So Your Key Performance Indicators Are Not Magical, Mystical, or All That Useful.
Key Performance Indicators.
These are about as close to 0 and 1 as you can get.
The difference between a high school grade of A and B used to be 10%. Above 90%, you get a flavor of an A.
Below it. Not an A.
But there isn’t much humanity in the binary of data based KPI’s. As Keith toys around with the idea that KPI’s are like a speedometer, I’ve had flashbacks that prove that theory out. How often are you distilling the volumes upon volumes of work that you’ve put into your business into a one page snapshot. When your mastermind is looking for you to give them a week by week MRR update; or when your setting terms for your new sales hire with sales goals and expectations around commissions.
These are all instances where Key Performance Indicators let you communicate the pace and direction that you are moving.
Churn. MRR. Active Users. Expiring Trials.
A keen understanding about how those KPI’s have changed (day over day, month over month, year over year), will reveal a way to speed up or slow down that you can’t see on a dashboard.
If you liked this conversation, you should go check out Keith’s other MicroConf Talks, including:
The Three Week Startup - 2015 Attendee Talk
Building Your First Effective Marketing Funnel - MicroConf Starter 2017
MicroConf On Air: The Contraindications of Key Performance Indicators