{"id":50513,"date":"2017-02-24T23:20:33","date_gmt":"2017-02-24T23:20:33","guid":{"rendered":"https:\/\/webolutionsmarketingagency.com\/5-steps-to-drive-performance-through-data\/"},"modified":"2024-03-15T16:49:56","modified_gmt":"2024-03-15T16:49:56","slug":"5-steps-to-drive-performance-through-data","status":"publish","type":"post","link":"https:\/\/webolutionsmarketingagency.com\/5-steps-to-drive-performance-through-data\/","title":{"rendered":"5 Steps to Drive Performance Through Data"},"content":{"rendered":"

Today, there is certainly no shortage of data. From analytics to social <\/a>tracking, marketers have access to more information than even before. However, there is a big difference between marketing key performance indicators<\/a> and actionable information.<\/p>\n

But how do you effectively convert your big data\u00a0into a performance-driving machine? One of the biggest keys is to only track what you can change. But there is a lot more involved, so we\u2019ve created these actionable steps\u2026<\/p>\n

1. Establish goals, Critical Success Factors & KPIs<\/h2>\n

Where do you begin corralling your data? With your goals, Critical Success Factors (CSFs) and Key Performance Indicators (KPIs). If you don\u2019t know what your goals and benchmarks are, then you won\u2019t know how to measure & improve. Begin by establishing SMART goals \u2013 Specific, Measurable, Attainable, Relevant and Time-Based. We recommend starting with two to three.<\/p>\n

Then, determine the Critical Success Factors for each goal. Critical success factors are qualitative measurements that state what should be done in order to be successful. They specify the requirements for success. Each goal will likely have 2-3 CSFs.<\/p>\n

Finally, establish your KPIs\u00a0for each CSFs. These are quantitative measurements that rely on benchmarks to determine if you are successful. This is where your data will\u00a0live.<\/p>\n

Here\u2019s a quick example of goals, CSFs & KPIs:<\/p>\n

Goal:<\/strong> Increase sales revenue 10% by next January<\/p>\n

CSF:<\/strong>\u00a0Increase the number of new customer each month<\/p>\n

KPIS for CSF 1:<\/strong> New leads, Average new order value, new customers, conversion rate<\/p>\n

CSF 2:<\/strong> Increase client retention<\/p>\n

KPIS for CSF 2:<\/strong> Retention rates, Average order value of existing customers<\/p>\n

Remember – keep these limited. Less is most certainly more. Only select goals and KPIs your company has control over.<\/p>\n

2. Develop systems to get the data<\/h2>\n

Now that you\u2019ve determined the data you need (ie KPIs), it\u2019s important to develop systems to get the information. This can often be one of the hardest parts because the it may\u00a0live in many different places. For example, new leads may be\u00a0in your CRM system, but AoV of existing customers may be in your accounting software.<\/p>\n

To accomplish this, you will need to:<\/p>\n