Five Ways to Supercharge Your Marketing With A Dashboard
A marketing dashboard is a great way to get the best return on investment on your marketing budget. At the end of the day, it comes down to results; leads and sales. You must be able to show value for money and get value for every dollar spent on marketing. The only way to get value for money is to ensure marketing dollars are being spent in the right way.
For example, on the marketing channels providing the best results.
But, how do you know what’s works and what doesn’t? How do you tell which elements of your campaign are the cash cows and which are the dogs? The best way to keep track of every element of your marketing strategy is with a marketing dashboard.
A marketing dashboard is a graphic representation of your key marketing activities, It gives you a big picture view of how well you are doing. By presenting only the key metrics, you can quickly identify problem areas and take corrective action or replicate success.
The following are five ways to supercharge your marketing activities using a dashboard.
1. Track Only the Most Important Metrics
What you track will differ from business to business but the idea is to track only the most important marketing metrics. Ask yourself what would make a real change in your decision making if you could see it in a graphic easy-to-consume presentation.
For example, if you are running an online marketing campaign, some important metrics you may want to have on your dashboard include:
- Social media – followers, likes, posts from social networks. Also, total revenue generated from social media ads and total Ad spend.
- Email marketing – email subscription rates, open rates, conversion rates and unsubscribe rates.
- Google Adwords – total revenue generated from Adwords, total marketing spend on Adwords, campaigns and ad groups that do well.
- Website analytics – audience overview, behavior overview, conversions and goal attainment are possible to track with a web analytics dashboard.
- Customer relationship management – total leads, sales and conversions.
2. Jettison Underperforming Activities
As mentioned earlier, the dashboard gives you the big picture of how your overall marketing is performing. You can quickly see the areas that are doing well and those underperforming. To supercharge your marketing, jettison underperforming areas that drain marketing resources with little or nothing to show for it. In addition to getting rid of underperforming activities, you can also quickly see the areas you can take corrective action and get things moving again.
3. Put More Energy on the Channels that Deliver
From the dashboard, you may begin to notice patterns and trends. For example, you might notice some blog post topics attract lots of traffic or a particular Google Ad receives a very high click through rate. Allocate more marketing resources to these areas and you will be amazed at how fast your business grows.
4. Stay Accountable
To put your marketing on steroids, use it to stay accountable. Against every metric, have a goal or target. This way, you can see on a daily basis whether you are on track to meet the goals and targets set out at the onset. Jeff Bezos used this in the early days of the Amazon. He had a bell ring every time the company hit a pre-set sales target. Eventually, the bell rang too many times so they had to stop it and find another way to stay accountable.
5. Laser Target Your Marketing Campaign
A well-conceived marketing dashboard gives you powerful insights about your market. This can lead you to be more efficient and productive. A good example of an extremely useful insight is past customer behavior. With knowledge of how customers behaved during an earlier marketing campaign, you can better tailor your offers and campaigns. You also get to understand who your customer really is; this ranges from simple things like where they are located to more insightful stuff like what they like to eat, read, their level of education and much more. This information is the secret sauce that has the potential of delivering amazing results.
Finally, not everyone is tech savvy enough to come up with a graphic dashboard from raw business data. If you are like most people, the learning curve to generate graphics from spreadsheets packed with information may be biting off more than you can chew. This shouldn’t worry you though, there are numerous commercial marketing dashboards that you can purchase online for a reasonable fee. Once you plug them into your business systems, they will generate impressive marketing dashboards.