Why Marketing KPIs Dashboards are Important for Decision Making?
In this data-driven world, everything counts upon insights and facts. Whether it is a technological advancement or evaluating the performance, data is used everywhere. In this context today we will talk about how these numeric values even became so important for marketing. Let’s start with a quick brief of Key Performance Indicator (KPI).
Key Performance Indicator (KPI)
Key Performance Indicator (KPI) is a numeric value that shows whether your team or company is reaching to its targets. CEOs, Leaders, and Managers use KPIs to evaluate the performance of business processes and individuals. Monitoring KPIs helps you to assess your organization’s performance and make data-driven decisions to grow faster. Below image shows how the KPI dashboard looks like.
Generally, if we see indicator normally as a numeric value which gives us information. How? a big question mark simply if we see in case of temperature with any measuring device we have set up indicators, we get low and high values (numeric)degrees, we can draw a graph on basis of these values. It is easier for us to take the decision on basis of Graph.
In the same way, we will discuss KPI key performance indicator in the case of marketing that is an indicator (numeric) value which will evaluate the performance with the goals set up by the organizations.
As said earlier KPI in a broader sense is a measurable value that gives you a picture of how the organization is achieving key business objectives according to the set goals. In this blog, you can read in detail about marketing KPIs and how they are useful for decision making.
What is Marketing KPI?
Now if you can spend some time looking into your marketing strategies you probably will get a good idea of what is important? But how can you evaluate that your marketing plan is working well? Or how can you decide what you have to do next? The only answer to these questions is to monitor your set key performance indicators. In this blog, you can read about the most demanding KPI i.e. marketing KPI and how you can use them to take better decision. So Marketing KPIs are basically the indicators which track the progress of marketing activities traversing towards the goals set up by the organization.
Basic Types of Marketing KPIs
Marketing KPIs basically includes some important performance indicators that allow the marketing team to quickly analyze inbound marketing strategies. It is a smart web analytics that gives insights into the overall direction of marketing efforts. The Marketing Professionals get a clear glimpse of the overall performance of their marketing campaigns. Below are the five basic KPIs:
- Customer Metrics
- Product Pricing Indicators
- Sales Effectiveness Measures
- Promotion Efficiency Measures
- Brand Metrics
Marketing KPIs Dashboard
Marketing KPIs Dashboard fetches data from multiple sources in real time. It displays the actionable insights in a single location. They provide at a glance summary of how marketing campaigns and promotional activities are performing. These dashboards give most emphasis on reporting for that dynamic visual aids such as charts, graphs, heat maps, plotters, and timelines are used to illustrate a variety of key performance indicators. These KPIs shows the metrics related to:
- Conversion Rates
- Lead Pipeline
- Geographic Data
- Demographic trends
- Organic search paid media and referral marketing
- Revenue Generation
- Content Engagement Metrics
So basically you can say that Marketing KPI dashboards are software that shows actionable insights that are further used for intelligent decision making. They show the different important aspects of your marketing activities to evaluate the performance of your marketing strategy.
Features of Marketing KPIs Dashboard
Here we have some of the important features of Marketing KPIs Dashboard:
- It has Data Visualization that displays the data in a visual form which is simpler and easier to understand.
- The insights present are in the form of patterns and colors to differentiate the various parts of the marketing process.
- A graphical representation is easier to understand by end user rather mingle with numbers and bundles of data with thousands of entries.
- Tables used in dashboards are structures containing columns and rows.
- Bar Charts gives the bar representation of data which shows the comparison between the activities for example sales forecast for the month.
- Line Charts show a curve or pattern which displays data against the activities.
- Gauges are used to show progress for an objective. The colors used are for target achieved and not achieved.
- A marketing dashboard is easily customizable according to the needs of any business or respective department.
- Most of the marketing dashboards are mobile optimized either through a native app or with a web interface.
- Dashboards are scalable that means they can expand as your projects grow and get more resource intensive.
Importance of Marketing KPIs Dashboard
Modern marketers apply an artistic sensibility and a scientific approach to data and analytics. Marketing professionals use this beauty of a dashboard for better decisions and frame marketing policies accordingly. A marketing dashboard is a reporting tool that displays marketing analytics; let’s discuss some of its importance:
- Marketing KPIs Dashboard gives the overall progress of the various components of the marketing that help you to know your strong and weak areas.
- Metrics using data visualizations display the performance with real-time data.
- These dashboards are designed to capture the Web data, Traffic on the website along with the Leads.
- It has a Lead funnel that gives the information about the number of visitors, their actions, and their duration on the website so that you can plan your marketing strategies accordingly.
- With tracking metrics on a daily, weekly, and monthly basis, marketers can act on data to immediately improve performance.
- It also gives social media track reports. These reports help business owners or digital marketing team to make the best use of the media from where the maximum organic traffic is coming.
Take the example of this Marketing KPIs Dashboard to get a clear understanding of how it works.
Lead Breakdown Metrics
We begin with lead breakdown metrics it’s showing the percentage of trial and non-trial leads in the above image. You can also see the number of leads generated in a month out of total web users visited the web page of this company.
Google Analytics Web Traffic Metrics
In this, you can see the metrics of different sources from where the traffic is coming to this site. The top is organic search with the highest conversion rate and maximum time spent. This gives an idea to the marketers and decision makers that what are the sources from where they can get the maximum traffic. They could easily check the performance of each source as well and opt for the best one accordingly.
Key Conversion Metrics
Next is the key conversion metrics that gives an idea about the quality of conversion leads for the whole month. It is showing the percentage of active leads, the percentage of high demography and voting sales. It gives an idea to decision makers and marketers how many leads and actually converting into sales.
Leads by Region
The dashboard is also highlighting the different regions from where the company is getting its maximum leads. The sequence shows the best region to target your audience. With the help of this insight, marketers can easily penetrate their potential and existing market.
Top Social Media Metrics
Here we can see Facebook is at the top amongst Twitter, Youtube, and other Social media platforms. So according to the metrics, Facebook is the best media for this company to run marketing and promotional campaigns in order to attract potential and existing buyers.
The above Marketing KPI dashboard shows how marketers track the performance of their online marketing activities. In the dashboard, we see leads generated in the different span of time. Google Analytic is showing the information on visits and web traffic generated on the website. It is showing organic search and for the redirect page to reach the targeted website of the organization.
The scope of Marketing KPIs Dashboard
As the vast majority of the business is digital, there is an open opportunity to leverage the power of this data. Marketing dashboards show you the powerful insights for continuous monitoring of the targets you have achieved or what still you have to achieve. Below you can read its wide scope:
What you track on your marketing dashboard will ultimately depend on what you want to accomplish with the data. If you are looking to track a specific campaign, it’s best to create a separate dashboard to monitor results. But for day-to-day activity, it’s good to track a combination of social media, sales and web traffic as demonstrated on this dashboard. Traffic sources are extremely important to monitor for every business because brand discovery is crucial to identify marketing opportunities. For example, if many of your leads are coming through referrals, maybe you should consider offering incentives to current customers for introducing new shoppers.
KPI Dashboards contain data regarding website performance. It shows the data of visitors, hits on the site and visitors actually turned into buyers. This data will be generated on the dashboard in the form of graphs and charts which can be customized according to the requirement of the teams. It gives the clear picture about the trial, captured and non-trail leads. So, marketers and top management professionals can get an idea where they have to work extra to generate more leads.
The greatest value of a modern marketing dashboard lies in its ability to provide real-time information about a company’s performance. From leads to social media metrics everything is based on real-time data of the visitors. Dashboards are capable to generate the latest information and trends about their visitors, their preferences, and their buying behavior. So that business leaders, as well as project teams, can take well-informed and goal-oriented decisions.
Highlight the Problem Area
Moreover, a timely and well-framed KPI dashboard helps to instantly notice problem areas. This shows the high-performance area as well as the area that need more focus and planning. Managers those who use KPI dashboards daily for getting a quick overview, know their weak points and frame the marketing strategies to overcome with them.
Marketing KPI Dashboard for Success
Hence a marketing dashboard is like a car’s dashboard that allows the team to drive towards their goals with ready knowledge of what’s going on under the hood. In the present data-driven world, this type of visibility enables course corrections on a daily, or even hourly, basis, in contrast to traditional monthly or quarterly reporting cadences. Therefore, insights gathering will make the marketing smarter, agile and effective. Each KPI metrics in a dashboard lead marketing team with valued learning and more informed decision-making.