From the course: Marketing Analytics: Setting and Measuring KPIs
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What are KPIs and Why Do They Matter?
From the course: Marketing Analytics: Setting and Measuring KPIs
What are KPIs and Why Do They Matter?
- [Narrator] When you have a specific goal in business or in life, how do you know whether you're on the right track to achieve it? It's sometimes not easy to even know if you're headed in the right direction. Take a good friend of mine, Carmen. Carmen wanted to quit her job and start a business pursuing her passion for baking. To do this, her first objective was to match her current salary. A goal like starting a business is scary, and initially it's hard to see a clear picture of how to get there. But like any big dream, that key lies into breaking it down into smaller, manageable steps. Suppose we created a plan for Carmen to earn her current salary. We'd want to know if she was on track or not, and this is where KPIs or key performance indicators come in. KPIs are essential metrics for tracking progress towards a specific goal. They serve a signpost on the road to success, helping us achieve our strategy and make informed decision based on data rather than just intuition. In a…
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