Sure your company had already ironed-out the kinks in the services it wants to offer. You had already placed it, in theory, perfectly in the niche you have been wanting to penetrate since your decision to start a business. A dynamic website has been created. Your core values, outlined. And your target market has been determined. You have even set up and connected all the social media accounts that you think would help your business gain the mileage it needs. However, within the months that had passed, you are finding that your targets are not being reached despite your unabashed enthusiasm. The figures are becoming concerning. The data suggests that the ROI would not be reached within the duration you have set.
It is highly likely that you missed to do one thing. Does a Marketing Dashboard ring a bell? This would have helped you keep track of the relevant data for your business and help secure your ROI. Setting up your own Marketing Dashboard now is not too late.
But first, a definition is in order.
What Exactly is a Marketing Dashboard?
A Marketing Dashboard details significant data and information that aims at keeping tabs on pertinent marketing metrics. The end goal being is achieving certain marketing objectives that a company or agency had set up for itself. Through a Marketing Dashboard, upper tier marketing reports are collated, unified, and arranged within a single page to render ease of review. Developing one is the first step in creating more comprehensive analytics for any marketing campaign.
Given the current marketing landscape, there has been a considerable influx in information that can be derived from online sources. This may be seen as both a boon and a bane as the abundance in data might also come with false and unverifiable figures. As this is the case, human agency from Marketers is greatly desired in weeding out falsehoods and mere claims, and the excess from useful. It is in this light that a Marketing Dashboard becomes of great importance as this will aid in tracking only the relevant and the legitimate data across industries.
Considerations in Creating a Marketing Dashboard
In creating a Marketing Dashboard making it simple is the way to go. Marketers should be able establish the significant metrics through the data points available. While this may be a rule of thumb, organizations vary in their methodology and approach in marketing. What this means is that the objectives or the organization will be decisive on which metrics should be placed.
For instance, if the goal is to increase sales, then the growth in revenue and customers should be the primary figures to be integrated in the Marketing Dashboard. Should the goal revolve around increasing brand awareness then the metrics delve in visibility and product engagement.
These considered, Marketing Dashboards are meant to be simplified in light of the specific needs of an organization. While this is the case, there are consistent elements of value to the success of building one across any industry.
What Any Marketing Dashboard Should Contain
Marketing metrics should be at the forefront of any Marketing Dashboard. Along with the necessary KPIs these metrics are meant to compel future action the organization should take to drive their leads and improve conversion rates. Across hyperspace one can find ready formats or Marketing ROI Dashboard templates that can be simply downloaded and customized to fit an organization’s intention.
But for all intents and purposes, the following discussion will get into the details of 5 metrics that should be seen in a Marketing Dashboard.
- Bounce Rates
Pertaining to the rate of visitors of a certain website who exit immediately after seeing a single page, a Bounce Rate changes throughout the site’s existence. This is especially true when a business is delving into Social Media campaigns and the release of CTA messages.
The Marketing Dashboard should reflect the Bounce Rate as it would give the website proprietor an idea on whether or not they should revise the website content. High Bounce Rates may mean that the content is either uninteresting or does not reflect the niche the company claims to be serving. But of course, this may just be a supposition, the proprietor still needs to review the existing content for complete content optimization.
When a website visitor clicks on your Call-To-Action that means that your online campaign is showing signs of success. This is called a Clickthrough. The Clickthrough rate tells the website proprietor how many times the CTA was viewed and apparently clicked. More importantly, how those lead to consumer action.
The Progress to Goal metric may either be set for either a monthly or quarterly cycle. This shows your campaign’s development across the months it is being executed. This allows a company to effectively assess what is being done right or what needs to be improved as the campaign progresses.
This type of metric should be acted upon on weekly basis. The business should be able to adapt the strategy in accordance to the figures the report lodges.
- Social Media Mileage
These days, Social Media has become an inseparable facet of Marketing. Such an expansion makes sense given the pervasiveness of online presence of most companies, big or small. Social Media metrics are staple to Digital Marketing Dashboards as this shows any spikes in Social Media activity that may mean considerable engagement across certain accounts.
Traffic reports give information regarding the frequency of visits to a proprietor’s website. This is probably one of the best metrics that effectively measures the value of a campaign. The traffic garnered is of significant importance as it suggests organic search and engagement on the organization’s Social Media accounts and other online channels.
A Word to the Wise
Enlisting a professional to ascertain the metrics that need to be seen in a Marketing Dashboard is, of course, wise rather than just blindly downloading templates. There are a lot of options out there. But if you’re looking for an organization that boasts of an impressive portfolio be sure to choose WebWelder as your digital marketing agency partner.