There are many non-financial Key Performance Indicators (KPIs) that may be relevant to your business, below we have included some of the KPIs that are commonly used to track and monitor and control Market Competitiveness.
As with all KPIs and goals in general, ‘less is more’, so ideally you will select the handful of KPIs that are of greatest importance to the business to track and report on at top level management. The further down the organisation you go, some of the more granular KPIs are likely to be ideally for middle or junior level management and of course for staff on the ‘shop floor’.
The list below is not intended to be comprehensive; this is provided purely to help with the process of selecting those KPIs that are most relevant to your unique circumstances.
Definition: The percentage of total sales in an industry generated by a particular company.
Importance: A higher market share indicates a strong competitive position and customer preference.
Definition: A measure of how satisfied customers are with a company’s products and services, often gathered through surveys.
Importance: High customer satisfaction reflects positive market perception and loyalty.
Definition: A measure of customer loyalty and willingness to recommend a company’s products or services to others.
Importance: A high NPS indicates strong customer advocacy and market competitiveness.
Definition: The extent to which consumers can identify a brand by its attributes, such as logo, slogans, or packaging.
Importance: High brand recognition can lead to increased customer preference and market dominance.
Definition: The frequency of new product launches or significant updates to existing products.
Importance: A high innovation rate demonstrates the company’s ability to meet changing customer needs and stay ahead of competitors.
Definition: The percentage of customers who continue to purchase from the company over a specific period.
Importance: High retention rates indicate strong customer loyalty and satisfaction.
Definition: The time it takes to develop a product and bring it to market.
Importance: Shorter times to market provide a competitive edge by quickly meeting customer demands and capturing market opportunities.
Definition: A comparison of a company’s pricing strategy against its competitors.
Importance: Competitive pricing ensures the company remains attractive to price-sensitive customers without sacrificing profitability.
Definition: The level of interaction and engagement with customers on social media platforms.
Importance: High engagement reflects strong brand presence and customer interest.
Definition: The cost associated with acquiring a new customer.
Importance: Lower CAC indicates efficient marketing strategies and higher returns on investment.