sector of activity, whether manufacturing products or offering services… Given their importance, sales experts have dedicated a great deal of time and talent to developing different trade indicators that adapt to the personality, characteristics and needs of each organisation. What are those KPIs? We'll look at them in the next section.
As we were saying a moment ago, knowing and applying various business indicators is vital for any type of business with eagerness to compete that wish to remain in their 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: gross margin indicators, those that measure final consumer satisfaction, and ROI commercial indicators. Let's look at some details about them:
One of the oldest trading indicators is the one that tops 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 remains indispensable in the complex economic fabric that we now live in.
The popularisation of technology and market globalisation have led to the standardisation of the average quality of products and services offered by companies. Thus, nowadays it is it is difficult to stand out for quality, but it is possible to do it by the capacity to improve the final customer experience, consumer engagement and customer loyalty improving overall satisfaction with our products, services, quality of care provided, technical support, telephone service, etc.
Ultimately, measuring that final consumer satisfaction has become a pillar for our marketing and sales system and, logically, we must continuously measure that satisfaction using a commercial indicator supplemented with a quality indicator.
If you have done Online marketing campaigns On Google or Facebook, you've surely heard or read the acronym ROI Return of Investment, or ROI.
Measuring ROI or, in other words, to measure effectiveness from our online marketing strategy has become a mantra 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 trading indicators what we could recommend, but in our opinion these three are the most basic that every entrepreneur should know and try.
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