How to Select KPIs for an Internet Business?
Analytics is a huge field in itself. To narrow its focus, and to make it more practical for us, we will look at from the online business lens:
→ How can we use data to describe the current state of an online business, or any department of that business?
→ How can we use data to look at the past, and come up with insights and root causes?
→ How can we use data to make predictions to aid future business decisions?
And, to learn the first skill of describing state of business with data, the first micro skill we are going to learn is: How to select relevant KPIs for an Internet Business?
Specifically, in this skilleton, you will:
- → Understand the structure and purpose of Metric Hierarchy in business analytics.
- → Learn about Paired Metrics and their role in maintaining a balanced and comprehensive view of performance.
- → Explore various Parts of an Internet Business and identify typical KPIs associated with each.
- → Discover strategies for regularly reviewing and dynamically adjusting the metric hierarchy to align with evolving business goals.
Let's get started!