Watch this video about identifying KPIs:
Watch this video about identifying KPIs: (Links to an external site.) Next, imagine you are a digital marketing consultant, hired by Furniture Plus, one of two furniture stores in town. The owner of Furniture Plus hired you because the other furniture store in town, Furniture Depot, is clearly outperforming Furniture Plus despite the fact that the two stores’ inventories aren’t that different and they’re actually located right across the street from each other. The major difference between the two stores is how they approach marketing. Furniture Depot has fully embraced a digital-first marketing approach using email, social media, web advertising, and even text. Furniture Plus has stuck with more traditional marketing, including local radio, newspaper, billboards, direct mail, and some digital, but very limited. Your objective is to prove a more focused digital marketing approach can help Furniture Plus make up ground in the fight for furniture dominance against Furniture Depot. So priority number one for you is helping Furniture Plus implement a digital marketing program with three key facets: increase new customer volume (people who have never shopped at Furniture Plus before), increase the number of return customers, and increase brand awareness on social media. You need to identify several KPIs that will help you monitor the impact of the program and ultimately prove that Furniture Plus can compete in this market. Part A: Identify five useful KPIs that can help monitor Furniture Plus’ digital marketing program. For each KPI that you identify, note whether each KPI is a leading indicator (predictive) or a lagging indicator (showing a result). Also briefly explain how you would be able to measure each of these KPIs. Part B: Answer the following questions: When identifying KPIs, why is it good to have a mix of lagging and leading indicators? How could Furniture Plus determine what the right target numbers are for these KPIs? What are some ways in which prioritizing improving digital marketing KPIs can affect other parts of the company, such as sales or customer service? Are there ways in which getting other departments onboard with improving digital marketing KPIs can have a positive impact on the company’s performance? Write your suggested KPIs and answers to these questions in a document

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