Metrics and KPI's determine how well a business will do, and here I go into detail into which metrics and KPI's I would use for my business.

1. Marie Duarte | April 2023
DM479-O | Project & Portfolio VII
De
fi
ning
Metrics & KPI’s
madebyFlawless
jewelsso
fl
awless@gmail.com

2. At madebyFlawless, I personally make
home decor by hand that can be used
for any part of the home. From wall art
to furnishings such as coffee tables,
coasters, coffee trays, paper weights,
sun catchers and more, I create unique
and custom made pieces that can fit
any personality!
About

3. SMART Goals
• Generate 2000 new visitors to my online store within the next 6 months
• Gain 500 followers on each social platform each month over the next 6 months
• Sell 250 items each month for the next 6 months
• Reduce costs by 10% by the end of Q2

4. Metric to Track:
Social Media Engagement
• This metric has direct ties to my SMART goal to gain at least 500 followers on each of
my social platforms every month for 6 months
• This metric speci
fi
cally corresponds to the scan stage of the ideal customer journey, as
here is where we see how customers are interacting with our brand at
fi
rst. Here they
scan our pages and our content to see what we have to o
ff
er, perhaps how we run our
business, how we treat our customers, get feedback/opinions from other customers and
users, etc.

5. Metric to Track:
Website Tra
ffi
c
• This metric ties directly to my SMART goal of generating 2000 new visitors to my online
store within the next 6 months
• This metric also corresponds to the scan stage in the ideal customer journey. It could
also correspond to the consider stage, if they are coming over from any of my social
media pages. If so, this means that they liked what they saw on my social media page
and are thinking about possibly making a purchase or in the least, seeing what else I
have to o
ff
er

6. Metric to Track:
Cart Abandonement Rate
• This metric ties in to the SMART goal to sell 250 products per month for the next 6
months
• Tracking cart abandonment rates in the consider stage can tell us about a potential
customer’s interest in my product and/or company as well as its likelihood of actually
buying a product there and then or later on. Knowing whether a customer has the
interest or intention of buying something, even if its not at that very moment, can aid in
convincing said customer to purchase, as they already showed interest

7. Metric to Track:
Revenue
• This metric here ties directly into the SMART goal of selling 250 items every month for
the next 6 months
• Revenue would directly correspond to the act stage in the ideal customer buying
journey. They are literally here to buy something as they already made up their mind.
This metric will tell me if my business is being pro
fi
table or not, especially when
compared to the costs of running the business

8. Metric to Track:
Repeat Purchase Rate
• Repeat purchase rates ties directly to the selling 250 products per month for the next 6
months and reducing costs by 10% by Q2 SMART goals. Because its the same
customer(s) coming back to purchase, no extra marketing materials are being used to
reach the customers and of course they are buying more products helping generate
more revenue
• This metric directly corresponds to the wow stage of our customer buying journey as
this shows and proves that a customer is satis
fi
ed and happy with not only our products,
but with our company and brand as well. Having a positive experience with us IS part of
the experience and reason why they come back to shop with us again

9. Metric to Track:
Referrals
• Referrals tie directly to getting more visitors each month, selling more items and
reducing costs each quarter
• Because these individuals are being referred to our brand by existing customers, word
of mouth marketing has been performed, meaning no extra money has to be spent
trying to market and reach these individuals. This also means that these people will be
browsing our site to look at and very likely buy our products, e
ff
ectively increasing
visitor count and contributing to revenue growth
• This metric directly corresponds to the advocate stage, as our existing customers are
now vouching for our expertise, quality products and experience while dealing with us

10. Key Performance Indicators
Out of all the metrics I have previously mentioned, the most useful to indicate how well
my business is doing would be:
• Social media engagement: most of my customers will most likely be coming from social
media, so gauging how e
ff
ective my social platforms are at directing my customers to
my site is crucial. Social media can also give us a in-depth look at how our customers
look at our brand via direct feedback, conversations between users and interaction with
our content
• Revenue: the main and most important metric and KPI to track! If the business doesn’t
generate pro
fi
ts, the business will most de
fi
nitely not survive. A business’s ability to sell
products and make money directly correlates to the longevity of the business itself
• Referrals: this metric and KPI will tell us how much of a positive experience our
customers are having with our brand. If the experience is superb and the customer is
happy with the product, the likelihood of them referring us to their friends and family is
substantially greater than if our products and their experience were of subpar quality