Monitoring the results and progress of your business is a key element for proper management. Many people underestimate the aspect of monitoring results, but implementing strategies without paying attention to their effectiveness and without evaluating how to improve them or replace them with others can be an obstacle to the growth of your business and its success.
KPIs (Key Performance Indicators) are indicators used to measure the results obtained by an organization such as, for example, the achievement of a goal or a market share.
KPIs are also used in the context of management control. They are in fact used to determine in advance how effective a new strategy will be and which parameters it will affect.
In this article we will see what KPIs are, how to use them, which ones are important to keep an eye on to monitor your business, and how powerbank sharing can be a service that improves them.
What are KPIs?
KPIs are quantifiable indicators that an organization, a company, or any business, uses to determine if and to what extent the set objectives are achieved.
Every company, and even every strategy, defines its KPIs based on the goals it wants to achieve. An online marketing campaign will be able to monitor traffic and conversions on the company’s website; a promotion strategy on certain products or services will evaluate the sales trend.
How to identify the most effective KPIs?
How to understand which KPI to monitor? To correctly identify the KPIs to monitor, you must first define the objectives you want to achieve. Secondly, keep in mind that KPIs must:
- Be quantifiable
- Integrate itself with business processes
- Help determine the direction of the organization or strategy.
Finally, identify a time frame that determines a checkpoint for your strategy. In order to be quantifiable and evaluable, the parameters must in fact refer to a precise and repeatable time frame.
Does Powerbank sharing improve KPIs?
Powerbank sharing, since it responds to one of the most heartfelt needs of our age (that of always staying connected, and therefore having your smartphone always charged!), can have a positive impact on some KPIs of your business.
Influx
The influx allows you to know how many people are present in your restaurant/shop at any given time. It is a quantifiable parameter – number of entrances – which integrates well with the operational processes of your business. The turnout is also a parameter that determines the performance of your business: a higher turnout corresponds to a positive trend. The greater the number of people entering the store, the greater the probability of selling products or services.
Residence time
Together with the turnout, the permanence time is a parameter that affects the success of your business in terms of image and sales. A club/shop, where people extend their stay, is the calling card of a successful business. In fact, a customer who spends more time in a business tends to spend more on average.
Conversion
Attracting people to your business, making sure they feel comfortable and spend as much time as possible in your store is important but that’s not all. If no one of the people present buys or consumes, influx and time spent there do not translate into effective earnings.
The KPI you need to monitor is the conversion one: how many of the people who pass through your establishment make a purchase?
Sales
After all, it is sales that determine the success or failure of any business. For this reason, sales is the most important parameter (KPI) to monitor.
A greater influx and permanence time do not always translate into an increase in sales, therefore the sales parameter cannot and must not be taken for granted.
How powerbank sharing improves the KPIs of your business
Powerbank Sharing improves footfall
In an economy where competition is getting tougher, the quality of the service offered makes the difference. Power bank sharing is that extra service that helps you stand out from all your competitors. Giving your customers the possibility of being able to top up their mobile phones at your establishment is what directs customers to your business rather than another.
Powerbank Sharing increases the time spent
A person who has the possibility to recharge their mobile phone inside a club will inevitably spend more time inside your shop.
Powerbank Sharing increases Conversions
By improving influx, and getting people to spend more quality time in your venue, powerbank sharing increases conversions. This means that an increasing percentage of people accessing your business will result in a sale and therefore in an actual income for you. In fact, there are many studies that highlight how the permanence time positively affects sales.
Powerbank Sharing increases sales
Having a positive effect on all the KPIs examined above, Powerbank sharing will also have a positive effect on the increase in sales. Although it is not an obvious step, a better and more complete quality of service, a greater influx of customers, and a longer permanence time, translate into an increase in sales.
Conclusions
KPIs are very useful parameters for monitoring the progress of our strategies and evaluating their effectiveness. We have also seen how powerbank sharing is a service that brings benefits to your business, of any size and type.
Click here to request a Caricami charging station for mobiles for your activities and evaluate the benefits based on the most appropriate KPIs!