Moving the Metrics that Matter: From Data to Insight

Many companies find themselves inundated with data yet starved for actionable insights. In this instalment of the Digital Leaders Series, "The Metrics That Matter," we aim to guide aspiring Digital Leaders on how to sift through the noise, identify critical metrics that align with strategic goals, and harness these insights for smarter decision-making and superior digital and customer experience.

Drowning in Data, Starving for Insight

In the B2B environment, data is abundant, but meaningful insights are gold. The key isn't to capture every byte of data but to pinpoint metrics that drive business success. Data alone is just numbers and facts; the real value comes from interpreting this data to inform strategic decisions and move key performance indicators in the right direction.

Identifying the Metrics That Truly Matter

Effective metric analysis starts by linking both leading and lagging indicators to outcomes that matter. From the KPI Framework to the Experience Canvas Model discussed earlier in our series, these tools help align operational metrics with strategic objectives. The KPI Framework ensures each data point measured serves a purpose, while the Experience Canvas Model maps customer touchpoints, highlighting areas for improvement.

Next, identify the "Vital signs" that indicate the health of your digital strategy. Ask yourself, "If I could only choose five metrics to monitor success, what would they be?" This thought process is crucial, whether you're tracking eCommerce conversion rates and average order values or B2B lead conversion rates and client engagement scores.

The Impact of Improvement

Understanding how improvements affect these metrics can significantly enhance customer satisfaction and increase conversion rates. For instance, reducing time to purchase or focusing on upselling strategies in eCommerce can boost average spend, while in B2B, enhancing lead conversion processes and nurturing client relationships can escalate contract values.

Maturing Your Analytics Activities

As your digital strategies mature, so too should your analytics. Initially, you might focus on fundamental metrics like traffic volume or basic conversion rates, which provide a snapshot of overall performance. However, as your digital capabilities evolve, you'll want to delve deeper into more sophisticated analytics that can offer granular insights into customer behaviour, operational efficiency, and strategic impact. For instance, eCommerce sites might progress from tracking simple session durations to analysing heat maps and customer journey analytics. Similarly, B2B services can move from measuring initial lead quantities to understanding lead quality and the impact of engagement tactics on conversion. Maturing your analytics involves not just collecting more data, but enhancing your capacity to extract actionable insights that drive informed business decisions.

Evolving Your Digital Performance Analysis

The table below highlights some typical metrics teams may consider as they set out on the analytics journey and some more advanced metrics to build towards. 

Starting Metrics:

• These are essential for setting a baseline and are typically easier to track. They give a broad view of the performance and are crucial for early-stage analytics.

Advanced Metrics:

• As analytics mature, the focus shifts to more detailed and sophisticated metrics. These metrics offer deeper insights into specific aspects of the business or customer journey and are pivotal for optimising strategies and operations.

eCommerce Metrics

B2B Professional Services Metrics

Surfacing the Performance Data

Creating visibility and building momentum for digital initiatives requires surfacing critical performance metrics in an accessible format. Tools like Google Data Studio or Power BI are invaluable here, transforming complex data from Google Analytics into visual insights that highlight key performance trends.

While most CRM systems and digital platforms come equipped with basic analytics, when you're ready for deeper dives, platforms like Klipfolio, Mixpanel, and Tableau offer advanced capabilities. Klipfolio excels in creating real-time dashboards, Mixpanel provides in-depth behavioural analytics, and Tableau turns complex data sets into intuitive visualisations.

The Road to Incremental Gains

With a solid foundation in monitoring and reporting, teams can pivot to Continuous Optimisation techniques such as CRO, using experimentation and personalisation to drive incremental gains. These subtle yet powerful adjustments can lead to significant improvements in performance and ROI.

Evolving 

Starting with the right metrics is essential, but understanding how to influence them and measure their impact can set your business apart. As your organisation grows in digital maturity, your analytics should evolve from fundamental metrics to more sophisticated analyses that offer deeper insights into customer behaviour and business operations. This progression from basic tracking to advanced analytics will enhance your ability to make informed decisions that drive your business forward.

With a solid foundation in monitoring and reporting established through the tools mentioned, consider how you can expand your metrics as your digital practices mature. Utilise the provided tables as a roadmap for advancing your analytics from starting metrics to more complex measures that can significantly influence your strategic outcomes. Whether you’re optimising an eCommerce platform or enhancing B2B service delivery, these metrics will guide your journey toward continuous improvement and digital excellence.

Fast track your journey

Ready to transform your approach to data? Dive deeper into digital analytics with UNRVLD’s analytics team, designed to bring clarity and actionable insights to your business strategies.

Contact us today to learn how we can help you navigate from basic data collection to comprehensive insights, driving your business toward incremental gains and robust digital maturity.

‍Sign Up Below for alerts to the forthcoming weekly insight releases in The UNRVLD Digital Leaders Series, plus supporting resources and exclusive associated events.