The need of Dashboards for Marketing Executives
One of the most challenging tasks that a marketing executive has to undergo is not the choice of color palette for their new campaign or the theme but the question of “ How are we doing?”
“How are we doing?” with respect to social media, SEO, in events, on the web, in advertising, email campaigns and so much more (in a week, monthly, quarter or RIGHT NOW!). To make things a bit more complicated, the answer to that simple question is typically derived from a variety of applications and services, including LinkedIn, Twitter, Instagram, Facebook, Marketo, Unica, Moz, Mixpanel, Hubspot, Mailchimp, Google Analytics, Google Adwords, Majestic SEO, Quintly, Searchmetrics, Comscore, Coremetrics, and plenty of others.
You get my drift? As marketing grows more computerized and enabled by fantastic new marketing programmes — the majority of which are hosted in the cloud — it also becomes more segregated in terms of data, making it increasingly tough to answer this simple question. Many organisations have had members of their teams who can respond to the question "How are we doing?" for each of the services. For instance, you most likely hire a digital marketing expert whose mission is to continually reduce your AdWords spend. This person most likely works in AdWords and is constantly adjusting the budget and content so that they can respond to you at any time.
Most marketing organisations manually prepare a monthly or quarterly management report to get a proper answer to the "how are we doing?" inquiry. The report or presentation is usually put together by a marketing operations specialist or a marketing analyst on the marketing team after many hours of accounting, snipping, copy / pasting, badgering (badging) data gatekeepers, manually attempting to enter numbers into Excel, and lots of visual magic to make things appear like a cohesive story.
But “How am I really doing”?
Create a marketing executive dashboard with the answers to all of the key marketing metrics you need to track, including operational efficiency metrics such as regular leads by lead type, socioeconomic leads to goal conversion, Adwords spend versus goal conversion, and strategic metrics such as customer lifetime value, cost-per-lead by channel, and revert back on marketing investment.
If you choose to create a marketing dashboard, you will have to take care of three types of investments to become successful with the same:
- Invest time in learning what metrics you should track on a regular basis.
There is plenty of information available about marketing KPIs. Here are two to get you started:
Marketing Metrics and ROI , Marketing Metrics and KPIs.
- Sustained dashboard development investment.
The most common blunder made by most marketing teams is believing they'll need resources to design their dashboard but not considering continuing development and administration. You'll need someone to manage this on a regular basis. It would be a full-time position in certain businesses and a part-time position in others. It depends on how much money your company makes, how often your marketing strategies change, how long your sales cycle is, and how digital and actionable your company is.
You will definitely need a platform to create and launch Dashboards
You'll find a plethora of possibilities if you search for Marketing Dashboards. When analyzing them, there are three aspects to keep in mind:
- Is it possible for your marketing team to create, operate, and modify dashboards in the system without (or with minimum) IT involvement?
- Is it possible to merge several data sources into a single metric? A funnel metric, for example, may require data from a web analytics platform such as Google Analytics, a marketing automation system such as Marketo, and a management information system such as Salesforce.
- Can you create derived metrics — that is, can you conduct computations, statistical functions, and data manipulation to achieve the measure you truly want — or are you restricted to established widgets?
if you decide to create a marketing dashboard, follow these guidelines:
- Only KPIs that you will genuinely do something about whether they tell you anything good or negative must be on your dashboard.
- Mix measures that only change every year with metrics that change gets updated on an hourly basis.
- Create a dashboard for a group of users who have similar needs (senior execs, digital marketers, etc). You might end up with dashboards that no one loves if you mix audiences.
Why do you need MyDash’s Marketing Dashboard?
Well, of course a marketing Dashboard will remove the guesswork and ambiguity from your marketing ambiguity from your marketing activities.
My Dash’s Marketing Dashboard will help you in -
- Measuring the necessity to track both Marketing’s short term performance and the Marketing assets’ long term health.
- Separating the impact of marketing initiatives from a slew of other factors that affect company performance.
- Using SaaS dashboards to bridge the data analytics gap between several platforms.
The capacity to efficiently gather and analyse your company's most essential KPIs will determine the success of future marketing efforts. MyDash aids in determining the impact of your marketing efforts on your revenue cycle.Building, tweaking, and optimizing our marketing dashboard is the best method to do this.
Hope you make the most of the above mentioned information and tips!