Why do Analysis: When we are in the virtual World whats Imperative is Where we are Now ( as a business entity) and Where are we heading towards...i.e. are we moving in the Right direction? that we decided and at the speed we intended?
The Fuss about & of KPI's:
We get across numerous people who waste time in locating the right KPI's the joke for them is
" Too much of Analysis causes Paralysis"
The problem most of web analysts face today is presenting raw technical data available from Analytics software to the top management in way such that they Understand it in the Business Language that they like most. One of the best method that is been found is by using Key Performance Indicators (KPI’s), in simple words Classify, summarize the raw technical data/information/reports into ratios, percentages, highlight the pattern and focus on parameter that can help in business-critical action. It’s very important that all the key performance indicators should highlight success and failure of the business objective of the website and can drive actions.
KPI's tell us our Current situation thats Real...whats so about our Virtual Property.
- Select a date range for your report with enough data so you can highlight pattern and percent increase or decrease in any parameter. this can be done by use of bar chart, pie-chart or line graph. there are numerous free stasistical free tools that help plot the graph.
- Always highlight any significance change in the key performance indicators and follow up with three bullet points.
- Probable cause for change: You may try looking at logs of series of event that happened may have impacted the KPI. For Example: Any recent change in design or validation of order form can increase or decrease orders significantly.
- Its impact on business : What will be the probable impact of the change on other KPI’s and overall business
- Recommendation to fix /sustain it depending on its impact
- You may use color code to for better communication.
- Green for Good viz. increase in ROI decrease in acquisition cost
- Red for Bad viz. drop in conversion, increase in bounce rate