5 OKR examples for Cost Reduction
Writing good OKRs can be hard, especially if it's your first time doing it. You'll need to center the focus of your plans around outcomes instead of projects.
We have curated a selection of OKR examples specifically for Cost Reduction to assist you. Feel free to explore the templates below for inspiration in setting your own goals.
If you want to learn more about the framework, you can read more about the OKR meaning online.
Best practices for OKR
Your objectives should be ambitious, but achievable. Your key results should be measurable and time-bound. It can also be helfpul to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Building your own OKRs with AI
While we have some examples below, it's likely that you'll have specific scenarios that aren't covered here. There are 2 options available to you.
- Use our free OKRs generator
- Use Tability, a complete platform to set and track OKRs and initiatives – including a GPT-4 powered goal generator
How to track OKRs
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs framework.
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKRs-tracking platform to make things easier.
We recommend Tability for an easy way to set and track OKRs with your team.
Check out the 5 best OKR tracking templates to find the best way to monitor progress during the quarter.
Cost Reduction OKRs templates
The examples have Cost Reduction Objectives and Key Results, but they may also include the tasks that can help you get there.
OKRs to optimize IT costs by reducing expenses by 20%
Reduce IT expenses by 20%
Analyze previous quarter expenses and identify areas for cost reduction
Determine cost-saving opportunities- Identify spending patterns
- Review expenses
- Implement cost reduction measures
- Educate employees on cost-saving practices and enforce IT policies
- Regularly remind staff of cost-cutting policies
- Contain training sessions for IT policy adoption
- Monitor employee compliance with IT policies and address non-compliance
- Hold information sessions about cost-saving practices
- Negotiate with vendors for better pricing
- Research vendor's competitors and their rates
- Highlight your previous purchasing history with them
- Offer to sign a long-term contract for a discount
- Ask for a volume discount based on the forecasted quantity
- Implement solutions and track savings
- Identify opportunities for cost reduction
- Implement cost-saving solutions
- Track and report realized savings
- Prioritize solutions based on potential savings
OKRs to optimize CPA by reducing it by 15%
- Decrease CPA by 15%
- Identify and pause underperforming campaigns
- Pause or adjust campaigns that consistently underperform benchmarks
- Review campaign performance metrics
- Determine performance benchmarks for each campaign
- Compare benchmarks to current campaign performance
- Optimize landing pages for higher conversion rates
- Increase page load speed by optimizing images and minimizing text
- Simplify form fields and reduce the number of required inputs
- Conduct A/B testing to determine optimal page layout
- Create clear call-to-action button with contrasting color and placement
- Perform a comprehensive audit of current campaigns
- Review campaign goals and success metrics
- Evaluate ad copy and creative effectiveness
- Analyze audience targeting and segmentation
- Assess budget allocation and ROI
- Increase bids on top-performing campaigns
- Monitor campaign performance to evaluate the effectiveness of bid increases
- Identify top-performing campaigns
- Implement bid increases on identified campaigns
- Analyze performance data to determine bid increase percentage
OKRs to reduce overall IT expenditure per employee
- Reduce overall IT expenditure per employee
- Decrease hardware renewal cost by 20%
- Identify and eliminate unnecessary hardware assets
- Implement preventative maintenance strategies on existing hardware
- Negotiate better contracts with hardware vendors
- Implement software use audits to identify 15% cost-saving opportunities
- Identify key software used in organization operations
- Analyze audit findings to identify cost-saving opportunities
- Develop and implement a software auditing process
- Achieve a 10% reduction in IT service contractor expenses
- Explore cheaper alternatives or in-house solutions for IT services
- Evaluate current IT service contracts for potential cost-saving opportunities
- Negotify renegotiations or cancellations of costly contracts
OKRs to increase annual revenue to $30 million
- Increase annual revenue to $30 million
- Improve operating efficiency by reducing overhead costs by 10%
- Negotiate with vendors and suppliers to secure better pricing and/or discounts on necessary materials and services
- Implement technology solutions or automation tools to streamline operations and reduce manual effort
- Conduct a thorough review of all overhead expenses and identify areas for cost reduction
- Streamline processes and eliminate any unnecessary steps or redundancies in operations
- Increase sales volume by 15% compared to the previous quarter
- Train sales team on effective sales techniques and provide ongoing support and motivation
- Identify target market and create targeted marketing campaign to attract new customers
- Implement a customer loyalty program to encourage repeat purchases and increase customer retention
- Collaborate with suppliers to negotiate bulk discounts and lower costs to maximize profit margins
- Expand trading operations to three new markets
- Conduct market research to identify potential markets for expansion
- Establish partnerships or collaborations with local partners in the target markets
- Develop a strategic plan for entering new markets, including budgeting and resource allocation
- Implement marketing and advertising campaigns to raise awareness and attract customers in new markets
- Achieve a customer retention rate of 90% or higher
OKRs to boost the overall sales in the upcoming quarter
- Boost the overall sales in the upcoming quarter
- Grow the customer base by 20% resulting in increased purchases
- Improve product offerings to stimulate higher demand
- Launch targeted marketing campaigns to attract new customers
- Implement a referral program to incentivize existing customers
- Reduce operational costs by 15% to increase net income
- Review and analyze current operational expenses
- Implement cost-reduction strategies across operations
- Identify cost-saving opportunities in processes
- Implement a new upselling strategy to enhance average transaction value by 10%
- Monitor and track sales data to assess strategy effectiveness
- Train sales team to effectively execute the new upselling strategy
- Develop a new upselling strategy targeting high-value products or services
More OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to eliminate high-risk tech debt over the next year
- OKRs to enhance software and component quality
- OKRs to improve employee engagement by increasing satisfaction by 10%
- OKRs to improve customer sastisfaction
- OKRs to enhance project management processes for improved success rate
- OKRs to establish a successful YouTube channel
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: Complete 2024 OKR cheat sheet
- Blog posts: ODT Blog
- Success metrics: KPIs examples