When it comes to measuring marketing performance, you need to look ahead as well as behind. Therefore, to set your goals and make them happen, you need to know more about OKRs and why they are different from other tools that measure marketing goals and performance.
OKRs or Objectives and Key Results indicators use collaboration to create a measurable impact in a company’s marketing campaign. By using the technology, you can increase productivity and track your marketing progress over a specific time.
OKRs and Marketing Planning
OKRs are also robust measures that cover a variety of marketing plans. These plans may include assessing your marketing objectives with respect to strategy, inbound responses, content repurposing, social media management (SMM), SEO, branding, PPC, or website development.
To understand more about how an OKR measurement works it helps to compare it to a gauge, such as a KPI or Key Performance Indicator. Defining a KPI will help you see how an OKR is a different type of measure.
How KPIs Work
KPIs or Key Performance Indicators represent metrics that assess the outcome of a company’s activity. KPIs may address measurements associated with products, projects, or programming. They measure the results of sales, social media, and other marketing actions.
The concept of using KPIs is not exactly new, as the practice goes back to ancient times when they were used to review the performance of family members in dynasties. KPIs, in modern times, are meant to project a business’s successes and performance, and to measure the upside or downside of an organization’s activities.
Key Risk Indicators (KRIs)
Key Risk Indicators (KRIs) are another tool you can use when comparing OKR metrics. KRIs narrow down and quantify risks associated with specific activities.
Some companies use the KPIs or KRIs of other businesses to get a better idea of where they stand with respect to performance and risk. However, KRIs or KPIs should be geared toward a specific business, as companies do not come with template designs.
The use of OKRs enables a business to delve further into meeting its marketing goals and measuring key results. Therefore, the goals associated with an OKR strategy are bolder than measuring KPIs.
For example, perhaps you want to use an OKR strategy to increase your company’s brand. Your first goal might entail increasing media engagement. Your next key objective might be the introduction of a referral program while a third key goal might include extending your company’s reach on social media.
Therefore, the main difference between an OKR strategy and other similar tools, such as a KPI, is the idea behind the objectives. For instance, KPIs present goals that usually can be obtained by measuring the performance of a process that has already been used.
On the other hand, an OKR game plan highlights more ambitious objectives. The crafting of OKR goals is meant to increase production and give you the shove needed to succeed at pursuits that have not yet been realized.
A Bigger Vision for Success
While using metrics, such as KPIs or KRIs, help you improve on a project that has already been performed, an OKR model allows you to follow a bigger vision for success or to cultivate a whole new marketing plan. Therefore, you need to be more creative and forceful when setting OKR goals and planning the related activities.