KPIs to Focus on During Holidays

Spend your marketing budget wisely, understand new consumer habits, and make sure your customer service is prepared – proper KPIs will help to keep focus.

Proper KPIs will help to keep an eye on business performance during holidays period

What are holidays from the business viewpoint? On one side the competition for the consumer’s attention is increasing, on the other side buyers need to wade through hundreds of offers, and buy the gifts on time. Below, I recommend some metrics; most likely you already have them on your business scorecards, during holidays it make sense to move them to your primary dashboard.

Why does one need to track metrics during holidays?

If you start using KPIs in December – don’t expect your holiday sales to increase in a moment. Why then should one bother about finding good metrics? Here are two good reasons:

  • To keep an eye on current operations to make sure everything is running smoothly
  • To gather data to better prepare for the next holiday season

The competition for the consumer’s attention starts long before the holidays, according to Google, 26% of shoppers start their research on the gifts before Halloween. If you want to be prepared for the next year, then start analyzing new consumer trends in your niche today.

Finance and marketing

Be prepared for higher costs for your marketing campaigns. For example, one of the research studies showed that the costs of Facebook advertising might increase 2.5 times during Black Friday. Obviously, something similar happens to other medias.

KPIs to track:

  • Marketing costs (for example, CPM/CPC for online businesses)
  • Customer Lifetime Value
  • Acquisition Costs

Action plan:

  • Make sure you balance your marketing budget, with customer lifetime value

Before we discussed some examples of Marketing and Sales strategies and KPIs.

Customer service

Holidays are a crash test for any customer service and logistic systems.

KPIs to track:

  • Response time
  • First call resolution rate
  • Customer satisfaction; NPS
  • On time delivery; website availability (more IT KPIs)

Action plan:

  • Map your business processes and find possible bottlenecks
  • Make sure you have indicators that will work as  early warning signals

In the previous article, we have discussed more strategies and metrics for the customer service department.

Understand new consumer’s habits

Here are some insights from Google’s Holiday Shopper Intentions research.

Be mobile-ready

More people will use their smart phones in store to find info on the product.

KPIs to track:

  • Mobile-friendly web pages, %
  • Time on site for mobile users

Action plans:

  • Mobile-friendly website is must
  • Analyze what info  customers need to see online: prices, availability, sizes

Gift guide video

More buyers will watch gift guide videos. If it is applicable for your niche, make sure you have a good one.

KPIs to track:

  • Positions of video in YouTube
  • Views during the holidays

Action plan:

  • Identify buyers’ needs and create a good gift guide video

You will find some more examples in the Content Marketing scorecard.

Gift card ready

With the overwhelming number of the competing offers available online and offline, make sure you have the simplest one – a gift card.

KPIs to track:

  • Gift card availability, %
  • # of gift cards bought during holiday season.

Keep your team engaged

The holiday period might be stressful for your team, make sure your managers do their best to keep the team engaged.

KPIs to track:

If you have an incentive program implemented for your team, make sure you have a pair of leading and lagging indicators to minimize the risk of KPIs misuse.

Useful tips for the users of BSC Designer

Below is some advice for the users of BSC Designer software, a professional tool to manage your KPIs and scorecards:

  • Create a separate strategy map to present your strategy for the holidays; use this strategy map to communicate your strategy to the team
  • Create a separate dashboard to visualize indicators mentioned in this article
  • Make sure you keep a holiday strategy map and dashboard to reuse it in future
  • Create Alerts to get notifications in a case  some important KPI bends up in the red zone

How do you measure the performance during holiday seasons? Feel free to share your thoughts in the comments.

Related Articles

Strategy and KPIs Scorecard Expert | Speaker | CEO. Aleksey Savkin (LinkedIn, @bscdesigner) is helping companies to better formulate their strategies and make the process of strategy execution more tangible with KPIs. His areas of expertise are Balanced Scorecard, Key Performance Indicators, business performance management. Aleksey is a frequent speaker at conferences; the author of a number of articles and books on Balanced Scorecard. New book by Aleksey: 10 Step KPI System

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