Refine Your KPIs Using Qualitative Data

When we talk about Key Performance Indicators (KPIs) these days, we tend to focus on AI and advanced analytics – and those things are great for establishing measurable goals that can be tracked in a spreadsheet.

However, many business leaders overlook the role that human insights, gathered through qualitative research, can play in refining the way that a brand measures success. These insights provide a foundational understanding of what matters most to stakeholders – even MIT thinks so. 

Here are 4 steps to help you integrate qualitative data into your KPIs:

1. Identify Your “Whys”
   Quantitative data can tell you a lot of what is happening and when, but it lacks the ability to explain why.  This is especially important when dealing in data about human experiences. Companies often attempt to measure critical factors such as customer satisfaction, employee engagement and brand perception through numbers alone, but these are areas where what really matters are the intangibles that can only be captured through qualitative research.

2. Choose the Right Methodology

   To capture relevant human insights, you’ll need to choose the right method of qualitative data collection, so this is the step where you’ll likely want to invite an expert partner to the table. Whether it’s focus groups, interviews or a mixed-method approach, choosing the right way to talk to your audience(s) is a vital step in collecting the qualitative insights you need to refine your KPIs. 

3. Pair Your Qualitative with Relevant KPIs

   When talking about KPIs, your qualitative findings are not just a stand-alone deliverable – they should provide context for the quantitative KPIs you’re tracking. Look for opportunities to use them to explain trends, identify areas for improvement, or enrich the overall interpretation of performance data. 

4. Keep the Engine Running

   To continuously deliver effective measurement over the long-term, you’ll need to make qualitative research a recurring part of your KPI process. In additional to ongoing data collection, you’ll want to monitor the effectiveness of your qualitative assessment methods and adjust as needed. This will ensure that you continue to get insights that bring your definition of success into clear focus.