A marketing dashboard is a visual presentation of the most important data and information that a company requires to track the key marketing metrics and progress towards its marketing objectives.
The data are presented in a consolidated report that helps the marketing team perform a more detailed marketing analytics exercise.
A typical marketing dashboard looks like this:
Why does a company need a marketing dashboard?
The primary requirement of any marketing activity is “measurability” – a means to quantify the effort, investment and outcome dedicated to that activity. The growth of digital marketing has led to an increase in the amount of data that can be analyzed. However, not all information is good, and not all reports are required.
A marketing dashboard helps present the most important and relevant information and track the data points that are important for the company.
Why dashboards are important
Marketing dashboards are a very important source of rich and actionable data for companies. These data allow marketers to get answers to the following questions:
Which online channels used by the company are generating leads of the highest quality?
What are the revenue and ROI attributed to these channels?
Did paid search investment yield ROI on the revenue attributed?
How is the marketing performance of the company compared to that of its competitors?
However, nearly 70% of all marketing dashboards fail to perform the correct analytics for which they are designed. There are several reasons for this:
Use of old data
Dashboards get outdated by the time they reach the key users
This hampers the analytics process and cannot generate actionable insights
Lack of trust in the data
If the source of the data is not clear there will be lowered trust in the analysis of these data
Lack of design flexibility
Many dashboards are pre-built and cannot be customized to specific company requirements.
Risk of obsolescence
Analytics do not always keep pace with the speed of marketing initiatives and strategies.
The dashboards can become obsolete and are of no use to the company.
Thus, it is clear that marketing dashboards best practices should be followed to avoid the above issues. The use of marketing dashboard best practices in the design and implementation of marketing dashboards are the best way to ensure that companies do not lose out in the competition for customers and business.
Marketing Dashboard Best Practices
The best marketing dashboard practices emphasize the specific requirements of the company – its marketing objectives, strategies and customer data. Most marketing dashboards combine statistical and reporting methods from multiple sources to present the data and findings in a visual manner which makes sense to its users.
Companies must therefore use marketing dashboard best practices to design and implement marketing dashboards to ensure that they are on top of current trends in their industry.
Some of the major marketing dashboard best practices include the following:
Use maximum automation
Analytics and data management are at the core of any marketing dashboard
But a lot of time and effort is spent on putting the data together and running the analytics
There are many recurring and time-consuming queries which can be answered by automation
Define the key marketing KPIs
KPIs should match business objectives
A marketing dashboard should show how the marketing efforts and investment contribute to the larger business context by integrating marketing and sales data
Flexibility for better customization
Users should be able to use the dashboard to review and analyze data relevant to them
Dashboards should be easy to customize for such specific requirements
Mobile optimization
Many people now work remotely and need access to real-time data and insights anytime and anywhere
The dashboard should be optimized as an app or a responsive website interface for mobile viewing
Ensure the dashboard is scalable
The best marketing dashboards should reflect and present evolving dynamics of the company’s marketing initiatives
The dashboard should also be flexible enough to accommodate multiple data sources
Use authentic, real-time data
A company can track multiple data sources on its dashboard
Each source has specific structures and output
The marketing dashboard should use reliable and real-time data to help the management take strategic decisions to drive the company forward
Integrate all data seamlessly
Multiple data sources give a lot of information that can present a confusing picture if not assembled properly
Data should be linked to a single dashboard source that is connected to an “outcomes and ROI” output
There are several reporting tools available that can be used to integrate data for a useful dashboard structure
Simple data visualization
Ensure that the visualization is designed to present the selected data in the best possible format
All users of the dashboard should be able to understand the data presented and draw relevant insights
Define the objectives of all stakeholders
Each marketing dashboard tells a different story and can have a different audience
It is therefore important to define the objectives of each audience and present the relevant data to them
Define short and long objectives that tell “the story” at a specific point of time and over a historical period (month, quarter, etc.)
Building a dashboard based on audience objectives also gives clear action points to the viewer/receiver
Define the audience
A dashboard is a story, and the company has to decide who “listens to the story”!
The metrics selected will depend on the audience – the users who will refer to the dashboard
There could be different dashboard formats for different audiences
All the above points should come together in a clear, easy-to-understand and properly visualized dashboard such as the following example:
Why you should apply these best practices for your Marketing Dashboard?
Improved KPI measurement / monitoring
Increased efficiency in making decisions
Better data visibility at any time
Real-time customer data
Better forecasting and decisions
Conclusion
All companies using digital marketing and social media marketing – in fact any marketing – must design and implement a marketing dashboard using global marketing dashboard best practices.
Marketing dashboard best practices help marketing teams collect, analyze, and present the most relevant data and metrics. Marketing dashboards are also important because they save time and effort for marketers by consolidating data from various sources into one easily understood visualization.
Marketing dashboard best practices also help the company get an overview in real-time of campaign performance. Well-designed marketing dashboards are dynamic resources that provide responses to strategic, high-level queries about what is working and what isn’t working.