How companies measure success and what it has in common with this classroom concept

Previously published in Experience Points , a newsletter dedicated to supporting professionals like you in the job hunt, wellness, and developing business acumen. Click here to learn more.

Let’s talk about how companies measure success, specifically Key Performance Indicators (KPIs). In general terms, KPIs can be measured. They’re numbers that prove success. Which KPIs are measured depends on the industry and the organization's initiatives.

It’s best practice to decide these measurements of success before starting an initiative. And it’s best to track a few different metrics at a time, especially having a combination of leading and lagging indicators.

Leading Indicators are data points measured during the process or initiative. They indicate whether or not things are going as planned while actions are being taken. Lagging Indicators are data points measured at the end of a process to indicate whether the initiative/action was successful.

Leading Indicators → Lagging Indicators

For instance, let’s say I launch a product through this newsletter. The Lagging Indicator would be how many sales I make at the end of the launch. The Leading Indicators would be metrics like subscriber numbers, click rates, open rates, and other engagement data points. If I only measured the sales to determine success, I only know at the end if I was successful. But if I measure leading indicators, I can track whether or not each step of the sales funnel is successful and pivot during the launch.

?Teachers, within a classroom context, you know this concept as formative and summative assessment!

Formative Assessment → Summative Assessment

So when you pursue an initiative, consider which data points you’re measuring to determine success. And make sure the data you’re pulling creates opportunities for intervention should you need to pivot. (Also, consider the data points you used to measure the results of past efforts. Include these on your resume!)

If you're curious about the kinds of KPIs a company might use, this website lists key metrics in various industries. If you're interviewing for a role, check this list out beforehand so you know what that company might monitor.

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