In the perpetual quest to effectively market your product, it’s easy to get stuck in a rut. But if you just keep doing the same thing, you’re not going to get different results. Too many marketing professionals think the solution to every marketing dilemma is to continually throw money at a problem.
If your strategies aren’t working, though, you might as well light your money on fire. You need to keep diligent track of key performance indicators (KPIs). What’s the easiest way to do that? With a marketing KPI dashboard that tracks month over month results so you can achieve better future results.
So what is a marketing KPI dashboard? And what should it measure? It’s not as complicated as it seems.
What is a Marketing KPI Dashboard?
You could waste time at every meeting, at the commencement of every marketing campaign, and every time you need data by bouncing around from data source to data source. But time is money. The faster you can access key analytics, the faster you can act on them. A marketing KPI dashboard puts all of your key analytics in one place. This ensures you don’t lose track of important data, and allows you to continually monitor key analytics to optimize spending and increase RoI.
Why You Need a Marketing KPI Dashboard?
You can get key marketing information from hundreds of sources -- analytic monitoring services, customer feedback, and old-fashioned in-person conversations. Your marketing KPI dashboard automates this information to a large extent, allowing you to easily access, and even search, the information you need. The benefits include:
- Better decision-making capabilities. You can't decide whether to continue or initiate a new marketing strategy until you know how your current plans affect your bottom line.
- Detailed information about which products are selling and which need a little help.
- Assistance with purchasing decisions. Do you need to buy more or less of something? Analytics are the best way to know what to do now and in the future.
What Should Your Marketing KPI Dashboard Measure?
Every business and every industry is different. The key performance indicators that are vital to your business might be completely irrelevant to another business. For example, if most of your clients come through word of mouth, your search engine optimization (SEO) strategy may be unimportant, but your response to negative feedback could be critical.
To determine the right indicators, you must take a long, hard look at your strategy, your competitors, and your products. Some potentially helpful indicators to put on your KPI dashboard include:
- Supply chain metrics: These include all levels of your supply chain, including the costs of storing, shipping, and -- if necessary -- servicing your inventory.
- Search engine optimization metrics: These data points include information about your SEO strategy, key search terms, which terms are most effective, the costs of any SEO marketing you’re performing, and any other SEO data specific to your business model.
- Sales metrics: Manage sales data, including sales volume and profit margins, changes in sales from month to month and year to year, and changes in profit margins across time.
- Marketing metrics: Do you know which marketing campaigns are working? How much do they cost? Whether the profits they bring in pay for themselves? All of this data should be accessible on your KPI dashboard.
- Sales targets: Set specific targets and measure whether and how quickly you are meeting them.
- Sales opportunities and leads: Never let a lead disappear. Every lead is a potential sale, and a potential advocate for your brand. Keep track of sales opportunities, the staff member to whom each lead is delegated, and the results specific marketing strategies produce in each lead.
A KPI marketing dashboard might seem like another thing to add to your rapidly growing to-do list. But it’s a must-have if you want to get the most out of your marketing strategy.