KPI Dashboards (Part 2)

Synopsis

One metric analysis on its own doesn't offer as many insights as when several metrics are measured against each other, according to Mckinsey & Co and other experts. With our KPI Dashboards (Part 1) and KPI Dashboards (Part 2), you can have all your key performance indicators – from financial to marketing and project management – in one place, to keep track of, meet and exceed all your company goals.

Questions and answers

What are the practical applications of KPI Dashboards in the marketing industry?

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KPI Dashboards have several practical applications in the marketing industry. They provide a visual representation of key performance indicators (KPIs) that help in tracking and measuring the effectiveness of marketing strategies. They can be used to monitor metrics like customer acquisition cost, customer lifetime value, conversion rates, and more. This allows marketers to identify trends, make data-driven decisions, and improve their marketing efforts. Furthermore, KPI Dashboards can help in aligning marketing goals with the overall business objectives, ensuring that the marketing team is working towards the same targets as the rest of the company.

How does KPI Dashboards align with digital transformation initiatives?

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KPI Dashboards align with digital transformation initiatives by providing a centralized platform for tracking, analyzing, and visualizing key performance indicators. This enables businesses to make data-driven decisions, improve efficiency, and achieve their goals. Digital transformation is all about leveraging technology to enhance business operations, and KPI Dashboards are a crucial part of this process as they provide real-time insights into business performance.

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Slide highlights

Use this slide to communicate the analysis of your Social Media KPIs to your team and/or stakeholders. These include impressions, conversion rate, Click-Through Rate (CTR), Cost Per Thousand Impressions (CPM) and other indicators.

With this slide, share your Advertising Media KPIs data analysis. These include Return on Ad Spend (ROAS), Cost Per Acquisition, Cost Per Action, Customer, Acquisition Cost (CAC), Website Conversions and other indicators.

Slides such as this one are great for introducing your profitability KPIs. These include Average Revenue Per User (ARPU), Cost of Goods and Services Sold (COGS), Gross Profitability, Client Contribution (CC) and other indicators.

Application

Business 2 Communityoffers this step-by-step guide for effective KPIs monitoring:

1. Identify the appropriate KPIs – determine which metrics reflect a particular KPI, relevant and important to your venture's general performance. An important thing to remember here, the experts say, is that although every brand might define customer satisfaction as KPI, the metrics available to measure that KPI might differ across brands and organizations.
2. Set up a process (preferably automated) – gather the necessary metrics in one place, because (once again) "analyzing a metric in isolation often doesn't provide all the insights you find when comparing metrics against each other," the experts say.
3. Visualize – visualization is essential for gaining insights that drive decision-making. The experts argue that tables of data aren't as powerful as visuals. Consider presenting performance over time, and separating it by key divisions: by channel, by demographic, by geographic location, etc.
4. Create a dashboard – build a KPI dashboard containing your visualizations and connect it to the raw data so the decision-makers can divide the data as needed.
5. Make decisions – based on the metrics and KPIs produced, create an Action Plan and a roadmap for meeting and improving your KPIs.

Expert advice

In his article for Harvard Business Review (HBR), Gene Cornfield, a Global Lead for the High-Tech Industry at Accenture Interactive, discusses important KPIs that you should but probably aren't tracking yet.

First, Cornfield poses a question: "Most leaders say they're customer-centric, but if everything they measure is company-centric, how could that be true?" He then goes on to explain that Customer Performance Indicators (CPIs) is "the new black" in the world of KPIs. In a nutshell, CPIs are the metrics that customers value, rather than the ones that the company values the most. For example, how fast someone can get a pricing quote, a "first-time resolution" on a customer service call or having a grocery delivery with "nothing broken."

Questions and answers

What is the importance of understanding the relationship between specific CPIs and KPIs?

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Understanding the relationship between specific Customer Performance Indicators (CPIs) and Key Performance Indicators (KPIs) is crucial for driving business performance. Once CPIs are determined, measuring them and seeing how they impact one or more of your KPIs can provide valuable insights. When the relationships between specific CPIs and KPIs are confirmed, teams can be held accountable to CPIs they can impact. This can help uncover customer frustrations, expectations, and target outcomes at specific points of their customer journeys, leading to improved customer satisfaction and business performance.

How can teams be held accountable to CPIs they can impact?

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Teams can be held accountable to CPIs they can impact by first defining the CPIs and understanding how they relate to the customer's journey. Once these CPIs are determined, they should be measured to see how they impact the KPIs. When the relationships between specific CPIs and KPIs are confirmed, teams can then be held accountable for the CPIs they can influence. This process ensures that teams are focused on areas they can control and improve, thereby driving business performance.

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To master this metric, Cornfield writes, first, separate CPIs from KPIs. Thus, many assume that is a CPI. But actually, only businesses really care about their NPS; customers typically don't, he explains. Next, define your CPIs. Look for ways to uncover "customer frustrations, expectations and target outcomes at specific points of their customer journeys, and then ask the series of open-ended questions to gain insights that surveys wouldn't know to ask, and that customers might not be inclined to answer in a survey," Cornfield writes. Finally, drive business performance by connecting CPIs to KPIs. Once CPIs are determined, measure them and see how they impact one or more of your KPIs. When the relationships between specific CPIs and KPIs are confirmed, start holding teams accountable to CPIs they can impact, Cornfield writes.

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