The Power of Measuring and Tracking Results - Building Blocks 5
Don Davis PhD, MBA
?? Driving B2B Growth Through Digital Strategy | Turning Traffic into Leads & Sales | CEO & Founder at D3 Digital Media Marketing | Author ??
The Power of Measuring and Tracking Results
Measurement is one of the most important aspects of success in any organization. It’s impossible to know where you are or where you are going without having measurements. Additionally, we are not great at remembering all of the progress that we have made and metrics can provide the historical insight needed to be able to look back. The best way to measure progress is by creating a set of metrics that can be used to track results and make adjustments along the way.
Metrics provide an unbiased view into how well an organization is performing and allow for necessary changes in strategy if needed. Metrics also demonstrate whether or not customers have been satisfied with their experience with your company which is vital when it comes to retaining them as future clients or taking care of existing ones. By tracking these measurements, organizations can pinpoint where improvements need to be made so that they can continue to serve their customers well.
Three most important factors in creating metrics
1. What are you trying to achieve?
Because organizations need to support their customers, keep employees happy and be profitable, there are some essential metrics that should be included in any set of measurements such as customer satisfaction rates, employee engagement levels, or profit margins.
As the organization continues to grow it is easy to understand that specific metrics will need to be created that match where you are going. It is important to tailor the metrics to fit the company’s specific needs and what you are trying to achieve.
Related to this topic would be the focus that Google has put on measurement. Google is most widely known for implementing OKR's (Objectives and Key Results). The reason for this thinking is because it ties what you are measuring to what you are trying to achieve.
2. What needs to be measured to achieve this goal?
If you were to envision being at the finish line where your goal was achieved, are there measurements that would clearly tell you that your organization solidly performed or where it needed to make corrections?
Examples of measurements could be:
One common argument against having a measurable metric is that the data is not perfect. Data in an organization often has challenges like entry errors. Even if the data is not perfect would it tell you if you are moving in the right direction? The answer to this question is frequently yes. In this case, you should move forward with the imperfect data and maybe establish a metric around perfecting the data as you go.
3. Engagement of the team in the development of metrics
Creating and implementing metrics is a team sport and involving individuals then teams in the process will also result in metrics that are supported across the organization. Additionally, the more people that you involve in the development of the metrics would provide perspectives that will improve the measurement.
How Teams can go about Implementing Metrics
Implementing metrics starts with setting clear leadership direction that you are going to create metrics for measuring performance. Metrics make your goals actionable and measurable. The leader of the organization needs to start by setting the reason for needing to implement metrics.
After the direction is set teams can then review what needs to be achieved versus the data and measurements that are available.
If there are items that you want to measure tomorrow but do not have the data needed today, can the team create the data needed so that you can appropriately measure performance? Setting a timeline for establishing the needed data and the first review will be critical for you to set with the team.
After the metrics are agreed upon the next step will be to establish the baseline, where are you today? As the leader, you need to let people know that the snapshot of today is just that. You are going to make progress against the metrics so no one should be defensive about what the baseline shows today. The focus should be on taking steps to improve performance rather than focusing on the baseline.
Considerations for Tracking progress
Tracking progress is an important part of using metrics effectively. It allows organizations to see how they are doing over time and makes it possible to adjust strategies as needed.
It is important to set a cadence for how often the metrics will be reviewed and tracked. Having a schedule will ensure that progress is being made and that the necessary changes can be made.
Another consideration is how to track progress. Oftentimes, data can be tracked in everyday tools like Excel or if needed more specialized software platforms. Standardizing the platform and how it will be presented will ensure that teams can leverage data well in advance of a review.
When it comes to tracking progress, make sure that you are measuring not just what was achieved, but also how it was achieved. Celebrating successes is important, but it is also critical to understand what led to those successes. This will help in replicating positive performance in the future.
Metrics should be reviewed across silos to get different perspectives and to ensure that everyone understands and agrees with their ability to demonstrate success.??Moving a problem from one department to another does not serve the customer or your company. Most often when this happens you will not see it unless you hold cross-functional reviews with enough time for everyone to discuss what is happening.
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Conclusion
Metrics provide the essential building blocks for any organization. They can be used to measure success or failure and should be tailored to fit the company's specific needs. In order to create effective metrics, it is important to know where you want to go and what needs to be measured in order to get there.
7 Tips To Create Metrics That Matter
1. Metric should tell a story about your current state and where you want to go
2. Metric should be stated as a ratio or rate that is meaningful and understandable to all stakeholders
3. It is important that Metrics can be tracked on a regular schedule and provide feedback for results over time
4. Metrics should focus on what will make an impact on your overall goals and objectives
5. Metrics need to be revisited regularly with updated terminology as necessary
6. Metrics must support each other and relate back to the overall goal of the team, department, or company
7. Metrics should be actionable and lead to change
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