The plan focuses on enhancing the performance of the MSME Programme by evaluating key metrics that offer insights into various stages of MSME interaction. Through metrics like MSME Onboarding Rate, the programme tracks new registrations, which is vital for gauging initial interest and engagement. Moreover, the Adoption Funnel Conversion highlights progression efficiency, ensuring that a substantial percentage progresses from onboarding to loan submission.
For instance, improving the Active Users metric is crucial, as it indicates continuous engagement by measuring how many registered MSMEs actively use applications or access services. Lastly, monitoring Drop-off Points helps identify where potential users abandon the process, allowing for targeted improvements. By analyzing these combined metrics, stakeholders can implement strategies for a more effective, streamlined, and user-centric programme.
Top 5 metrics for Improving MSME Programme Performance
1. MSME Onboarding Rate
Number of new MSMEs registered per month in each state
What good looks like for this metric: 500 MSMEs per state per month
How to improve this metric:- Implement targeted marketing campaigns
- Streamline registration process
- Offer onboarding incentives
- Enhance user experience on registration platform
- Facilitate partnerships with local business organisations
2. Adoption Funnel Conversion
Percentage progression from onboarding to loan submission
What good looks like for this metric: 70% profile completion rate
How to improve this metric:- Identify and address common drop-off points
- Simplify application process
- Provide users with progress guidance
- Enhance support and FAQs
- Use data analytics to personalise follow-ups
3. Active Users
Percentage of onboarded MSMEs submitting applications or accessing services monthly
What good looks like for this metric: Industry-specific % benchmarks
How to improve this metric:- Engage users with newsletters or updates
- Implement feedback loops with users
- Offer exclusive services or discounts
- Provide educational resources to users
- Monitor and adapt to usage trends
4. Drop-off Points
Percentage abandonment at each stage of the adoption funnel
What good looks like for this metric: Industry-specific % reduction
How to improve this metric:- Regularly review and improve each funnel stage
- Collect and analyse feedback from users
- Implement optional steps to ease process
- Ensure technical stability of platforms
- Provide real-time assistance
5. Aggregated Funnel Metrics
National averages for onboarding, conversions, and active users
What good looks like for this metric: 60% overall conversion rate
How to improve this metric:- Collate and compare state-level data
- Identify successful strategies in high-performing states
- Coordinate national campaigns
- Collaborate with multiple stakeholders to improve outreach
- Optimise platforms for better national reach
How to track Improving MSME Programme Performance metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
