The world today is driven by data – huge amounts of it. In theory, these large volumes of data allow marketers to better plan their campaigns, gauge their performance and prove their contributions to their organization’s revenue. But sadly, not all marketers have been able to make the best use of available data to efficiently report and improve on their efforts. Much of the performance measurement and reporting in businesses remains dependent on manual processes and disconnected tools, which fail to give marketers the big picture.
This is where marketing dashboards come in. Marketing dashboards are a specific category of marketing analytics software – purpose-built for the marketing department – that provide easy, on-demand access to analyze and optimize campaign and channel performance data while providing a clear view of marketing’s impact on revenue. The performance data for key metrics in a marketing dashboard solution is presented in a visually rich format. These include pie charts, bar graphs, scatter plots, and other visual representation formats.
So, how do marketing dashboards benefit businesses today? Here are five ways:
1. Seeing the big picture. Marketing dashboards allow marketers to see the forest for the trees. It enables them to view their marketing strategy holistically by eliminating silos in processes and communications. More significant marketing trends and consumer behavioral patterns come to light when businesses use a marketing dashboard. These tools unify data effectively to paint a clear picture of future patterns and opportunities that can drive revenue growth. In short, it becomes much easier for marketers to have their fingers on the pulse of the market and remain competitive.
2. Making more informed decisions. Marketing dashboards are capable of consolidating and evaluating mass amounts of data and presenting it in a visually appealing and understandable manner. When all the necessary marketing data is available to key stakeholders, making more informed decisions becomes easier for everyone. All information related to the organization’s marketing channels, campaign performance, website traffic, KPIs, etc. are provided on a single platform—leading to more informed decisions in less time with less effort.
3. Improve visibility across the organization. Keeping tabs on marketing and sales activities can be a daunting task. Often, a lack of transparency and proper reporting channels lead to delayed or flawed decisions. But by implementing a marketing dashboard, businesses can keep tabs on activities in real-time and ensure better management of their marketing budget. It improves accountability and provides better insights throughout the organization into which marketing activities are driving revenue.
4. Prove the ROI Of marketing activities. Thanks to the transparency and insights provided by marketing dashboards, organizations are better able to track the ROI of their marketing activities. These tools can process large amounts of data, simplify it and present it visually. This form of data representation gives marketers a clear picture of all their marketing activities and which channels are most effective. Using the consolidated data provided by marketing dashboards can help businesses identify strategies that are not working and replace them with more revenue-generating and financially sustainable ones.
5. Improve team collaboration. Lastly, one of the biggest advantages of using a marketing dashboard is streamlined communication both within marketing teams and across the organization. With marketing dashboards, businesses can bring everyone on the same page through a single point of communication. Everyone will be informed about what’s happening at the same time, meaning there will be no confusion between team members. Using the collaboration tools in a marketing dashboard solution, marketing teams can achieve more together through in-app comments and conversations about various data points.
The above are just some of the ways marketing dashboards can help businesses in data-based decision-making and communication. You can learn more here.