Car dashboard vs KPIs
We all have sat in the driver’s seat of a car and observed the dashboard; it indicates the state of the car. In the same way the car’s dashboard works, our retail must have access to a KPI (Key Performance Indicators) dashboard that allows him to reach expected results. It is useless to just look at the sales results without observing how we are getting to them or how we can improve them; it’s like driving a car without looking at the dashboard, we could get stuck without gas or exceed the speed and get fined which would prevent us from reaching our goals.
Imagine you are a Formula 1 driver; indicators allow you to have a point of comparison of your times so as to improve and inform your team about any problems you may have had so the can make improvements and maximize your performance. In your case, what you are driving is your business and each retail is different and managed in a different way according to culture and context, that why KPIs have to adapt to each business.
KPIs help your work team make the necessary changes and improvements, to optimize your business’ processes and reach your sales goals. The best that you can do when selecting the KPIs is being flexible and focus on what works for your business. It’s recommendable to have between 1 and 5 KPIs that have the following characteristics: they are specific, measurable, achievable, relevant and temporal. This is necessary in order for you to analyze their progress.
If you are a Hostspot user already, you can access the control dashboard of your retail with a great variety of KPIs that will help you measure and make your sales better. In Hostspot’s dashboard you can see interesting indicators such as:
- Conversion (The ability of your store to attract clients inside)
- Permanence (The ability of your business to retain customers)
- New client acquisition
- Number of visits
- Client traffic by zone or category
- Many more