“What gets measured get managed.” – Peter Drucker
Over the last 20+ years in the wellness industry, what I have found fascinating is how our performance dashboard has evolved – in other words, how we measure the performance of our dashboard.
I remember the Key Performance Indicators (KPIs) we used to measure back then, and how over the years we kept introducing new ones, along with all the different ways to calculate a given KPI.
While it is fascinating to witness the creativity and time that goes into the developing and measuring all the new KPIs, I wonder how useful a use of time these initiatives are; I wonder whether measuring these KPIs really moves the wellness revenue and contribution needle. And I also wonder whether we really know what these KPIs are telling us. Do we really have a reliable benchmark to measure ourselves against?
In today’s episode, I delve into the one gamechanging KPI that very few wellness leaders measure, and that is the Wellness Revenue Contribution Rate.