Today, every business is aware of the importance of a marketing performance dashboard. Analyzing and collecting data provides valuable insight into the performance of marketing tactics, and studying audience behavior is the need of the hour. The real challenge is making those metrics easy to access to read for everyone in the company. Fortunately, now tracking data is easier than ever with the use of a marketing dashboard.
What Are Dashboards:
Digital dashboards are the platforms that collect KPIs that stands for key performance indicators. These dashboards are critical metrics and data that are easy to read and are on display. The information is usually pulled from multiple data sources, generally both internal and external. The metrics displayed on the dashboard can be viewed at any point in time and in real-time. Essentially, acting as real-time reports and helps in shaping business plans.
The Benefits Of Using A Marketing Dashboard:
Dashboards can be helpful as they showcase soft metrics like engagement, awareness, interactions, etc. However, every business needs dashboards to display hard metrics like the internal rate of return followed by your current campaigns’ net present value accompanied by online marketing metrics like bounce rate, total visits, click-through rates, etc. Above mentioned are the reason why business today needs to use a marketing dashboard. Below listed are few more reasons why integrating a marketing dashboard is beneficial for every business:
1. Focus on the big picture. Marketing dashboards today allow marketers to see the forest for the trees. It will enable them to view marketing strategy holistically by eliminating the processes and communications. More significant trends and consumer behavioural patterns come to light when businesses use a marketing dashboard. These tools unify data effectively to paint a clear picture but also helps to plan future practices and opportunities that can drive revenue growth for the business. In short, it makes things easy for marketers to keep track of the pulse of the market and remain competitive.
2. Making more informed decisions is crucial. These dashboards can consolidate and evaluate massive data and present it in a visually appealing and understandable manner. When required marketing data is available to key stakeholders, making more informed decisions becomes more accessible. Any information about the campaign performance, website traffic organization’s marketing channels, KPIs, etc., are provided on a single unified platform that leads to more informed decisions in less time and less effort.
3. Improving visibility across the organization is essential. Keeping checks on marketing and sales activities can be a difficult task. Lack of transparency and proper reporting channels leads to delayed decisions. But with the implementation of a marketing dashboard, every business can keep tabs on activities in real-time and ensure better management with a proper marketing budget. It also helps to improve accountability and provides better insights throughout the organization into which marketing activities are driving revenue.
4. One of the critical metrics is to prove the ROI Of marketing activities. All thanks to the transparency of insights provided by marketing dashboards. These days organizations are doing better when it comes to tracking the ROI of their marketing activities. These tools not only process large amounts of data but also simplify and present it visually. This new form of data representation gives marketers a clear picture of all their marketing activities about the most effective channels. The use of consolidated data provided by marketing dashboards helps businesses to identify strategies that are not working and accordingly replace them with more revenue-generating and financially sustainable ones that would benefit the company in the long run.
5. Improving team collaboration is essential. Last but not least, this is one of the most significant advantages of using a marketing dashboard. The streamlined communication helps both within marketing teams and across the organization in the longer run. Today, with marketing dashboards, a business can bring everyone on the same page through a single point of communication. Every individual is informed about what’s happening simultaneously, and there is no confusion between team members. Use of the collaboration tools in any business and marketing dashboard solution can help teams to achieve more.
Today marketing dashboards come with pre-loaded and easy-to-understand graphs and visualizations, and they demonstrate metrics like:
- Soft metrics is all about customer satisfaction, engagements, and brand awareness.
- Hard metrics are inputs related to sales, revenue, conversions, and rate of return.
- Online marketing metrics are cost-per-lead, new sessions, and click-through rates.
Today, marketing experts need to focus on combining art and science to get the optimum results from their campaigns. A strategy has to be both forward-thinking and creative, followed by should be backed by relevant data and metrics. It is about ensuring that every ad spend is lucrative to the company’s bottom line. For instance, below listed are the implementation of disruptive technology like:
· Predictive Analysis:
· Integrated Management Systems:
· Artificial Intelligence:
Does Your Company Need a Marketing Dashboard?
A marketing dashboard is like a consistent accumulated report that gives insights about a company’s performance, functioning very similar way the dashboard of a car does. These reports are designed in a way that provides businesses with guidance. It is all about the metrics and, most importantly, inputs that help to take important decisions about the future of their firm.
Marketing Dashboards are constantly improving at an alarming rate. Today most of the marketing departments are in desperate needs of data analysis and management systems. Reports state that 81% of large firms have their chief marketing technologist. As we slowly move towards progressively into a digitally-enhanced future, marketing dashboards will be the ultimate solution. Everyday improvements are happening, and they are growing more advanced