Key performance indicators are values to measure the progress or the degree of achievement with regard to an objective target. This definition already implies the need for an objective. Depending on this, the most diverse performance indicators can be collected and compared. An accurate target definition is crucial for the quality of the KPIs.
A practical example:
You have created a new tagline for your company and now wish to test how it is perceived. Possible performance figures:
- Sentiment analysis: Are user comments neutral, negative or positive?
- Range: How many users can see the post regarding the new tagline?
- Engagement: comprises different metrics – e.g. retweets, comments, shares.
Another well-known performance indicator in the area of competition analysis is the so-called share of voice. It indicates how often a particular brand is mentioned in comparison to its competitors. It is usually given as a percentage of the total mentions relative to a defined number of competitors.
Our team will be happy to help you develop relevant performance metrics for your company or campaign. Please contact us.