LimeLight CRM Support
June 01, 2018 13:57
What are Benchmarks
Benchmarks allow you to measure, monitor and manage the performance of KPIs.
LimeLight Benchmarks combine two common business measurement tools to provide you with a unique perspective that ultimately will help to make quick and accurate performance judgments.
- KPIs. KPI stands for Key Performance Indicator and is a measurement used to evaluate activity success. KPI's add visibility to key areas of your business that you choose to monitor and target specific objectives or thresholds.
- Example: Kris knows that Refunded Revenue percentage is an important measurement and has set a goal of 17.00%. Kris sets the KPI target to 17.00% so that when performance is below or above, it's very clear when reviewing the numbers because a KPI Indicator shows if performance is above or below the KPI Target. See the screenshot above that shows Refunded Revenue percentage is 2.1% below the target. You see that there is a green down arrow which means that Kris is doing better than the target KPI.
- A KPI Target is a goal that you set to measure against.
- A KPI Indicator is an up or down arrow that shows you if you are above or below the KPI Target. The KPI Indicator will be green for positive and red for negative (both judgments are based on the KPI Target that you have set).
2. Company Benchmarks. Comparison measurements used to evaluate individual performance to company performance. Company Benchmarks provide the opportunity to learn if performance is better or worse than the Company Benchmark.
- Example: In the above example, Kris set the KPI Target to 17.00% by analyzing Refunded Revenue percentage over the last 90 days (17.89%, which is provided to Kris as a "Company Benchmark"). See the screenshot below.
What KPI's are Available to use in Benchmarks
The following 15 KPI's are currently available to create Benchmarks. Wherever there is a "Single Value Chart" (see image below), and one of the following 15 measures are on the Single Value Chart, you will see the benchmark if you set it up using the process outlined further below under "How do Benchmarks Work."
How do Benchmarks Work
- After logging into the platform, go to Insights | Benchmarks. The first time that you go into the Benchmarks section of the platform, you will see a message indicating that "No matching records found." This is normal.
2. To create a benchmark, Actions | Add Benchmark.
3. Doing so will take you to the Create benchmarks Profile. There are three important items on this page. Please ignore "KPI Type" for now.
- KPI: Select the KPI you wish to create as a Benchmark. In the example above, CLTV has been selected from the KPI drop-down list.
- Company Benchmark: View the Company Benchmark for context. Company Benchmarks are rolling 90-day average from your company's data set used as a point of reference against which measures can be compared. e.g., A Company Benchmark for "CLTV" of $176.66 means that over the last 90-days, the average CLTV for your company is $176.66. The purpose of Company Benchmarks is to help to establish realistic comparison measures so you don't have to recall from memory and get the most out of using the Benchmarks functionality.
- Target: Enter your Target. Targets are the desired goal that will be used to measure success. Any figure that meets or exceeds the Target will be displayed positively (e.g., green up arrow) on the dashboards.
- KPI Type: Please ignore "KPI Type" for now. We may add this feature in the future to allow applying the KPI across campaigns, traffic sources, and gateways. It won't matter what you select for now.
- Click Save Profile.
4. Access the configured Benchmarks by going to Insights | Benchmarks. From this page, you can add, view, edit and delete Benchmarks.
5. When the Benchmark is configured, it will take up to 2 hours for the addition to be added to your database and then it will be viewable (as in the example below).
You may find the following Help Center articles relevant to Analytics helpful.