Have you ever wanted to:
- Compare current to historical data to see trends over time?
Build a complete story by comparing metric values over time and comparing data between different time periods. See trends and learn from the past and the present!
- Gain insights into your data through interactive exploration?
With a PowerMetric, you can dig into your data, trying out different visualization types, applying various date ranges, and choosing unique ways to segment and filter your data. It's quick and easy and you can see the impact of your choices while you experiment and explore!
When you identify which metrics are most meaningful to your company’s success, and then track those metrics, you have constant access to current and historical information, enabling you to make timely, impactful decisions.
What is a metric?
Every area of business has specific performance metrics that should be monitored. For example, marketers may track marketing and social media metrics, such as campaign statistics, sales teams may monitor sales performance metrics, such as new opportunities and leads, and executives may focus primarily on the big picture financial metrics.
A metric is a quantifiable value that’s used to track and assess the status of a specific business process. Metrics can be simple, like employee count or revenue, or more sophisticated, where the result is based on calculations or aggregations, for example, revenue per employee or Customer Acquisition Cost (CAC).
Metrics represent the numerical values you want to track, like revenue, employee count, and transaction count. As an example, the CAC metric represents the relationship between a) the number of customers and b) the costs associated with Sales and Marketing.
When you create a PowerMetric, you choose dimensions by which to segment and filter your data, enabling you to see your business performance from different perspectives. For example, you might choose to segment your sales data based on region, sales rep, or product type. Dimensions provide context for the numerical values in your metric.
Getting started with PowerMetrics
Choosing your key metrics and then building and tracking them is educational and rewarding.
Here are some steps to follow on your PowerMetric journey:
- Discover which metrics you should track.
Choosing which metrics to track is not always a "one-size-fits-all" decision, however, there are several key metrics that offer benefits to everyone. Learn more about key metrics here.
Interested in learning even more about metrics? Check out our ever-expanding library of metrics at MetricHQ. Not only can you access information about 100+ metrics across multiple business divisions, such as Marketing, Sales, Advertising, and Social Media, you can also add PowerMetrics to your account directly from MetricHQ. Find out how you can learn from, interact with, and contribute to MetricHQ here.
- Add a PowerMetric in Klipfolio® and connect to your data.
Create a custom PowerMetric or choose from our ever-growing list of pre-built "instant" PowerMetrics. PowerMetrics are based on modelled data sources. If you have an existing data source you want to use, you'll need to model it first. When you create an instant PowerMetric, we model your data for you. Learn more about creating PowerMetrics here.
- Explore your PowerMetric - customize and experiment with its display.
This is the fun part where you get to experiment and play with your PowerMetric! Apply different time ranges, choose a different visualization type, mix and match by segmenting and filtering - and see the impact of each of your selections as you explore. Learn more about exploring PowerMetrics here.
- Share your PowerMetric discoveries
Keep everyone aware of trends in your business data by sharing a PowerMetric (or a group of PowerMetrics on a dashboard), or, optionally, give an in-the-moment, contextual view of your discoveries by sharing the URL of a PowerMetric or dashboard. Learn more about sharing PowerMetrics and dashboards here.
- Monitor your PowerMetric data every day.
Now that you have some meaningful PowerMetrics - don't forget about them! Display and interact with your PowerMetrics on a dashboard. Checking your PowerMetrics every day ensures you are always involved and aware. Regularly monitoring your key metrics can transform your business and lead to success! Learn more about PowerMetric dashboards here.