When it comes to finding success in business, there are definitely a number of different metrics to take note of. Goal-setting is always a very important aspect in setting the direction and determining the path to success for any kind of organization, whether in business or not. However, goal-setting in itself, while important, is not effective when it isn’t built with certain metrics and indicators of progress. This is precisely where key performance indicators or KPIs come in.
Think of KPIs as tangible progress meters for how well you’re doing when it comes to pursuing your organization’s goals. In this article, we are going to talk about two things in particular: one, some of the most important KPIs that your business needs to pay closer attention to. And two, how you can leverage free bonuses in order to maximize these specific KPIs. In business, it may seem counterintuitive to siphon off free products or services to your customers. But if you do things right, offering free bonuses to your market could potentially help you meet specific KPIs which will ultimately lead to the fulfilment of your larger goals and metrics. But how do you do that, exactly? Well, read on further to find out.
Table of Contents
Revenue
To a lot of business owners, it always boils down to revenue. Of course, in order for any business to be sustainable, you need to ensure that you have proper revenue. Intuitively, you know that giving stuff away for free is the opposite of generating revenue for your company. So, how does giving free bonuses help maximize this particular KPI? Well, it all boils down to how confident you are in your product or service. This is a technique that is often employed in wholesale stores like Costco. Shoppers are given free samples of specific products and these free samples inevitably lead to actual purchases, if the product is good enough.
Client Acquisition
Another important KPI to take into consideration is client acquisition. This is particularly important for businesses that are in the service industry. One of the most popular examples of using free bonuses as a way to acquire clients is a technique that is used by gyms or fitness establishments. They offer free one-day passes or weekly trials to potential clients just to give them a taste of what an actual membership feels like. This is also a trick that a lot of software developers use in order to get clients onto their platforms. Streaming sites like YouTube, Netflix, and Spotify are very aggressive in offering free trials for their premium products in order to acquire more clients.
Website Traffic
Another way that bonuses can really help with KPIs is through website traffic. Most businesses rely on website traffic for revenue and sales. One classic example of such a site is an online gambling site. That’s why a lot of these sites offer free casino sign up bonuses. Because so many of these sites are sprouting up and the space is increasingly becoming more and more competitive, casino operators are trying to gain the advantage of luring people into their sites through generous free spins or cash bonuses. More often than not, the most tempting bonuses tend to grab the attention of potential gamblers.
Social Media Exposure
Social media is one of the most important spaces to dominate when it comes to modern business. And this is most evident in the effectiveness of influencer marketing. So many brands rely on influencers to help boost their exposure to their target markets. That’s why a lot of brands will send free samples to these influencers and establish deals with them for social media coverage that will boost their brand’s exposure. These deals can be very lucrative and expensive at times, especially when these influencers have a certain celebrity status. But most of the time, the kind of exposure and buzz that their content can generate is well worth the price.
Understanding KPIs
Imagine that you have the task of moving from Los Angeles to New York as quickly as possible. That’s your goal. Your KPIs in this scenario would be the routes you take, the vehicle you use, the pit stops you make, and all that. This is essentially how you should be viewing KPIs in business as well. Without KPIs, you would have no idea how much or how little progress you’re making.