Setting KPIs can often feel arbitrary, especially when entering new markets. How do you get past this uncertainty to set realistic goals?

I'll be the first to say it. It's really hard. There's no perfect answers and attempts to quantify this kind of uncertainty can sometimes like a reach, and at worst, feel like complete BS. But this is a really important question. How do you determine what "good" looks like when you're doing something you haven't done before? I think the first step is admitting that there's no single "right" answer. If you let go of thinking that there's one perfect solution, you allow yourself to move past unrea ...Read More

Setting targets or key KPI’s without enough insights is definitely a tricky task. Here are some steps I would recommend - Research, research, research - conduct market analysis, understand demographics, customer profile, and any unique factors to consider. Understand the competitive landscape - products, services, offerings, market cap.. And leverage any case studies to understand challenges to consider and factor in.  MVP - Minimum Viable Plan - Focus on the key items , basically anything that ...Read More

It's rare that you are the first company to set KPIs when entering a new market. Here are some best practices I've used to set realistic KPI goals when I helped advise clients at Google measure the efficacy of their marketing campaigns when they first entered a new market: Benchmark - look at how your company performed with a similar product or campaign, make adjustments on assumptions for the new target market (e.g. competition, brand name recognition, product demand) and adjust the targets for ...Read More

OOF! Asking the hard questions today! I love it! Yes you are 100% correct. I don't know how many times I felt like I should just get a dart board out or ask a magic 8 ball about our next FY targets because there are so many things that could effect our performance that we have no control over (pandemic, election results, weather, etc). That being said, I do the best I can to root myself in data (like any good strategist!). Find as many historical comparisons as you can whether in a similar verti ...Read More

First of all, let's not convolute KPIs (Key Performance Indicators) with targets. KPI definition should happen independent of our knowledge of the market or the availability of historical performance data. It simply means defining the metrics that matter for your business. After your KPIs are defined, setting targets is the next step. In the context of a new market, where there is less information available than in a mature market, a few approaches can be considered: Benchmarking: looking at com ...Read More

When entering new markets, there are several strategies to overcome the uncertainty of KPIs: Engage with local customers / partners / industry experts to gain insights on the new market Look for prior examples of similar businesses (or adjacent businesses) that have entered the market to analyse and understand the market potential & growth, product needs, customer acquisition costs, sales cycles, ASPs and conversion rates Focus on short-term, achievable goals that can build momentum and prov ...Read More

In situations like entering new markets (I'm think new geo, segment, or product intro), ideally the company has a business case justifying the investment that can be the starting point for your KPIs. Anchoring to these "early days" KPIs in the business case is probably your best bet to making things as minimally arbitrary as possible. If that sizing/business case creation is not happening, there is a bigger issue to address than RevOps KPI setting! Assuming you have some idea of the reasons behi ...Read More

Entering a new market is inherently uncertain, but I think that by combining a thorough market research, a flexible and iterative approach, local insights, and collaborative goal-setting, you can establish realistic and informed KPIs. Regular reviews and adjustments based on actual performance and market feedback will be key to refining these KPIs over time. Here are some strategies to navigate this uncertainty and set realistic goals, I'll start from the most obvious ones: 1. Market Research an ...Read More