How to create KPIs reports?
Companies need social networks as a vital part of their operation has been a reality for years, but once acompany has already made that leap into the social world there is still something very important that will help decision-making In the future: the results report or KPIs.
For those unfamiliar with the term, KPI refers to Key Performance Indicators or what is the same are those metrics that will allow us to see the progress in relation to the objectives, which leads me To the first point:
Set Objectives
We can not determine which KPIs are the ones that will really serve us when making decisions if we do not have clear goals. Everyone who creates a business knows what goals they want to achieve but it is important to know how these goals translate into social media.
Setting Goals and Measuring Evolution
Once we have already set our core KPIs, we must set goals and measure the evolution of results for better decision making.
It is very important not to measure by measure, that is, it is not worth knowing that my reserve conversion rate is 45% this month if I do not contextualize that data with respect to my goal and with respect to periods Above. If I have verified that reaching a 60% conversion rate, my earnings are expected for this year, that 60% will be my main goal and it is also important to know why in some months it increases and in others it decreases and hence the importance of The periodic collection of data.
Analyze the competition
Just as it is essential to contextualize the data with respect to a period of time, it is also convenient to be able to compare the evolution of our KPIs with respect to the competition.
Not all metrics are comparable since we do not have certain access to the data of our competitors but both at the web level and at the social networking level there is always public data that we can measure and get an idea of ​​how our business is in the sector.
Represent the data visually
When we already have our main indicators collected, measured and contextualized, comes the phase in which we have to represent them.
This point is key so that our report is understandable and clear, because for you that you have the function of collecting the data it is very easy to understand what is being represented and measured at each point, but for a person who sees it for the first time Time, that work is not so easy.
You have to establish which type of visualization is best for each metric. Whenever the evolution of the data are representable in a graph, do not hesitate, it is a thousand times better than in a table, but eye must analyze what type of chart is best for each occasion.
Interpretation of results and insights
The last but absolutely essential point is the interpretation of results and insights. Here are two essential points:
The conclusions should provide data that are not already represented in the report, providing an additional value essential for a good understanding of the report.
A conclusion is not an insight. We must know how to differentiate these two terms and both are necessary in a report. Conclusions are used to make decisions based on data already known, an insight helps us to know the basis of the problem and decide the best strategy.
I have to create KPIs report weekly or monthly for many of the accounts I manage, and its quite a challenge, I will try to share some of those reports with you soon, why dont you share yours too?
For those unfamiliar with the term, KPI refers to Key Performance Indicators or what is the same are those metrics that will allow us to see the progress in relation to the objectives, which leads me To the first point:
Set Objectives
We can not determine which KPIs are the ones that will really serve us when making decisions if we do not have clear goals. Everyone who creates a business knows what goals they want to achieve but it is important to know how these goals translate into social media.
Setting Goals and Measuring Evolution
Once we have already set our core KPIs, we must set goals and measure the evolution of results for better decision making.
It is very important not to measure by measure, that is, it is not worth knowing that my reserve conversion rate is 45% this month if I do not contextualize that data with respect to my goal and with respect to periods Above. If I have verified that reaching a 60% conversion rate, my earnings are expected for this year, that 60% will be my main goal and it is also important to know why in some months it increases and in others it decreases and hence the importance of The periodic collection of data.
Analyze the competition
Just as it is essential to contextualize the data with respect to a period of time, it is also convenient to be able to compare the evolution of our KPIs with respect to the competition.
Not all metrics are comparable since we do not have certain access to the data of our competitors but both at the web level and at the social networking level there is always public data that we can measure and get an idea of ​​how our business is in the sector.
Represent the data visually
When we already have our main indicators collected, measured and contextualized, comes the phase in which we have to represent them.
This point is key so that our report is understandable and clear, because for you that you have the function of collecting the data it is very easy to understand what is being represented and measured at each point, but for a person who sees it for the first time Time, that work is not so easy.
You have to establish which type of visualization is best for each metric. Whenever the evolution of the data are representable in a graph, do not hesitate, it is a thousand times better than in a table, but eye must analyze what type of chart is best for each occasion.
Interpretation of results and insights
The last but absolutely essential point is the interpretation of results and insights. Here are two essential points:
The conclusions should provide data that are not already represented in the report, providing an additional value essential for a good understanding of the report.
A conclusion is not an insight. We must know how to differentiate these two terms and both are necessary in a report. Conclusions are used to make decisions based on data already known, an insight helps us to know the basis of the problem and decide the best strategy.
I have to create KPIs report weekly or monthly for many of the accounts I manage, and its quite a challenge, I will try to share some of those reports with you soon, why dont you share yours too?