AnalyticsbusinessDigital Marketing

Stop guessing metrics, use a digital dashboard

By February 5, 2019 February 13th, 2019 No Comments

Today we’re talking about Live dashboards that track KPIs (Key Performance Indicators) and OKRs (Objectives and Key Results)

Whether you work in Marketing, NPD, App Development, Construction, Film – any industry, much of what you do in the business should be measured and analysed. Otherwise, you don’t know what you need less of, what you need to stop and what works.

A KPI is a measurable value that demonstrates how effectively a company is achieving key business objectives, there can many tiers and subcategories of KPIs inside a business.

KPIs typically only register when a goal is hit which can appear to show a long delay between goal completion and recognition for individuals and teams.

OKR on the other hand, tracks individual, team, and company goals and outcomes in an open and transparent way. If you want to learn more about OKR’s, I suggest you check out the book: High Output Management Andy Grove,

Before we jump right in, a quick caveat: Not everything is measurable into quantifiable metrics, as William Bruce Cameron once wrote, not everything that can be counted counts, and not everything that counts can be counted.

There are myriads of Digital dashboard to choose from. I’m going to talk about one of my favourites today, Geckoboard, but many of them have similar functionality. Geckoboard is a favourite of mine, it’s highly flexible, has a great integration with many platforms and is used by some of the biggest and most diverse brands including Airbnb, Slack, Skyscanner, Huffington Post, Hello Fresh, Happy Socks etc.

The traditional KPI excel sheet of old, is exactly that, antiquated, usually inaccurate and time-consuming. We want to know the data we are viewing is fresh, accurate and agreed. What I mean by agreed, is that the KPI/OKR measurements are always calculated the same way across departments and people, to eliminate discrepancies with measurements.

There are usually four types of dashboard: analytical, strategic, operational and industry.

  • Analytical dashboards are granular and contextual tracking fast moving data points
  • Strategic dashboards centre around long-term measures of performance and forecasts over set time frames
  • Operation dashboards centre around internal operations, productivity, site management internal issues/flags etc.
  • Industry dashboards snapshot the business’s industry and competitors with real-time changes.

Every business will have some unique KPI’s that not only apply to their industry, product or service but also their stage of development and their own mission goals. However, there are of course some excellent metrics that every business should have as part of their dashboard.

Some of the Best Metrics to track include:

  • Monthly Revenue
  • Advertising ROI
  • Conversion funnel
  • Cost per lead
  • Customer lifetime value
  • Conversion rate (these can be broken down into granular categories)
  • Team Momentum  – getting stuff done, meeting deadlines, managing workflow
  • Workplace morale
  • Multi-channel & platform performance across social, email and video etc.

Nano Tip: Drop vanity KPIs, these are metrics that look cool but don’t add any real value to the mission goals.

live dashboards are great because they hook into existing data sources – whether that’s CRM systems, Email marketing, Sales, Customer Service, Product development apps whatever it is can be pulled into the dashboard. These data sources are then displayed in top view snapshots that are quick and easy to grasp. They can be streamed live directly to the TV/meeting room so that everyone in the business can see or individually viewed as and when.

Live dashboards allow everyone in the business to understand the core metrics that drive the business forward in an easily digestible and transparent format.

Start accurately tracking and measuring your metrics from multiple perspectives to arm yourself and your team with the information to better understand your business.

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