Data 101: What is KPI Reporting?
Effective use of KPI reporting is becoming more and more important for marketers to report on with the changing pace of the industry. With real-time digital information readily available, CMO’s are responsible for adapting their strategies with data-driven insights while programs and campaigns are running — not after the fact. Every company is aiming to meet their objectives and goals successfully, but execution depends on the right processes, team alignments, and supporting technology. Key Performance Indicators (KPIs) are metrics that allow your company to keep track of and achieve specific business objectives. At each stage in the consumer journey, these KPIs help to evaluate where you stand at reaching each of these various targets. Deciding which KPIs are most effective to use is dependent on which industry and business division you are in, but measuring success in terms of business goals and targets is widespread.
Visualizing these Key Performance Indicators using a marketing intelligence platform will allow you to monitor, optimize, and report on these metrics and ultimately make smarter business decisions based on real-time insights. This KPI software collects and integrates data from all marketing and business sources into one synchronized place, stitching together KPIs that are representative of all areas of the customer journey. Companies who utilize real-time reporting software benefit by having automated data integration, dynamic data harmonization to analyze different sources together, and up-to-date reports and analytics on performance.
There are a number of different KPI types depending on which industry or department you are interested in monitoring. Whether focusing on advertising, ecommerce, brand health, publishing, or B2B Marketing, each field has their own set of goals and targets they are looking to reach, and thus a different set of KPIs.
A Key Performance Indicator Report is essentially a strategic tracking method that helps your business organize and define what these goals and objectives are in numerical form — with context through goals, pacing, and benchmarks to understand what success looks like. Building out your KPI report and dashboard is the next step to effectively monitor these metrics in real-time. KPI reporting dashboards are an effective tool because it allows you to get a holistic view of your company’s performance in one place. CMO’s have multitudes of metrics they need to be concerned with as today’s analytics technology can allow marketers to dive deeply into their data to answer questions and take action.
Utilizing KPI reporting in tracking your business performance can provide you with a competitive edge, but only if used in the right way. Working with a marketing-specific technology and partner can help CMO’s create a structured hierarchy of KPIs that supports both internal collaboration and external communication on marketing’s performance and impact. Tracking the wrong performance indicators can be detrimental to your business. Choosing KPI reporting that are appropriate, accurate, and actionable will create the business value you are looking for.
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