What are dashboard metrics?: Dashboard metrics examples
Dashboard metrics are crucial business metrics that help you understand how your company is doing at any given time.
If you’re interested in dashboard metrics, you should check this out.
This guide will help you identify which dashboard metrics are most valuable to track and why.
You will also learn about some of the best dashboard metrics examples.
So you can see how other businesses have used these tools to their advantage and improved their bottom line.
What Are Dashboard Metrics?
Dashboard metrics are essential performance indicators that provide insights into how your business is performing.
They help you track your progress and make decisions that positively impact your bottom line.
Dashboard metrics definition refers to the quantifiable data you use to measure your company performance.
And the most common types of dashboard metrics include:
— Active Users,
— Average Revenue Per User,
— Monthly Recurring Revenue (MRR),
— Customer Acquisition Cost (CAC),
— and Lifetime Value (LTV).
And a dashboard metric is a unit of measurement that helps you track the progress and success of your business.
In other words, a dashboard metric is a statistic shown on a company dashboard.
So company dashboard is a graphical representation of data showing how a business performs.
Dashboard metrics are usually displayed in charts and graphs, which makes them easy to understand and analyze.
And there are many different metrics.
But the most important ones are the ones that track your business’s overall progress and health.
In this article, we will discuss the 12 most crucial dashboard metrics for a successful business.
12 Most Important Dashboard Metrics For a Successful Business:
1- Daily overview
A daily overview of your business’s performance is essential to understanding how well you are doing.
The most important metric to track is your daily revenue.
This will give you a good idea of whether or not your business is growing.
Additionally, you should track the number of new customers and the number of returning customers.
So this will give you an idea of your customer base and how loyal they are.
Finally, you should track the number of orders and the average order value.
2- Performance optimization
If so, then you need to start paying attention to your dashboard metrics.
So metrics show you how well your business is doing in key areas.
By tracking these numbers, you can identify areas that need improvement.
3- System testing
System testing is the process of verifying that a dashboard system meets all the specifications required by the user.
— functional testing
— and non-functional testing.
This verifies that the system performs all the required tasks.
This verifies aspects such as performance, scalability, and security.
And remember a dashboard metric is a specific measurement used to track the progress or success of a system.
4- User tracking – Dashboard Metrics
User tracking is the process of monitoring and recording user activity on a site or application.
This data can be used to learn more about how users interact with your site or application.
And can be used to improve the user experience.
5- Automation – Dashboard Metrics
Operational efficiency is extremely crucial for any business.
The right automation can help to improve this in several ways.
And one way is through the use of metrics.
So metrics provide a clear overview of how your business is performing in real-time.
This information can help you make better decisions about where to allocate resources and where to focus your efforts.
Additionally, dashboards can help you identify trends and patterns that may not be immediately apparent.
Ultimately, using metrics can help you improve your bottom line.
6- Conversion rate
The conversion rate is one of the most crucial metrics.
This is because it measures how effective your website or app is at achieving its primary goal.
And if your goal is to sell products.
Then your conversion rate is how many visitors purchased something from you.
7- Traffic sources (acquisition) – Dashboard Metrics
Most website owners want to know where their traffic is coming from.
After all, the acquisition is the first step of the conversion funnel.
You need to attract visitors before you can get them to take any desired action.
There are several ways to track acquisition, but one of the most common is through metrics.
And here are a few traffic origins you might track:
— Referral traffic:
This is traffic that comes to your site from another site.
When someone visits your site and clicks on a link or advertises for you on their site.
And this would be considered referral traffic.
— Organic traffic:
— Direct traffic and so on.
8- page views and time on site – Dashboard Metrics
Every website has different goals, so the metrics you track should be based on what’s important to your site.
The two of the most common dashboard metrics are page views and time on site.
Page views tell you how many people are visiting your site, and time on site lets you know how engaged they are.
So tracking these dashboard metrics can help you see how well your website is performing.
And where there might be room for improvement.
9- Return on Ad Spend – Dashboard Metrics
One of the most important metrics to track for your business is your return on ad spend (ROAS).
This measures how much revenue you generate for every dollar you spend on advertising.
And some companies focus heavily on this number, while others like Amazon measure it just as a benchmark.
You can also calculate this by:
Comparing your cost per conversion to the number of conversions you get from each source of traffic.
10- Website navigation and clicks – Dashboard Metrics
Website navigation and clicks are crucial factors to consider when measuring the success of your website.
And by understanding how users interact with your site, you can make changes to improve the user experience.
Website navigation and clicks can be tracked using Google Analytics or other similar tools.
These metrics can help you understand what pages are most popular on your site.
And where users are spending the most time.
11- Mobile performance – Dashboard Metrics
When you’re looking at your website’s analytics, it’s important to keep an eye on your mobile performance.
This includes things like load time, conversion rate, and bounce rate.
So here are a few mobile performance metrics to help you get started:
You want to see a page load time of less than 10 seconds
The percentage of visitors who complete the desired action (i.e., buy something)
And this depends on the number of site visitors who quit after viewing one page.
12- Market share
So the market share metric tells you what percentage of the total market your company controls.
To calculate it, simply divide your company’s revenue by the total revenue of the industry.
For example, if your company had $100 million in sales last year and the total industry sales were $500 million.
Then your market share would be 20%.
If you are to pick metrics for your dashboard, ensure these are among them.
Dashboard Metrics Examples
Dashboard metrics examples are the accurate, meaningful, and transparent elements that enhance the visualization of dashboard numbers.
And in this section, we will discuss some of the seven dashboard metrics examples for a successful business.
7 Dashboard Metrics Examples:
1] number of visitors on your website -dashboard metrics examples
The number of visitors on your website is good dashboard metrics examples to track.
And because it can give you an indication of how well your site is performing.
So if you see a sudden drop in traffic, it could indicate something is wrong with your site.
2] number of downloads on your app
If you’re an app developer, you probably want to track the number of downloads for your app.
These dashboard metrics examples are crucial:
Because it can give you an idea of how popular your app is and how well it’s doing.
And the number of downloads can also be a good indicator of how much revenue your app makes.
3] dollar amount spent by customers in one week period:
If you’re running a business, it’s crucial to track your progress and performance over time.
So one way to do this is by using metrics.
Dashboard metrics are key performance indicators (KPIs) that give you a quick overview of how your business is doing.
4] sales conversion rate -dashboard metrics examples
The sales conversion rate is the number of sales divided by the number of leads.
For example, if you have a sales conversion rate of 5%, that means for every 100 leads, you generate 5 sales.
The higher sales conversion rate is always better.
So to improve your sales conversion rate, you need to understand what factors influence it.
For example, if your product is priced too high, you’ll get fewer conversions.
5] number of follow-ups on a lead -dashboard metrics examples
The number of follow-ups on leads is a good dashboard metrics examples to track.
This is because it allows you to see how responsive your team is to new leads.
A high number of follow-ups may indicate that your team is struggling to keep up with the volume of leads.
And a low number may mean that your team is not prioritizing follow-ups.
And tracking this metric will help you identify areas for improvement in your sales process.
6] survey responses
Survey responses are an easy way to understand what your customers think.
They can predict behaviour, highlight potential problems, and show you where your customers are moving.
So survey responses -dashboard metrics examples help you understand how your business is doing.
And they can be financial, such as revenue or profit margins.
Or non-financial, such as customer satisfaction or employee retention rates.
By tracking the right metrics, you can make better decisions about where to focus your time and resources.
7] percentage completion of your project -dashboard metrics examples
The percentage completion of your projects is one of the great metrics to track on your dashboard.
This number represents how close you are to finishing your project and can help motivate you to keep going.
And it can help you identify potential problems early on.
So that you can course-correct as needed.
Dashboard metrics are crucial for businesses to track to ensure they are on the right track.
By tracking these metrics, businesses can make data-driven decisions that can help them improve their overall performance.
So there are several dashboard metrics for businesses to track as discussed above.
Some of the most crucial metrics include:
— Traffic sources (acquisition),
— conversion rates,
— and Daily overview levels.
And the metrics examples are designed to give you a sense of what each indicator or metric could visually look like in a set of dashboards.