At Good & Gold, our focus on growth and performance means that setting targets for the channels we manage, and continuously measuring performance against those targets, are integral to demonstrating success. Below, you'll find an overview of how, when, and why we set targets.
What are “KPIs?”
A Key Performance Indicator (KPI) is an objective that is quantifiable and measurable over time that we leverage to express our goals.
What are “targets?”
Targets are meant to define intended results for our defined KPIs. They are not "stretch goals" or "business goals," but benchmarks that we expect to meet and surpass regularly.
For each channel we manage, we define a single Primary Target to drive toward while avoiding any conflicting incentives (such as raising RoAS by reducing overall spend or avoiding list growth to increase open rate).
The Primary Target is always indicative of the most important thing we have a high level of control over. Secondary Targets are indicative of elements that we can control to some degree, but aren’t as directly tied into performance as the Primary Target. In addition to these Primary and Secondary Targets, we track other important "core metrics" within our reporting dashboards that we set set goals for.
What KPIs do we set targets for?
While targets may differ by situation and client, these are our default KPIs:
Paid Media
- Primary Target: Cost Per Acquisition
- Secondary Target: Cost Per Click
SEO
- Primary Target: Keyword Ranking
- Secondary Target: Domain Rating
- Primary Target: Click Rate
- Secondary Target: Open Rate
How do targets interact with clients’ business goals?
Targets are intended to help clients understand how individual channels will support their overall business goals.
Where are targets documented?
Targets are included clearly within reporting dashboards, where internal teams and clients are able to easily see how performance compares to our approved targets.
How and when to set and approve targets?
We set targets for the channels we manage within strategy overviews and updates, and by default, they will remain in place until the next strategy update. Clients provide clear approval on targets within the strategy overview process. If we determine that targets need to be revised for any reason, we will reach out to discuss the update before documenting that decision internally and within reporting dashboards.