With already running platforms or a new platform running with essential functionality, we can now start to think about how we can start to plan on optimising the platform. Improve the KPIs. Heavy attention is cast upon the sales funnel or KPI tree. And apply a growth hacking approach to turning the needle on the KPIs. Remember that KPIs were designed as part of the ‘Why’ statement, so whenever we turn the needle in our KPIs, we’re bringing more value to the organisation.
Growth Hacking evaluates hypothesis on an MVP or small scale test before investing into the full product. It is a model of A or B. or even A or B or C. A could be an orange button, B could be a green button. Test it, which KPI moved the needle. Proceed with implementing and start a new test again.
Examples of KPIs:
Level 1 KPI:
● Parts Sales (€)
● B2B Webshop Adoption (%)
● Conversion of sales (%)
Level 2 KPI:
● Conversion (%)
● Average order Value (€)
● Sessions (qty)
● Revenue (€)
Level 3 KPI:
● Traffic & Sources (visits)
● NPS (Satisfaction level as index)
● Amazon Sales (€ & qty)
● Add to basket rate (%)
● Search to order Ratio (%)
● Basket to detail ratio (%)
● Site Load Time (seconds)
● Checkout Errors (qty)
Other metrics, might include cost of business, materials, customer lifetime value.
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