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Analytics | May 26
Marija Hladni on May 12, 2021 • 17 minute read
How do you measure your company’s performance?
Are you making a thorough analysis of your work, sales, and financial results, or simply following your gut feeling?
As you might have guessed, the latter is not a good way to run a successful business.
If you want to know how your business is performing across the board, you need to start measuring performance and monitoring the progress towards your goals.
And you can’t do this if you don’t track Business Metrics.
By tracking business metrics, you will be able to see how your company performs in real-time and if you are on track to achieving your goals.
More importantly, you can make the spot decision to modify the current trajectory if it seems that you or your department are not going to hit your weekly, monthly, or quarterly goals.
So, how do you identify which business metrics really show how your business performs from day to day?
In this guide, we’ll answer that and much more as we cover the following:
Let’s start with the main definition- a business metric can be defined as a quantifiable measure businesses use to monitor and assess the success of their business processes.
Tracking business metrics lets you improve overall results and align your people and processes with your organizational objectives, as well as provide you with some of the following benefits:
KPIs are measurable values that show you how effective you are at achieving business objectives. Metrics are different in that they simply track the status of a specific business process. In short, the best way to distinguish the two is to understand that the KPIs track whether you hit business objectives/targets, and metrics track processes.
Related reading: KPIs vs. Metrics: What’s the Difference and How Do You Measure Both?
Luckily there is no shortage of tools for tracking business metrics. The key is finding the ones that will be most useful for your business and the metrics and KPIs that are the most important to be tracked.
Google Analytics is an analytics tool that allows you to measure the performance of your website. It can help you understand how people engage with your website and content on a daily basis.
We can break down Google Analytics’main functions into four essential categories:
These four can help you get a complete insight into your data, and from there, you can more effectively make relevant decisions that can help you grow your business.
Measure, learn and grow your business from anywhere by connecting your Google Analytics account with Databox today.
Adobe Analytics is a part of the Adobe Experience Cloud. This suite consists of products that allow marketers to apply detailed segmentation and real-time analytics across different marketing channels.
When using Adobe Analytics, it is now possible to leverage powerful capabilities like Analysis Workspace, Report Builder, Reports & Analytics, and Ad Hoc Analysis.
Many comparisons between Adobe Analytics and Google Analytics have been drawn, but in the end, it comes down to you figuring out which can bring you the most value in answering your biggest business questions.
Extend the industry-leading solution for analytics and segmentation by connecting your Adobe Analytics account with Databox.
Mixpanel is a tool that allows you to analyze how users interact with your Internet-connected product. It’s designed to make teams more efficient by allowing everyone to analyze user data in real-time to identify trends, understand user behavior, and make decisions about your product.
Understand how customers use your app, wherever you are by connecting Mixpanel with Databox.
Depending on your company and the areas you want to monitor, you’ll want to focus on certain business metrics in particular.
So, in this section, we are going to cover some of the most common business metrics for industry verticals and departments along with dashboard examples for each.
Marketing Metrics are measurable values used by marketing teams to display the overall performance of social platform accounts, campaigns, lead nurturing, etc. Monitoring digital marketing KPIs can help your team stay on target from month to month. With the vast base of different marketing channels used by teams, it is crucial for marketing teams to actively track their progress using the right and most effective metrics.
An example of a marketing metrics dashboard would be HubSpot Marketing Dashboard Template from Databox.
As a digital marketer, you can measure the success of your work in several ways. One of those ways is by examining key SEO metrics. If you want to invest the time and budget it takes to create and maintain an SEO plan, it goes without saying that you want to be sure that your investment is worth the results.
Keeping your eye on the numbers and ensuring that your SEO metrics are correctly tracked provide you with all the insight you need, not to mention the ability to report on the success of your plan easily.
An example of an SEO Metrics Dashboard would be Google Analytics Landing Page SEO Dashboard Template by Databox.
For the financial sector to keep a healthy status and avoid monetary bottlenecks, it needs to regularly track, monitor, and analyze a company’s performance. And this is where financial KPIs and metrics come into play. The financial team can have a clear view of what is happening on the daily, weekly, monthly, and yearly level, and more importantly, easily report on progress using dashboard reporting to manage and optimize those processes effectively.
These are just some of the financial metrics examples you should include in your reporting –
An example of a Financial Metrics Dashboard would be QuickBooks + HubSpot CRM: Financial Performance Template by Databox.
Every sales activity is measurable, and the challenge is often knowing what to track. Let’s be clear; there is certainly no lack of sales software tools to help you with that. However, this also means that there is more data at our disposal than ever before. Gathering that and analyzing sales data can be tricky without the right metrics.
Without the data provided by sales metrics, it is hard to close the gaps within your sales pipeline and improve the overall customer experience that will, in the end, ensure that you get that desired number of deals closed each month.
These are just some of the options to consider when tracking your sales.
An example of a Sales Metrics Dashboard would be HubSpot Sales Activity Dashboard Template by Databox.
It is important to keep in mind that to make a SaaS company successful, you can’t just change your software delivery model to the web and expect it to work seamlessly. Keep in mind that
Many SaaS companies struggle to achieve predictable revenue growth, and even public SaaS companies struggle to achieve profitability.
This is why you must make thoughtful, data-driven decisions regarding your marketing, sales, and customer success operations. And the best way to do it is for you to track the right SaaS metrics and KPIs.
Here are just some of the essential ones that can provide you with the data you need to move forward with your business:
An example of a SaaS Metrics Dashboard would be Customer Success Dashboard Template by Databox.
Your metrics are determined by your social media goals, regardless of the platforms you are using. In order to determine if your social strategy is hitting the mark or not, you need a related social media metric for every goal. That way, you can easily adjust it in real-time and prevent your business from spending funds on a strategy that is not bringing in the desired ROI.
Some of the social media metrics that are worth tracking are:
An example of a Social Media Metrics Dashboard would be Google Analytics Social Media Dashboard Template by Databox.
Product metrics are defined as quantifiable data points that a business tracks and analyzes to determine the success of its product. It is important to keep in mind that these metrics should all tie back to the product strategy. And by tracking them, you can more easily modify that strategy on the go so that the final results are aligned with your business goals.
Here are just some examples of product performance metrics that you should consider tracking when executing a product strategy.
An example of a Product Performance Metrics Dashboard, would be Google Analytics Product Revenue Dashboard Template by Databox.
There is no doubt that call centers are an operationally complex element for any business. However, they play a significant role in your customers’ experience and their journey. Balancing the need for operational efficiency with meeting customer expectations is no easy task, but the right mix of call center metrics can help you steer your business in the right direction.
For example, starting by tracking inbound calls can make a huge difference when it comes to getting more data and diving deeper into what’s really happening.
These are just some of the more relevant call center metrics you should be tracking over a relevant period of time.
You can see an example of a Call Center Metric Dashboard created in Databox below.
Ecommerce performance metrics show you the current state of your ecommerce business. Selling online without keeping track of your ecommerce metrics is like driving with your eyes closed.
Having a clear insight into all the processes involved in running your ecommerce business helps you react when an issue occurs and allows you to adapt your strategy if the one you have is currently not bringing the desired revenue.
We know it’s hard to decide what online business metrics to monitor, so we made sure to provide you with a clear list of the essential ones that let you keep an eye on all the important aspects.
An example of an Ecommerce Metrics Dashboard would be Google Analytics (Ecommerce overview) Dashboard Template by Databox.
People want a prompt answer when they have a question or problem. They also want to be empowered to solve issues independently through a knowledge base or self-service portal when possible.
And this is where help desks come in.
You want to ensure that you respond to customer needs and inquiries efficiently and quickly. But to ensure that that is precisely what your business is doing, it is important to keep track of your help desk metrics.
You can use the following help desk metrics to evaluate how effective your customer support efforts are.
An example of a Help Desk Metrics Dashboard would be the HelpScout for Customer Support Dashboard Template by Databox.
We can define operational metrics as metrics used to monitor and manage operations with a shorter time limit and frequent change. The list of operational metrics needs to include vital business metrics that you need to track your daily business goals.
They can be from different departments, ranging from marketing to sales. Since we have covered the two previously mentioned ones within this article, let’s look at some project tracking metrics.
An example of an Operational Metrics Dashboard, which, in this case, includes project-related metrics, would be the Asana (Project Overview) Dashboard Template by Databox.
There is no need to stress how important tracking business metrics is, as without them, you won’t be able to see what actually progress you and your team have made. There are always new processes, strategies, or even just a couple of tips that can help you maximize all your hard work.
So, let’s see how we can help when it comes to metrics reporting.
Regular metrics reporting helps you obtain data that shows how close you are to reaching your pre-set business goals. Based on that data, you can make the necessary changes to ensure that all the goals are met in time.
Marketers tend to judge their performance based on their outputs, but it isn’t possible to have a full picture without calculating the outcomes.
On the other hand, tracking only the outcomes means your team lacks visibility into the specific activities that actually drive those outcomes.
Understanding business analysis better can be beneficial when it comes to improving your overall business performance.
Outcomes represent what your business wants or needs to achieve. At the same time, outputs represent actions or items that contribute to achieving an outcome that you have set.
Custom reports are suitable for various business units, such as sales, finance, or marketing. The main purpose is to translate any data into actionable insight that can help your team make better, evidence-based decisions for your business.
We have covered a plethora of business metrics so far, and by now, you have a far better idea regarding which ones you want to be tracking for your business. Of course, they might not all be from the same source, which is where Databox comes in.
Logging into multiple tools to find the data takes time and nerves. You have to click through multiple screens, cut and paste screengrabs, not to mention first downloading CSVs and then having to upload data into spreadsheets, creating various reports, and presenting them.
But, with Databox, you get to track all your business metrics in one place and visualize your data dashboards in a way that works best for you and your team.
Let’s find out exactly how.
The fastest way is, of course, to use one of the Databox Dashboards Templates that we have on offer. However, if it doesn’t encompass all the metrics that you like to track, you have the option of creating a custom one to suit your personal needs or the needs of your team and your business.
Navigate to the Databoards page. Click the green + New Databoard button to create a new Databoard.
The Wizard will take you through a simple process similar to the signup flow, which prompts you to immediately select a Data Source and Metrics to populate on the Databoard.
If you choose to Start Blank, you will be taken directly to the Designer to create your Databoard from scratch.
First, click on the Metrics Library icon on the left side of the Designer.
Then choose the Data Source you want to add to the Databoard from the Metric Library from the Data Source drop-down.
These are pre-built Datablocks for the selected Data Source.
You can search for specific Business Metrics using the Search bar at the top of the Metrics Library.
You can view Basic, Custom, and Calculated Metrics by clicking on the corresponding tabs at the top of the Metrics Library.
Finally, in the right-hand Datablock Editor, select your first Data Source and Business Metric and drag and drop the selected Datablock onto your Databoard.
This will automatically re-populate with data from the selected Data Source.
You also have the option to click on the Datablock on the Databoard. This will open the corresponding Property Manager on the right-hand side of the Designer. Using the Property Manager, you can further customize the Datablock as you see fit.
There are several other ways of adding Datablocks to Dashboard in Databox. You can also add them from My Metrics or Visualization Library in the Dashboard Designer.
If you are not ready to build the Business Meric Dashboard yourself, and you want someone from our team to help build these reports for you. We can do it free of charge.
Start a chat with one of our dashboards experts, and they’ll build out a business metric dashboard for you that includes metrics like the ones we covered in this article.
Once you go through these steps, you’ll be able to track and visualize your chosen business metrics easily.
Now that you have all the relevant data in one place, it is time to leverage the power of those insights to grow your business further.
Not a Databox user yet? Start a free account here.
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