Key performance indicators (KPIs) are measurable metrics that evaluate factors crucial to achieving the company’s goals and maintaining growth (Karlson, 2015). KPI dashboards are used to analyse and display the performance of an organisation to help managers make unbiased goal-oriented decisions. Considering Droplet’s business service and the start-up early stage, the recommended KPIs include customer retention rate, monthly burn rate, popular areas, time and type of used service.
Droplet’s app or online system should be able to effectively track the customer retention rate and provide data of the number of loyal customers and their specific traits. Analytical tools communicate and measure the strategic objectives that drive behaviour at the organisational level (Triplett, 2012). Data analysis can help identify the type of customer i.e. age, gender, income, etc., that uses the service most frequently. For new businesses, it is important to gain knowledge about the target audience and its characteristics. The acquired information could be used to define the right market segments and then reach them through appropriate marketing campaigns.
The burn rate is the amount of cash flow that a company needs each month to continue operations. …show more content…
Identifying these patterns often uncovers missed opportunities and loss of money through excessive support costs or repeated customer problems (Leppik, 2012). Renting umbrellas is rather unique and unexplored field and Droplet will need to analyse the consumers’ behaviour. Droplet could identify the time intervals of using the service, whether that would be a whole day or couple of hours, and then use the KPI to optimise its working model and pricing strategy. Droplet’s current plan is to let umbrellas hourly or daily, but future customers might show other preferences, and the company needs to adapt and respond to the customers’
Droplet’s app or online system should be able to effectively track the customer retention rate and provide data of the number of loyal customers and their specific traits. Analytical tools communicate and measure the strategic objectives that drive behaviour at the organisational level (Triplett, 2012). Data analysis can help identify the type of customer i.e. age, gender, income, etc., that uses the service most frequently. For new businesses, it is important to gain knowledge about the target audience and its characteristics. The acquired information could be used to define the right market segments and then reach them through appropriate marketing campaigns.
The burn rate is the amount of cash flow that a company needs each month to continue operations. …show more content…
Identifying these patterns often uncovers missed opportunities and loss of money through excessive support costs or repeated customer problems (Leppik, 2012). Renting umbrellas is rather unique and unexplored field and Droplet will need to analyse the consumers’ behaviour. Droplet could identify the time intervals of using the service, whether that would be a whole day or couple of hours, and then use the KPI to optimise its working model and pricing strategy. Droplet’s current plan is to let umbrellas hourly or daily, but future customers might show other preferences, and the company needs to adapt and respond to the customers’