How to Select KPIs for an Internet Business?
ViewCrest, a mid-sized video streaming company based in Mumbai, is facing challenges in maintaining growth amid changing user preferences and intense market competition. The company recognizes the need to adapt its marketing metrics to stay relevant and drive user engagement effectively.
Your Objectives:
- Reviewing and identifying gaps in current marketing metrics that may no longer align with market dynamics and user behaviors.
- Suggesting a revised set of metrics specifically aimed at capturing user engagement and content performance in the dynamic streaming market.
- Developing a plan for a regular, structured review process to keep the metric hierarchy responsive and aligned with business goals and market changes.
1. Identifying Core Metrics:
Analyze ViewCrest's current marketing metrics, pinpointing those that fail to capture the evolving patterns of user engagement or market reach effectively.
2. Proposing Revised Metrics:
Propose a specific set of new or modified metrics that better reflect current user engagement trends, content virality, and market positioning. Explain how these metrics provide deeper insights and drive actionable strategies.
3. Streamlined Review Process:
Outline a regular and agile process for reviewing and adjusting metrics, including criteria for evaluation, stakeholders involved, and a timeline for implementation. Ensure the process allows for quick adaptation while maintaining a strategic focus.