What to include in your marketing dashboard
The marketing campaigns have been launched and you need to know if it is performing well. You want to be sure that your marketing strategy, that may include different aspects, e.g. social, digital, email, PR, etc., is successful. When driving a vehicle there is a control panel showing you the key performance indicators (KPIs) from the speedometer to the fuel gauge. The car dashboard display keeps many indicators in one place for you to have at-a-glance view that allows you to navigate your vehicle. The same regards to the marketing dashboard. Marketing KPIs are metrics that enable you to control and navigate your marketing efforts on your inbound marketing strategy. These indicators show you how you are progressing towards your goals and if your marketing strategy is paying off. This being said the question arises what KPIs to include in your marketing dashboard. Before you can build a marketing dashboard, you need to have a proper business intelligence tool. If you do not have one already, an analytical firm can help you find the right tool and build out your marketing dashboard.
The following are some marketing dashboard metrics that may help you measure the success of your marketing initiatives:
Measuring website traffic includes lots of metrics, such as: number of visitors and number of unique visitors, session duration, referral sites, etc. These metrics show you the overall health of your business. If you see the ongoing growth of unique visitors and their session duration is increasing it means you are doing well. You should start by separating the metrics by date to see the trend and by medium to see what channels are working. Today Google Analytics is one of the most popular tools on the market that provides you with website traffic measurements
Cost per customer acquisition
Here we talk about the price of getting a new customer, i.e. how much the acquisition of your latest customer, John Baker, cost your company. The prices can vary differ a lot. As a whole it is easy to calculate by applying the following formulae: simply divide your monthly marketing budget by the total number of newly acquired customers during the same month. This number is important because it will show how campaign works toward the growth strategy. Let’s say your objective is to increase the pool of customers by 20x for the upcoming year. Knowing the cost per customer acquisition will allow you to understand the cost of your upcoming campaign. You will be able to evaluate your expectations and make necessary changes.
CLV or Customer lifetime value
It is a prediction of the value that your business can accumulate from the entire relationship with the customer. It is important to know how much a customer is worth in total. Imagine the scenario when the customer acquisition cost is around $50 and they shop only once having an average order value of $80. It means that this customer is considered to be profitable. There are different formulae to calculate CLV. Here is one of the simplest solutions: multiply annual profit per customer by average number of years they are your customers and subtract the initial cost of customer acquisition. It is more costly to acquire a new customer than to retain the existing/returning customers, therefore, the bigger your CLV the healthier customer retention and overall business.
Some basic email marketing stats include list size, open rates, click rates, and conversion rates. Looking at different campaigns over time can help you optimize your subject lines by looking at open rates, conversion rates can help you understand how well each email is performing. Additionally, you may want to segment your email list and look at your metrics that way.
Landing page conversion rate
Higher landing page conversion rate means that you are passing more leads to your sales teams. It is a key metric that help your company increase sales and revenue. You can conduct A/B Testing for each landing page to see what helps improve your sales and revenue.
It is simple. You want to be where your customers are, i.e. on social media platforms like Twitter, Linkedin, Facebook. This KPI help you track the level of your digital reach and understand what channels are working best for your business. Some metrics to include here are number of likes, followers, shares and traffic and sales generated from your social media.
The marketing dashboard takes time to create but once it has been set up it is a powerful visual tool that uncovers valuable insights on customers, marketing and sales process. It is key in understanding of your company performance that help improve your marketing strategies, acquire more customers, drives sales and increase revenue. It is advisable to create ongoing KPIs such as sales, number of visitors to your website, and general database size. However, your KPIs should also reflect your business initiatives such as new product launches, improvement to your nurturing campaigns and so on.