Knowledge is power. And when it comes to keeping your business on track, that knowledge comes in the form of Key Performance Indicators (KPIs).
No matter what industry you’re in, tracking your KPIs will give you a clearer picture of how your company is doing in the areas that matter for your bottom line.
If you’re not monitoring and analyzing your KPIs, you’re shooting in the dark. By tracking and visualizing your KPIs, you can make strategic, data-informed decisions that help you reach your business goals. Read on to learn more about exactly why you should track KPIs and what tools make it easy.
Why You Should Track KPIs
As your company leader, you have to make countless decisions, both big and small, that affect your business every day. When you do that without understanding and tracking your KPIs, you’re essentially making educated guesses. Tracking KPIs gives you the power to make incisive decisions, backed up by hard data.
Beyond merely having easy access to accurate data, here are a few more reasons why you should be tracking your KPIs:
- Assess Company Health: KPIs make it easy to monitor your company’s overall health. Track your customers, employees, processes, and revenue to keep an eye on your business’s vitality.
- Change Over Time: The longer you track your KPIs, the more valuable they become because you can compare current numbers to past numbers and see how things have changed. You can then use past KPIs to set realistic yearly and quarterly goals.
- Stay on Track: KPIs don’t just help you set goals. They also allow you to track your progress towards these goals. Weekly and daily KPIs help you and your team see where you’re doing well and where you need a little extra help to stay on track.
Why Let You Should Let Tech Do the Job
No matter what size your business is, tracking KPIs is no small feat. Most companies prefer to save time and energy by using a tool to capture and analyze their data.
KPI tracker tools collect enormous amounts of data from every aspect of your organization, analyze it, and distill it down into understandable numbers and figures. And best of all, they do it quickly. If you chose to track and analyze your KPIs by hand, it would take much more time. And the power of KPIs is that they let you make informed, real-time decisions to reach your business goals.
But luckily, there are plenty of tech solutions out there that make it easy to track, analyze, and visualize your KPIs. In the next section, we’ll go over some of our favorites.
KPI Tracking Platforms to Try
Hubspot is one of the most prominent, innovative players in marketing software right now. When you use their Customer Relationship Management (CRM) software, you get access to accurate, organized data that will help you make the right decisions for your company.
Hubspot will give you a live look at your MQLs, SQLs, leads, and more. You can track customers and team members to see where you’re doing well and where you need a little more help.
Just a few of the metrics you can track with Hubspot are:
- Website traffic and conversions
- Traffic and lead demographics
- Landing page performance
- Sales activity by sales rep
While Hubspot tracks all your data, Databox pulls it together in one place so you can visualize exactly what’s going on. Databox works with other software like Hubspot, Google Analytics, Facebook, Shopify, and more to consolidate your data into one place.
Databox allows you to:
- Manage all your data from one central location.
- Set and track time-based goals.
- Easily create attractive, clear reports and scorecards.
- Access KPIs through their easy-to-use mobile app.
Like Hubspot, Salesforce is another marketing software giant. They offer a CRM that lets you build personal dashboards for employees, as well as a central “State of the Union” for your entire company.
With Salesforce, you can visualize your data in different ways, including line charts, pie charts, and bar charts. You can also adjust the values included (counts, percentages, absolutes).
Salesforce allows you to track KPIs like :
- Lead to Opportunity Conversion Rate
- Average Contract Value
- Average Lead to Opportunity Time
- Emails Sent
- Number of Opens per Campaign
Salesforce has products for every aspect of your business, including sales, marketing, and commerce. You might need to take some time and figure out which combination of products is best for your company.
What KPIs Should You Track?
If you’re interested in tracking your company’s KPIs but don’t know where to start, contact Rizen today. We can help you find the perfect software for your needs, then identify the critical metrics that will help you make better decisions for your company. Contact us now to get started!