What is it, how does it work and how to manage project metrics?

Metrics management is essential in any digital project where the team wants to be consistent and seek improvements. After all, the indicators are decisive for a business to perfect its techniques and improve its results. In this context, the analysis of the numbers is an essential process to find points for improvement and to make management more efficient.

In general, metrics are reliable information about the operation and results of campaigns. Thus, following them will help in making decisions for future work. To have a leaner and more profitable project administration, there are many indicators that can be followed, it all depends on what results you want to have.

Therefore, check below what metric management is, its importance, and many other important information so that you know everything about the topic!

What is metric management?#

Metrics are information that make it possible to monitor and measure the results of marketing campaigns. Thus, they are part of any planning and strategy, allowing activities to be improved, abandoned, or even continued - if the results are good and satisfactory.

Metrics management consists of the parameters that are used to analyze the performance of campaign actions. Thus, depending on the results your company wishes to achieve and your interests, the choice of the indicators that will be monitored may change.

In addition, management includes the choice of metrics, the data collection period, the information that is most important, and the measurement of the results. The numbers are generated daily, so you need to interpret them to understand the insights they can give to your team. However, there is a common confusion between the concepts of metrics and KPIs, see the differences!

Differences between metrics and KPIs#

As mentioned, metrics are the data that can be analyzed to know the performance of campaigns and actions. Meanwhile, KPIs are Key Performance Indicators, containing strategic information to assess how planning performance is doing. Thus, the numbers that indicate whether the team is managing to achieve the established goals and objectives are analyzed.

In other words, before marketing campaigns are carried out, the KPIs for the period are defined, such as increased brand recognition, ROI (Return on Investment) growth, or other indicators. Thus, with the use of metrics, it is possible to arrive at results that show whether the strategy is on the right track to achieve the defined KPI.

KPIs may be simpler metrics, but not all metrics are KPIs, and that’s because they don’t always show the company’s performance. An example of this are the so-called “vanity metrics”, such as counting the number of followers on social networks, for example. After all, you can have thousands of followers, but if they don’t engage, it’s no use, right?

Performance indicators must be clear, interpretable and are few, but they must be related to the company’s business plan and strategy. The main KPIs can be:

• productivity indicators;
• quality indicators;
• capacity indicators;
• strategic indicators.

What is the importance of managing metrics in projects?#

Not following up on the results obtained in the campaigns is like fiddling in the dark during the next actions. When the team collects the data and analyzes the information, it is possible to better understand how people are reacting and interacting with the brand, product, or service. For this reason, the strategy has more than a quantitative character, since they are also analytical means of monitoring.

Thus, they help to understand the behavior and preferences of the public and customers, especially so that leads continue through the sales funnel. You can learn which subjects and content formats engage the most, the most appropriate language, and other issues related to the persona.

When your team obtains these details, it’s easier to optimize investments and make adjustments to marketing campaigns. Therefore, with metric management, there is more productivity and competitiveness increases due to the alignment of team efforts.

How to manage metrics?#

The best way to manage data is through specific tools. There are several management software that can help with this issue. Through them, your team is able to have a complete overview of all actions and campaigns, as well as the performance of each one of them.

The use of operating platforms that help with the automation of projects is fundamental. They help to carry out projects and to understand what is being done in a more dynamic way. The availability of such important data that measures performance is easily found and analyzed in these tools.

In this way, with the right tool for the company’s needs, it is possible to have much more details and, consequently, to improve actions and find opportunities for improvement. Following the metrics they point out is an efficient way to manage risks and observe the scenarios that arise.

In addition, information sharing is carried out more quickly between departments. With an integrated system, the workflow improves and employees are able to work with more focus on what is really necessary.

What are the best practices for managing metrics?#

Are you familiar with the SMART methodology? This is a way of not only knowing which metrics to analyze, but also how to analyze them. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Timely. So, understand the translation and what each one means:

• specific: it is your objective, what you want and which must be clear and direct;
• measurable: it is the defined way to measure results;
• attainable: your goal must be attainable and in accordance with reality, otherwise it will never be achieved;
• relevant: the importance of the goal for the project and the success of the campaigns;
• temporal: defined time to fulfill the established objective.

In this sense, having metrics in accordance with the methodology is half way to make management more assertive and effective. To achieve better results, in addition to the definition of coherent goals, it is also necessary to establish practices that positively impact the business, such as:

• monitor the objectives and targets and, if necessary, adapt them;
• get to know your persona and your target audience well to understand your interests;
• maintain an organized workflow, with actions planned step by step;
• analyze and evaluate the results, observing which practices are the most important and which need to be eliminated;
• not to keep track of all available metrics, but to prioritize the most important for your business;
• optimize management with a quality and integrated platform.

What metric management errors should be avoided?#

There are several attitudes that can impair metric management and that need to be modified quickly. One of the main mistakes (and one that can hinder everything else) is not having a defined and well-structured strategy. To do this, you must know well the context of the company, of the marketing and sales teams, and also of the customers and leads.

Not having a well-established sales funnel is also a flaw that compromises the entire process. After all, how to control and measure if the structure is not adequate? If your pipeline metrics aren’t tracked correctly, it’s difficult to track leads, identify the volume that follows the buying journey, and other important information.

Applying complex analysis methods are also common mistakes. There is no need to aggregate several numbers and data, you must observe what is essential and use the metrics in a practical and efficient way.

How to choose the best metrics for a project?#

Selecting the right metrics to track is the most important step in ensuring that your company sees what really matters. There is a wide variety of them, and knowing which ones should be monitored according to the type of project is essential to achieve positive results.

Therefore, knowing what really matters means that efforts are channeled to measure what will impact your strategy. The indicators are able to show opportunities and help with decision-making during each of the stages of the sales funnel. Thus, they show positive and negative impacts, show which aspects to have the most investment and reduce uncertainties.

Therefore, start by analyzing your projects, see what factors need to be studied and at what points you are not so clear and need answers. Having a concrete objective is what will show you which metrics you should monitor.

For example, in social media campaigns, you can check the engagement rates, the reach, and the volume of followers that follow the posts. When it comes to business-related metrics, ROI is one of the most important to verify the profit margin.

In addition, indicators such as the Average Ticket, conversion rate, and others show whether opportunities are being transformed into sales. So, you can track metrics such as:

• Cost Per Lead (CPL);
• Customer Acquisition Cost (CAC);
• Lifetime Value;
• Churn;
• Cost Per Click (CPC) and Cost Per Acquisition (CPA);
• Email opening rate;
• Clickthrough Rate;
• Yield Rate;
• Qualification Fee;
• Visits to the site;
• Unique visits to the site;
• Browsing time.

What are the advantages of metric management for clients?#

You may have noticed, good metric management has a number of benefits for the company’s strategy. However, know that customers will also have many advantages when marketing and sales teams measure the performance of each of the campaigns created.

So, take a look at some of the benefits that your customers will have when you regularly analyze your company’s metrics.

More interesting content#

Metrics are a way of almost indirectly evaluating the public’s response through the data collected. In this way, it is possible to examine what is good and what is not, how to identify a content format that is more pleasing to the public and has greater engagement - text, video, images, gifs, etc.

In addition, knowing the appropriate language and tones to communicate with the public is also extremely important. If the clients are more mature people, using slang and very jovial contexts will not have positive results. Therefore, the metrics indicate the right path - even when the results are poor they show that there is a need for changes.

Online contact channels#

The diversification of means of contact between customer and company has been a reality for some time. If your audience is more present on social networks, for example, it’s natural that they want to get in touch there. Thus, if you follow the metrics, you will see this as an opportunity to expand communication channels to meet this demand.

More qualified leads#

Lead nutrition, segmentation, and qualification are very important steps to have a good conversion rate. In this sense, in order not to approach a lead at an inopportune moment when they are not yet ready to buy, the referrals are excellent allies. Turning a mere visitor into a customer can take some time, and understanding the lead’s pace is essential.

For this reason, the metrics are indicative that show, through the behavior of the leads, what stage in the buying journey they are at. That way, your campaigns will be aimed at the right audience, with much more chances of success. Qualification is an aspect that should not be overlooked, and the indicators are decisive in each of the phases.

The management of metrics in projects should never be in the background. When done correctly, planning becomes more objective and campaigns and actions are more effective, increasing the chances of conversions and also profitability. Therefore, learn which are the most important indicators for your business and count on a quality management tool.

And you, are you already managing your company’s data correctly? Tell us your key metrics in the comments!