Marketing Analytics & Measurement Dashboards
Numbers may not lie, but they can get overwhelming – and fast. In the marketing sphere, we tend to stress the importance of marketing analytics and measurements, and yet with so many different KPIs to examine – social media followers, post likes, email open rates, website visitors, website bounce rates, etc. – it can be tough to know exactly which ones to track. If you allow yourself to get lost in the numbers, it’s easy to fall into a state of paralysis by analysis. Instead, take a step back and approach your analytics dashboards from a more rational standpoint – one that puts the focus on maximizing your ROI.
As we discussed in Maximizing the Marketing ROI, ideally, the money you spend on marketing should materialize into the conversion of new customers or the increase of brand equity. This is your return on investment. (Your dollars, and the strategy put forth behind those dollars, are your investment. The increase in business revenue and profitability brought in as a result of your new customers is your return.) So when creating your marketing analytics dashboards, the most important numbers to track are the ones that illustrate just how great (or small) of an impact your strategic investment has had on generating measureable results.
First, think about your overall business objectives and the revenue goals you are working toward. What’s your current focus – event/webinar registrations, web leads, resource downloads? Next, map out your key marketing channels and the way in which you’re using them to advance your marketing strategy. For each of those channels, your dashboard should be set up to show primarily the marketing measurements and analytics that relate directly back to your marketing objectives. These individual dashboards should then feed a higher-level dashboard that ties directly to your business objectives and conversion rates so that you have a snapshot of performance by channel and are able to make decisions about where to invest your marketing dollars and which marketing levers you can pull to most effectively drive leads and sales.
Getting to the point of a well organized dashboard requires a bit of paring down, however, as each marketing channel tracks marketing analytics in seemingly countless ways. Each of your marketing channels should be measured in a high level report but then also at a detailed channel level.
- Email: Number of emails sent, open rate, click-through rate, site conversions
- Social Media: Reach, frequency, engagement rate, click-through rate, site conversions
- Pay-per-Click (PPC): Reach, click-through rate, site conversions
- Search Engine Optimization (SEO): Queries, click-through rate, site conversions
- Direct Mail: Number of pieces, site conversions
- Tradeshows/Events/Webinars: Number of meetings, registrants, or cards collected, conversions
- Advertising: Impressions, click-through rate, time on site, site conversions
With so many numbers coming at you from all different directions, setting up and organizing your marketing analytics can be a burdensome process; but it comes with many benefits, even beyond maximizing your ROI. You can use your marketing analytics dashboards to set baselines of performance, or to test or iterate particular data points. Or you can use them to pinpoint trouble spots. For example, maybe you see that you’ve gotten lots of traffic to your website by email, but no conversions. Perhaps changing the email message to better map to the site is in order. Or maybe you see that you’ve gotten lots of traffic to the website from multiple channels, and still no conversions. This may indicate an issue with the website itself. The advantages of well-maintained marketing analytics are vast.
If you need help creating your own marketing analytics dashboard, contact Paradigm Marketing & Design today for a consultation.