The analytical report of digital metrics is a necessary evil. We say that they are a bad thing because their elaboration is a task that consumes many resources that for some could be better invested in the planning and execution of marketing actionsor in the analysis of that same data to find opportunities for optimization of tactics. But they are definitely necessary, almost obligatory, because they are the only way available to socialize the impact of the strategies undertaken. Good reports of digital metrics are the perfect weapon to document, evangelize and involve all members of the company with the digital strategy, tactics, methodologies, processes and results. So the trick is to use just the right amount of resources to achieve that end. Not wasting resources in the creation of reports and finding the perfect point between investment and result is, therefore, what differentiates the good reports from the bad ones. Consequently, Jamaica Phone Number List leaders and digital teams must focus on those two aspects – investment versus results – to achieve efficiency. That is what we propose in this article: to shed light on the fundamentals to appropriate this management tool and get the most out of it; because a sufficient and accurate report can change the course of a digital strategy and lead it to success.
The analytical report of digital metrics must be simple, relevant and timely
Creating an effective digital metrics report begins with understanding that they have to be simple, relevant, and timely in order for them to truly contribute to the business. A no-brainer? Yes, but those are the things that most overlook and that is why they screw up. We emphasize and insist on this from experience: every day we come across reports full of data, graphs and texts that show a lot, but say little. Reports full of complexity, but empty in information! Loaded with irrelevant indicators for the organization and for its members – perhaps, we believe, to make them look gigantic and very deep … «highly professional» -. Simple and relevant reports facilitate communication and provide timely data. They focus on the circumstances and goals of the moment to find answers to the team’s everyday questions. The metric reports that change the course of the strategy are those that only care about shedding light on future actions, those that aim to refine them and make them more efficient. The metric reports that they provide are those that improve the understanding of each situation, that generate knowledge and increase the skills in the team. While the bad guys waste our time and put leaders to navigate an ocean of complex charts and graphs that are not relevant for decision making.
But the matter does not end there. In addition to being simple, relevant and timely, digital metrics reports must have the ability to connect with the receiver through language. Those of us who live with digital analytics immerse ourselves in that parallel reality in which all concepts are natural and understandable to us, and that leads us to believe that any definition, data or indicator is clear and understandable to others. And no. Not all members of the organization are familiar with the meaning of each piece of information or with the correct way to interpret it. This communication obstacle destroys the report and hinders the analysis and monitoring processes. For this reason, the creators of the reports must internalize that, in addition to being simple, relevant and timely, your presentations should be built on language easy for any unsuspecting recipient to understand; because the report – to be efficient – must connect with the evaluator, offer valuable information, draw conclusions and facilitate decision making in order to contribute to the well-being and future of the digital strategy.
The 5 keys to creating an outstanding analytical report
Building a presentation of digital metrics for a Forex Email List leader must be seen by the manager as an opportunity and a threat. An opportunity because through the report it is possible to “evangelize” about the advantages offered by digital environments and give visibility to the results achieved by marketing actions—Which could mean greater support and an increase in the allocation of resources for the digital strategy. But it is also a threat because if the report does not meet the characteristics described above – simple, relevant, timely and in understandable language – it could confuse decision makers and reduce support for digital activity. That’s the responsibility of the data analyst and reporter: maintaining the trust of leaders in digital actions to earn support and resources for the future.
But what are the keys to creating those reports that transform business activity and digital results? We already gave four – simplicity, relevance, opportunity and appropriate language – and then we are going to share more. We will present the following five keys as a kind of step by step to build an efficient document, which is assimilated by the bosses. Our approach is based on five verbs that, when followed, achieve a good communication of the reality, the challenges, the successes and the failures of the digital strategy. Ultimately, by following these steps, you will get an eye-opening report for leaders and for the business:
The first key to creating outstanding metric reports is the recognition of critical indicators for the recipient of the document. The reports that are prepared for a commercial director cannot be the same as for the customer service manager or the general manager. Likewise, it doesn’t make sense to use the same template for a Black Friday season report as for a new product launch. Each person has particular interests and each moment has its nuances; the data provided must respond to these peculiarities. Avinash kaushik—An author of several successful books on digital analytics — strongly suggests that analysts and metrics reporters should focus on no more than five metrics for each moment or circumstance, and we agree on that. Good reports are specialized and are used to address a specific issue of the company’s digital reality. Therefore, recognizing the priority metrics for the person and the moment of the business is a key aspect in the construction of a memorable report.
What follows is the definition of the tone of the communication to create a connection between the sender and receiver of the data —as we stated previously, matching the language is fundamental. The second key then is to clearly specify each of the concepts that are dealt with in the report, especially those that may generate a lack of understanding or some confusion. Define is “to fix with clarity, accuracy and precision the meaning of a word or the nature of a person or thing” (first meaning of the verb in the DLE). Anyone building a metric report should allocate enough time and space within the document to clarify concepts and terms that could be confusing to the people who will receive the information. It is useless to design an intelligent, timely and concrete presentation if, deep down, the recipient of the content does not understand it and does not appropriate it. The responsibility of the analyst is not limited to documenting and transmitting data; It must also ensure their understanding and correct analysis to guarantee assertiveness in future decisions.
By complying with the first two verbs we can guarantee a report that includes only the necessary data and that is understandable to the interlocutor. Now, the third key will be in charge of providing context and anchor points for the analysis and the correct understanding of the information, because individual and isolated data provide little useful information. The comparison will take care of giving us the tools to achieve a correct interpretation. In this part of the constructive process of the report, what we seek is to confront, contrast and compare each figure over time, in the different devices, in each source and in each context to identify behavior patterns that help us to read the reality of the environment and business in the digital world. In this comparative phase, the analyst must show the progression of the data over time and compare each indicator to identify causal relationships and correlation — thus facilitating understanding and creating anchor points. Giving as much contextual information as possible to the evaluator will simplify the process of examining the data and aid in the recognition of the problems to be solved and the achievements that have been made. For example, if you are planning a report on inbound marketing actionsand only the bounce rate of a website page is shown, without accompanying it from the context that gives the time on the site and the conversion rate, it could have a wrong interpretation; But if the data is delivered with a range of average behavior of the sector, with the result of another page of the same website or with the behavior of the indicator over time, additional information will be offered that will help to draw better conclusions.
Once the data has been chosen, explained and compared, the analyst and the recipient of the message will be able to discuss the information and issue theories about the positive and negative of the metrics prepared for the report. This fourth stage is what we call diagnostic, and it is also key in creating an outstanding metric report for business leaders. Diagnosing has to do with analyzing, proposing and projecting. In this step, the possible causes and reasons for the digital results are reviewed. Because good presentations are not limited to being a package of data and graphs, but they provide hypotheses about each of the behaviors and trends that are evident. Attaching conclusions that explain the reason for each situation is what is requested in this section of the preparation of the report. What’s more, Processes should be proposed for the validation or verification of these theories issued. In summary, what is expected in this fourth stage is an analytical rather than a descriptive effort.
Finally, a good metric report should always end with a plan that allows you to improve the digital business strategy. Within this action plan, those that must continue to be executed must be specified, clarifying the small adjustments to be made in them to improve their efficiency. Those that must be corrected or deleted from the tactical plan must also be highlighted. In addition, it is convenient to present some proposals on new actions to enrich the group of activities that will lead the organization to digital success.
In conclusion, building a great digital metrics report for bosses is a process that must be based on simplicity, relevance, timeliness, and the use of understandable language and then be made with the correct data; a clear explanation of the meaning of each indicator; comparisons to give context and show trends; the rigorous analysis of the possible causes and consequences of the results, and a proposal of paths or activities to improve the impact of the digital strategy. By doing so, the reports will give leaders tools to make the best decisions and for a correct allocation of the organization’s resources. Those who follow this short recipe will have the certainty to evaluate only what is important, to assign a cause for each behavior and to choose an action that faces each reality. The whole point of all of this is to differentiate yourself as a manager to remove the label of “data collector and charter” and become a true “digital analyst.”