What is the most important digital transformation KPIs you need to know? Let’s discover.
Digital Transformation KPIs You Need to Know
Your brand has committed itself to digital transformation. You have the budget, and the project is well underway.
Now it’s time to measure the success of this transformation. What do you need to know? User engagement is a great place to start.
Are your users engaging with your digital products and services? Are they using them more often? What about the frequency of use?
It takes a lot of effort to acquire customers. And as the market grows, that effort only increases.
But how can you tell how much traffic is coming to your site and how much of it is converting? What does your customer acquisition cost?
Now that you know how many customers you’re acquiring, the next step is to monitor their behavior.
Are they retaining their product subscriptions, or do they churn out? Are they using your products and services as intended? What about the frequency of use?
The success of your digital transformation project might not be evident on day one. It could take weeks or even years to see results.
If your users aren’t retaining their subscriptions, then the project won’t be sustainable. It could even threaten your brand and future growth.
It’s crucial to monitor churn over time. Then, know if there are any patterns in the behavior of churned users.
Are there any warning signs that could predict churn before it happens? What are these users doing differently from retained users?
Measure user engagement, customer acquisition, and churn management as KPIs for digital transformation projects so you can have a clear picture of where things stand regularly.
This will help you identify opportunities for improvement quicker so you can optimize revenue generation and better understand what aspects of the project need more attention.
Availability and reliability
Especially in the digital age, consumers have a high expectation of the availability and reliability of your products and services.
Consumers want to use your products and services whenever they want. They want to use them from any location. They want to use them on any device.
If you can’t meet these expectations, you will likely lose customers.
You probably have several strategic goals for your digital transformation project.
For example, you may want to increase revenues or boost customer retention.
Strategic goals are important for the success of your project and they should be monitored to determine their progress.
But what about the risks associated with the project? What if something goes wrong?
Monitoring risk factors will help identify potential roadblocks before they happen and allow you to mitigate them before they can derail your project.
For example, if you’re running a digital transformation project that will affect user accounts, then you might want to monitor security-related risk factors such as a rise in account takeovers.
Digital transformation is a strategic initiative for any modern digital brand.
It’s important to measure the success of your digital transformation project.
This will help you identify opportunities for improvement and make important business decisions.