If I told you I could run a 40-yard dash in only 20 seconds, you might think that is amazing, unless you knew that professional athletes run it in more like 4 seconds. The point is that simply measuring your performance without a standard can warp your perspective.
But what is the standard that you SHOULD use to measure your aptitude? What many businesses do then, in the absence of industry standards, is set their own standard by measuring current performance to similar past performances. Consistent performance measuring is vital to implement improvements. So using the same key performance indicators (KPIs) again and again will give your organization perspective over time. As you try new products or services, you will then know if you got better.
Certainly getting better is an admirable goal for any organization, but without an outside perspective, you still don’t know if you are definitely doing “good.” I mean, just to beat this analogy to death, if I started training every day on my Peloton for a month and got my 40-yard dash time down to 15 seconds, that would be “better,” but it would still not get me invited to the NFL draft.
All kidding aside, in order to set reasonable and attainable goals, I don’t need to measure my speed against pro athletes. I need a peer group with similar life goals, and we need to decide to measure something that is important to us. Many industries have standardized KPIs that help to inform management on their performance, like the US News and World Report ranking of Best Hospitals. Similarly, the first annual WAV Group Customer Experience Index seeks to establish a standard for MLS organizations industry-wide.
After decades of experience working with MLSs of all sizes, in all parts of the country, WAV Group has identified seven KPIs that you and your industry peers should be measuring. Now is not the time to go slow. To learn more and request a demo, check out the Customer Experience Index of MLSs.