Goals play an important role in driving any business towards success, planning in advance will help obtain a clear understanding of your organization’s main objective and what needs to be achieved at the end of the sprint.
Introduction to goal planning and KPIs
Various successful experts define goal setting as the act of selecting a target or objective you wish to achieve. Goals define the direction and focus needed to achieve the right growth and control required. It helps build benchmarking records to measure whether there is actual success.
To accomplish your defined goals, however, you need to know how to set them. Goal setting is a process that starts with careful consideration of what you want to achieve and measure. This is what KPIs will help you with when you use vizB.
KPI is an acronym for Key Performance Indicator and is a measure of performance against a specifically defined goal. KPIs in vizB will help you relate to the company’s strategy and business progress. KPIs help many small and medium structured businesses manage their performance, without which businesses would rely on subjective judgments of performance that further leads to avoidance of many addressing issues leading to severe issues hurting the growth and building losses.
Benefits of KPI for a Shopify store
- Accurate progress measure:
KPIs help in measuring important aspects of your Shopify store sales. You can measure the progress made towards the achievement of your targets such as the number of sales increased (sales performing), the number of new customers, or anything in your business you want to measure.KPIs provide actionable information because they are always measurable and quantifiable.
- Motivated business goals:
Can help set periodical targets and aim to reach them in a set period. You can set more than one KPI target and create different keys for each of your KPIs to ensure you measure your progress and then try to achieve your goals.
- Build meaningful Incentive roadmaps for your team:
KPIs can help motivate your team to perform better. The simplistic information provided by KPIs can help empower members of your team to improve their performance which will help grow your Shopify store’s success.
- Find lingering issues:
KPI to identify any issues present in the construction of the Shopify store business. KPI enables businesses to recognize these issues to take appropriate action to rectify these problems.
- Unified collaboration of departments:
KPIs can help your Shopify store easily measure, calculate and analyze every effort so that the marketing and sales departments of your organization can work in a harmonized way. When goals are well defined, team members start to work in collaboration thereby bringing departments closer for better insight.
KPIs powered by vizB:
With KPIs defined for your Shopify store within vizB, you can set your goals and customize them according to your need and get periodically notified/ updated by the application.
- Repeat Customer and Loyal Customer:
Return customer refers to a user that has made a purchase from your Shopify store once before and has come back a second time. A loyal customer refers to a user who constantly makes multiple purchases from your Shopify store.
The sales measure will help track the number of sales generated.
- New Customer:
This metric shows the number of new customers that are interacting with your Shopify business, which will give you insights into customer acquisition.
- Win Back:
Tracking the return of churned customers will help you build valuable insights on user behavior and the efforts of your marketing team.
- Churn Customer:
Churn customers represent users that stopped using your Shopify store’s product during a certain time frame. Tracking the churn rate will help you know how quickly customers are leaving your Shopify store brand.
Tracking the number of orders and setting a goal to achieve that is now quite possible within the vizB dashboard itself.
How to define a KPI in vizB:
vizB provides predictive and strategic tools that can effectively help you build and sustain growth with your Shopify store, one such feature that will help your store execute and monitor performance every day is the KPIs.