Choosing the right Custom KPIs
What is a Custom KPI?
Custom KPIs sit outside of the brand funnel and are more closely linked to your business objectives. Like standard KPIs, they are metrics you wish to track over time. These might not be completely unique, but they will generally be specific to measuring audience perception of your brand or category.
Identifying the right custom KPIs for your brand
Choosing the right custom KPIs to track may depend on the growth stage of your company and your business objectives. We’re here to help you find the right KPIs for your brand, but we’ve also put together some suggestions for how to identify the right custom KPIs for your brand along with some popular off-the-shelf examples:
1. Understand your business objective
Setting the right custom KPIs for your survey should start with your brand objectives - what are the specific goals you’re trying to achieve with your brand? A few common objectives are the following:
Knowledge gaps - things you don’t know about the category, competitors, or audiences. E.g. “we don’t know who our target audience is”
Business fluctuations - notable trends within the business, like sales dips and customer churn. E.g. “we are seeing sales fall in category x”
Forecasting - ensuring you are just looking one step ahead of competitors E.g. “tracking where we benchmark against our known competitors”
2. Identify your research goal
A research goal is more specific towards the facts or metrics you hope to learn from the research. These are what help you to answer and reach your business objective. Some popular examples include:
Explore brand perception for targeted marketing - How does your target audience perceive your brand in the market?
Track and grow your brand awareness - What is the recognition of your brand from consumers and in relation to your competitors?
Measure buying behavior for audience expansion - What are consumers purchasing and what drives them?
Test campaign impact - How effective is your messaging on my core audiences?
3. Set your KPIs
Once you know the problem you wish to solve and have identified your research goal, you’re ready to set the right KPIs for your brand.
For a full list of some popular KPIs you could use for your brand, check out Latana’s Off-The-Shelf Custom KPIs.