At this point in time, most businesses realize how important data is and how analyzing the data that they collect can provide valuable insight into the performance of their marketing tactics as well as into how their audience behaves. The challenge lies in making those metrics easy to access and easy to read for everyone in your company so that everyone can act on them appropriately. Fortunately, tracking data is easier than ever with the use of dashboards.
What Are Dashboards?
Dashboards are apps or platforms that collect all of your KPIs (key performance indicators) and critical metrics onto one easy-to-read display. The information is pulled from multiple data sources, often both internal and external. The data displayed on a dashboard can be viewed at any time and in real time. Essentially, they act as real-time reports, eliminating the need to wait until the end of the month to receive an analytics report from your marketing department.
There are tons of different tactics dashboards out there that you can integrate into your system. This can range from email dashboards and website dashboards to search dashboards and social media metric dashboards. While these types of dashboards are often effective in displaying certain metrics, they don’t typically paint a whole picture. They may show you how your tactics are performing individually, but they don’t show you how they are impacting your company’s revenue cycle. It’s why you should implement a marketing dashboard.
The Benefits Of Using A Marketing Dashboard
Tactics dashboards can be useful in that they showcase soft metrics (engagement, awareness, interactions, etc.). However, you’ll want a dashboard that can also display hard metrics (such as the internal rate of return and the net present value of your current campaigns) along with online marketing metrics (such as bounce rate, total visits, click-through rates, etc.). It’s why you’ll want to use a marketing dashboard. The following are just a few more reasons why integrating a marketing dashboard will be hugely beneficial for your business:
Similar Article: Preparing Your Marketing Strategy For 2019
Customize your dashboard to your needs
Instead of being limited by tactics dashboards, a marketing dashboard allows you to customize what KPIs and metrics are displayed. You can then pull what you deem to be the most important of your social media, email, and search metrics so that they are visually represented on one single display.
Track the performance of your marketing efforts
A properly optimized marketing dashboard will make it easy to see how your marketing efforts are performing or underperforming in real time. This can be from engagement on social media to lead generation on your website. Not only can you identify how individual tactics are faring based on your KPIs and metrics, but you’ll get an idea of how well your overall strategies are performing as well.
Keep your team on the same page
One of the challenges of running a business is that many of your executives and employees aren’t always on the same page. If everyone has access to your marketing dashboard, everyone–including personnel in your marketing and sales departments–can see what’s working and what isn’t. This makes it easy for company-wide communication to take place. This can result in more effective adjustments to marketing and sales strategies to improve performance.
Allow for more informed decision making
Being able to see how your marketing campaign is performing in real time allows you to make adjustments to your strategies and tactics on the fly. In thepast, simple reporting would only tell you how you’ve done. The use of marketing dashboards gives you the chance to make more informed decisions on a daily basis. In turn, this can reduce the cost of your marketing efforts and improve their impact on your revenue cycle.
While a marketing dashboard can be considered a real-time report of your marketing activities, it’s much more than that–it’s a decision-making tool. The potential success of future marketing campaigns depends heavily on your ability to collect and analyze your company’s most important metrics and KPIs and determine how your marketing efforts are affecting your revenue cycle. The best way to do this is by integrating, customizing, and optimizing a marketing dashboard.