What is a Marketing Dashboard and How Can It Benefit Your Business?

Posted by Eric Greener on Jun 26, 2018 9:02:00 AM
Eric Greener
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google data studio dashboardMarketing experts need to efficiently use a combination of art, and science to get the best results from their campaigns. A strategy needs to not only be forward-thinking and creative but also backed by relevant data and metrics to ensure that every ad spend is lucrative to the company's bottom line.

A marketing dashboard is one of the tools that modern organizations can use to dive into the behind-the-scenes (key performance indicators) KPIs of their programs. With a dashboard, it's easy to see marketing metrics that easily demonstrate exactly what a business needs to do to facilitate the best connections with their customers. A good dashboard should be customizable for each firm's unique marketing goals.

Why is Marketing Dashboards So Valuable?

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The marketing executives in a team, such as a VP or CMO, often have a lot of tasks to manage each day. They don't always have the time to research and explain marketing analytics, and frequently rely on the high-level insights that dashboards provide to ensure that they can stay on top of their progress.

The ability to quickly and effectively assess KPIs from a range of marketing activities is a crucial way of ensuring that marketing professionals can prove the value of their strategies to stakeholders at any moment. Today's dashboards come pre-loaded with easy-to-understand graphs and visualizations, and they demonstrate:

  • Soft metrics: Like customer satisfaction, engagements, and brand awareness.
  • Hard metrics: Like those related to sales, revenue, conversions, and rate of return.
  • Online marketing metrics: Like cost-per-lead, new sessions, and click-through rates.

Marketing Dashboards are Constantly Improving

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Many of today's marketing departments are in desperate needs of data analysis and management systems. In fact, 81% of large firms have their own chief marketing technologist. As we move progressively into a digitally-enhanced future, marketing dashboards won't only become more popular, they'll also grow to be more advanced. For instance, we may see the implementation of disruptive technology like:

Predictive Analysis: Today's marketing dashboards offer insights into what has happened with previous marketing campaigns and customer interactions. With machine learning solutions, marketing professionals may be able to use the same data to predict the behavior of customers in the future. This could lead to stronger customer experiences and more memorable interactions between clients and their favorite brands.

Integrated Management Systems: Customer Relationship Management systems are some of the most popular tools in the marketing world. Most organisations are currently making use of multiple dashboards to facilitate an omnichannel campaign. However, in the future, dashboards may integrate to provide a single-pane-of-glass experience.

Artificial Intelligence: Artificial Intelligence solutions are growing more common by the day. AI technology has been infused into everything from self-driving cars, to complicated new communications systems. With the right AI enhancements and natural language processing solutions, future marketing dashboards could be much easier to use and manage, freeing up a great deal of marketing time.

Does Your Company Need a Marketing Dashboard?

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Ultimately, a marketing dashboard is like a consistent report that you get into the performance of your company, like the dashboard on your car. These reports are designed to provide businesses with guidance on the metrics most important to them so that they can make important decisions about the future of their firm. A marketing dashboard can drive a team towards their goals by letting them know exactly what's going on behind the scenes, and this visibility allows for agile course corrections and the quick management of problems.

For instance, with a marketing dashboard, a brand could implement a programmatic advertising campaign and then constantly monitor its performance, making changes to ensure that every penny they spend is resulting in a substantial return. Eventually, the small changes that can be made with a marketing dashboard can quickly add up to huge savings and better results.

Implementing a marketing dashboard is a strategy that takes the guesswork and confusion out of updating and developing campaigns. The process ensures that a marketer can understand the progress in their work and compare their outcomes to both forecasted goals and market benchmarks. The right dashboard gives a company real-time data and insights to support business decisions so that you can know once and for all that your decision is the right one to make.

Topics: Online Advertising, Marketing, Programmatic Advertising, Dashboard

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