You’ve learned about OKRs, started to understand how to define and prioritize strategic business goals, now what?
Let’s say you’ve got a well-defined business plan for your digital strategy, and you’re doing some product planning against it. You know what goals you want to work towards. You know who your audience is. You’re going to build some really cool features. But how do you know if they’re successful? What measurements would you look at? What can help you make better decisions? The analysis paralysis sets in.
Never fear! We’ve put together this handy key performance indicator (KPI) “cheat sheet”, nicely sorted, based on the commonly used goal categories in our “Prioritizing Digital Strategy Business Goals” blog post. This list will get you started with some commonly used standard metrics, and hopefully inspire some more of your own!
Growth
· Daily and monthly active users
· Audience growth rate
· Rate of usage for new features/products
· Downloads and installs
· Awareness and traffic attribution
· Acquisition cost (if applicable)
Retention
· User retention and return rates
· Churn/attrition/abandonment rates
· Cohort analysis
· “Stickiness” / frequency of return
· Logins/registrations
· Ratings and Reviews
Engagement
· Daily and monthly active users (yes, traffic metrics are versatile!)
· Social shares
· Comments on content
· User generated content
· Time to complete a task
· Click through rates
· Completion rates
· Session length/depth
· Pages/visit
· Permissions granted
· Actions per session
Monetization
· Revenue trends
· Revenue per User
· Revenue comparison between user groups
· Most valuable user segments
· Conversion rates
· Customer Lifetime Value
· Time to first purchase
· Organic vs paid conversion rate
· Average order value (AOV)
Usability
· Recorded errors
· Crash reports
· Time to complete a task (yep, another repeat!)
· Content load time
· Latency
· Device usage trends