Key Performance Indicators (KPIs) are datapoints that help measure your system use, and how effectively you’re converting contact opportunities into sales.
Key2Key records the first time a customer is set to Contacted, Appointed, Attended or Sold, and logs those against targets set for your dealership to chart your contact-to-sale ratio. This is then compiled in a KPI report so managers can understand the number of customer contacts required to lead to appointments, attendances and sales. Other statuses are recorded but do not contribute towards your KPI statistics.
Please Note: The KPI report will only register unique instances of status updates, I.E: the first time a customer has been set to a status within the lifetime of their agreement. This means that if you set a customer to Contacted or Appointed, but they have previously already been set to these statuses, no update will occur in your KPI report. However, this status activity will be recorded in the Usage report.
Viewing the KPI Report
On the dashboard, there is a KPI switch. When clicked, this will open up your dashboard report, which shows year-to-date activity.
What are my KPI targets?
KPI targets can vary by region or brand and can be manually changed at the request of national management. As a default for best practice we recommend contacting roughly 3% of your database per month as a sustainable target. In our experience, 70% of the customers contacted should result in an appointment. Of those customers appointed 90% should attend their appointment. Of that 90%, best-practice indicates 80% of those attended appointments should lead to a sale. If this model is followed accurately, and the KPI statuses updated accordingly, you will achieve a truly impressive 2:1 Contact-to-Sale ratio.
KPI Back-Filling
In some cases, you may need to move directly to one of the later KPI statuses and bypass earlier ones. In these cases where a customer is “fast-tracked” to a later status, the system will automatically back-fill their KPI history; marking the earlier ones as complete so your KPI progress can be tracked linearly.
What statuses will back-fill?
Not all statuses will back-fill, with the majority not contributing to KPI recording and reporting:
-
Setting status to Appointed will back-fill the Contacted status.
-
Setting status to Attended will back-fill the Contacted and Appointed statuses.
-
Setting status to Sold will back-fill the Contacted, Appointed and Attended statuses.
-
Setting status to Not Sold will back-fill the Contacted status.
Please note: back-filled statuses will not appear in the customer’s status history, but will record for KPI reporting
Will I ever see more Sold than Contacted?
This is possible when a date-range has been applied to your KPI report. If your KPI report is always set to calculate from the point at which your dealership began using Key2Key it will always present them sequentially. However, when a date-range is applied (such as the year-to-date, or your KPI activity within the last month) you may see differences.
Sequential view:
Date-range applied:
Is this a common occurrence?
Cases like this are uncommon but are more likely when dealerships have a seasonal sales cycle where large amounts of customer contact is done in one block and then followed up throughout the rest of the marketing period. In these cases, if the date-range does not include that period of initial customer contact, then the KPI report may be skewed towards the later KPI activity.
Need support?
Raise a support ticket via our Support Portal, and one of our team will get back to you as soon as possible: GO TO SUPPORT PORTAL