5 Importance of KPI tracking

Why Seamless KPI Tracking Matters

Key performance indicators, or KPIs, are the metrics that businesses use to see how they are doing and where they are going. Without KPIs, teams struggle to find ways to move forward. That’s why tracking KPIs—the right ones—is mission critical. 

Forbes points out that businesses can waste precious focus on the wrong data. In a list of 16 signs that a team may be tracking KPIs incorrectly, the Forbes Council explained what “wrong data” looks like. The wrong focus happens when the revenue impact or goal for tracking a data set is unclear. The team might start with data they already have on hand, and fail to gather new info relevant to a new direction. 

This is why seamless KPI tracking is essential to growth. With tools that comb through data and hone KPIs, teams can track data sets that make sense for goal-oriented tracking. 

What KPI Tracking Means For Product-Led Growth

Building a “product-led” growth model means building a product that sells itself over time. The Product-led Growth Collective calls “product-led growth” the future of business growth. 

Product-led models focus on the buyer, why they buy your product and the factors that make your product trustworthy and ready to solve the user’s pain points. Boiled down, a product-led growth model focuses on designing a product that is so well made its value speaks for itself in user experience scenarios such as free trials.  

With the product-led market model, seamless KPIs are essential because they give actionable insights into what makes your product relevant to your ideal buyer. 

The right KPIs put product designers on the same path as the buyer’s journey and help you understand where improvement can meet the pain points best. Product-led growth is a design-led commitment to making a product function with ease and efficiency, according to the Product-led Growth Collective. 

How Seamless KPI Tracking Helps Steer Growth Opportunities 

KPIs highlight “key performance indicators”. That information can show the things that make for a positive impact, but it can also show negative things that need improvement, according to Indeed.com. 

Sometimes key performance indicators show problem areas rather than expected outcomes. This data helps teams crack down on areas that need work. 

Seamless KPI tracking that shows the right data in real-time is an asset for steering opportunities. When a team leader sees from the mission-real KPI what areas should be highlighted, they can hone in on opportunities. 

Seamless, Timely, and Relevant KPI Tracking 

Tracking KPIs should include time frame factoring. The KPI information may be interesting, but irrelevant to the near future goal. A seamless KPI tracking system will allow for goals to adjust to their order of current relevance. This means that information that is most important now is ready for the task at hand, while information that will be important for a later target goal is queued according to its need to appear. 

Why Tracking User Behavior Is Key 

When your product is your leading point, focusing on user behavior data is the key point to kickstart customer success. This data lets you walk a mile in your user’s shoes, follow their journey, and understand their needs and wants. With this understanding, a team can orchestrate user journey paths to drive more meaningful product engagement. This self-service path translates into conversions and can reduce churn. 

User Journey Data and Targeting Ideal Customers 

Rather than taking on a bunch of new tools, teams can focus on data and use their toolkit in informed and efficient ways. This is why Coho.ai helps teams optimize their existing tech stack. The Coho system seamlessly integrates existing tools to cut down the time between product insights and Go-To-Market actions. 

Using your current tools data in a timely way, you can reduce the time-to-value of a user’s experience with your product. Analyze how consumers are engaging with and using your product. 

Watching these interactions, you can create workflows in your existing toolkit that target the roadblocks to user paths. By doing this, you are cutting down the work your users have to do to understand the user experience or UX flow. 

Earlier we talked about six steps to optimize your user’s journey. Once user journey paths are identified through data, you’ll need to target your ideal customer. Focus special attention on building client relationships by upselling services to highly engaged users. 

Want to seamlessly track your KPIs? Contact us!

Group 5

6 steps to optimize your user and customer journey

The customer journey is the backbone of any successful business strategy. It’s the roadmap that leads a prospect from being just a potential customer to becoming a loyal and returning one. The ultimate goal of any growth or go-to-market team is to streamline this process and make it as smooth and efficient as possible for their target audience.

Optimizing the customer journey is crucial for companies of all sizes and across all industries. It involves mapping out the key touchpoints and experiences that a customer has with your brand and finding ways to improve them. In this article, we will delve into the six essential steps that every company should take to optimize their user and customer journey. These steps will help you better understand your customers’ needs and create a journey that is tailored to their unique requirements.

Step one: Gather your user data

The key to optimizing the customer journey is understanding who your target audience is and what their needs and preferences are. This information is crucial for making informed decisions about how to optimize their journey. To do this, it is important to collect and analyze customer data, including metrics, product data, and communication data. These metrics will provide insights into your target audience and guide the optimization process. Choose the metrics wisely, as they will play a crucial role in shaping the journey for your customers.

Step two: Map your user journey

A crucial aspect of optimizing the user journey is mapping out each step from start to finish. This involves considering the timeline of the journey, identifying different user groups and their unique needs, and analyzing the behavior patterns of your target audience. By understanding these key elements, you can create a comprehensive map that effectively guides users through their experience with your brand. Utilize available data and research to gain insights into your audience’s behavior and ensure your map accurately represents their journey.

Step three: Evaluate funnel performance

Now that you know what the user journey looks like in general, work on making it as easy as possible for as many of your target groups as possible. Where are the strengths of your funnels, and where are the potential pitfalls that will cause your target to fall away or look elsewhere? Just as importantly, what are the popular parts of the journey that move your audience forward more rapidly to the next step? Getting feedback from users is essential at this stage. Make sure that you listen closely to what your target users have to say at chokepoints and acceleration points.

Step four: Know your ideal customer profile

Once you have mapped out your user journey, observed targeted group behavior within that journey, and received feedback as to why those behaviors took place, you can then identify a target group that is most aligned with your overall user journey and product offering, usually referred to as your ICP (Ideal Customer Profile). Note: Just because you have identified the most advantageous customer for your business does not mean that you neglect the other groups. However, you now know which groups to prioritize and focus on as your baseline. Your baseline group should also serve as a control group of sorts. If they do not engage with your journey at any point, then you know that you have internal issues to work out.

Step five: Engagement and personalization

Now that you have a user journey you are confident as well as a control group of baseline users to count on, you can work towards becoming more engaging to greater amounts of people. You can also work on personalizing the journey for customers who deserve an extraordinary amount of priority. What are your optimization points? Can they be replicated so as to engage more users and greater numbers of users? Can you add engagement points at more difficult times in the journey to keep less enthusiastic people on board?

Step six: Measurement and reporting

During every step in the process, you should be measuring and reporting back your results. The formation of a user journey is iterative in nature; that is, once you get to the end, you circle back and start over with the experience of the previous journey informing your future endeavor. So even though measurement and reporting is at the end of this article, it should actually take place throughout the creation of the customer journey. Take special note of the points of greatest improvement and disappointment. Now is the time that you can begin to replace all of your assumptions with hard data for better results down the line.

If you need help with this process, Coho AI can help you automate the mapping of your user journey, identify your weak spots and set up your new engagement. automations for optimization.

In short, we help you color your map inside the lines, which can greatly shorten the timeframe in which you create your user journey. And the sooner you get your journey created, the more quickly you could begin to assess your target audience and bring in the hard data that will inform your relationship with them for years to come. Contact us to learn more!

9 Coho introduction

Introducing Coho AI – Helping you optimize your conversion funnels and customer journeys

The B2B SaaS world is changing

Different product-led growth strategies in the B2B SaaS world have revolutionized how businesses acquire new customers and retain existing ones. These companies now have the ability to bring thousands of users each month, and offer free plans to let users experience the product’s value before they even have to purchase.

But this also brings different challenges, as these companies often face various gaps in the user journey, especially when dealing with the user journey towards conversion along the funnel and upselling to customers. Fixing these gaps can lead to more revenue.

This is where Coho AI comes in, offering insights based on the product’s usage data analysis. This can help you convert new or free users to paid users, as well as giving the GTM teams the tools they need to know who to focus on next for upsell, expansion and cross sell opportunities.

Think of it like weaponizing your company to help you achieve more revenue growth and optimize the user journey experience.

Scaling product-led growth strategies

The number of companies adopting product-led growth strategies has steadily increased since the early 2000s. The three main features of product-led growth strategies are:

  • Designing products for the user
  • Creating products with a go-to-market objective
  • Solving the user’s immediate problem

Scaling your product-led growth strategies requires that you have full visibility of the user journey. This will allow you to understand how your clients are using your products and how you can enhance the user experience.

Coho AI can help you scale your product-led growth strategies by giving you full visibility. We can also assist you in analyzing your user data to understand their behavior. This will enable you to get critical insights on how to:

  • Create user journeys that lead to more engagements
  • Tailor the user journey to drive up self-service conversions
  • Reduce churn and uncover key upsell potential
  • Get relevant product-qualified leads

Effectively scaling your product-led growth strategies requires identifying where gaps exist in your user journeys. For instance, you may find that users are not moving down the funnel. Such challenges are easy to solve if you have complete visibility of the user journey.

You need to understand that user needs are constantly changing. Thus, insights will change, and you will need to analyze user data continuously. This will help you understand how to appeal to users and what problems you can help them solve.

Your current product-led growth strategies may be working just fine. The Coho AI platform gives you full visibility of the user journey, which can help you grow your company’s revenue.

Identify problems that needs solving

The best way to identify problems that need solving is through data analysis. But data analysis is a lengthy and continuous process that requires a lot of resources. You have to conduct data analysis on various types of data, including:

  • Product data
  • User data
  • Communication data

Coho AI’s solution will help you save time on building an internal solution and will enable you to get a fresh analysis every time you need it. Keeping you up-to-date on the latest trends and insights within your product and getting real-time analysis on various opportunities and issues at different stages of the user journey.

Our platform can help you identify issues you didn’t know existed and suggest new ways to enhance the user journey and increase your revenue. For instance, we can:

  • Map your user journey and show you the conversion rate along it
  • Prioritize which customers are good upsell and expansion opportunities
  • Identify which accounts might be at a churn risk and need a save

Partner With Coho AI Today

Making use of the product-led growth model requires that you understand the user journey. The only way to do this is through continuous data analysis to understand all strengths and weaknesses in your user journey. Coho AI will help you shorten this process and get all the insights you need to improve your journeys and focus on the right customers. Further, whenever you identify what works, you can add automations that will help you move users down the funnel.

Contact us and we’ll help you build your product-led revenue machine and watch your ARR soar.