Your teams executing in today’s digital world marketing campaigns now measure your performance and optimize metrics to meet your growth and retention goals.
Common questions after running a campaign are “how much are we spending?” “is it jiving with what was initially planned?”, “how do we measure the success (or loss) of a campaign?”. These are the questions a good CMO would want to be answered by analyzing with an effective marketing performance dashboard.
Marketing Dashboards for the BUSINESSand of the CUSTOMER
A marketing dashboard is a powerful tool for creating automated marketing reports and analyze data to make sound marketing decisions. The dashboard shows valuable metrics and updates the data in real-time according to your campaign performance. It can track and evaluate the performance of all your paid and unpaid campaigns and keep a tab of your costs while making sure your marketing campaigns are converting at the level you anticipated.
So, what key performance indicators (KPIs) would you need to take note of in your dashboards?
Here are some key elements you must consider in your marketing dashboard to ensure you’re tracking what matters most- customer growth and retention.
1. Customer Acquisition Cost (CAC)
How much did you spend to get a customer to purchase that watch? The cost per acquisition (CPA) addresses this question and is critical to know as you work toward growth plans. This metric puts your expenses about your customer.
With the CPA metric, you can easily compare and decide what strategy worked best, which ones didn't live to your expectations, and most importantly, why it did (or did not) work.
Thanks to these insights, you can now strategically decide where to allocate your money and then replicate the best practices from that campaign to others.
2. Customer lifetime value (CLV)
How much is a customer worth in total? If you’re getting customers for $75 each, but they are only shopping with you once for an average order of $50, you need to make some adjustments.
Now, it’s okay to have a negative ROI initially, BUT you need to make up the money (plus more) in the long run. To understand this, you need to know your CLV. Otherwise, it is impossible to understand your profits. We use CLV as a factor of customer value analysis as well- segments with more excellent average CLV mean they are more valuable.
In the medium term, use engagement, return website visitors, and the number of inquiries as an indicator of CLV. The invisible costs of calculated CLV only consider the acquisition costs. It doesn’t consider shipping and CPA. Instead, buyers go by predicted CPA and the different patterns you may see.
3. Web traffic and organic search
Web traffic is essential. There are many ways to segment it (sessions, duration, bounce rate, users, etc.), but it’s critical to keep an eye on these stats. Google Analytics is an easy way to find out these answers and more. You can also find out if your SEO efforts are generating traffic for your site and see which pages are generating traffic so you can recalibrate your efforts where needed.
It’s the fundamentals of digital marketing and a great place to mine customer behavioral analysis. You can use software to look at keyword performance for particular target audiences.
4. Landing page conversion
Relative to website traffic, landing pages are vital in the funnel to conversions. You need to know which of your pages are great performers and which ones need tweaking. For example, you may have a high traffic landing page, but it may not reach the expected customer conversion rate. Keeping track of the traffic-to-conversion ratio is a great place to start for your marketing dashboard. Where you can use trackers like pixels and cookies can help here.
Getting to know your buyers through a more in-depth customer data platform is also a great help to course-correct your marketing strategy and develop a more targeted customer journey for them.
5. Social media impressions
Your customers are on platforms like Facebook, Instagram, Twitter, and LinkedIn, so you should be there too! KPIs can help to justify your social media spend and track the extent of your digital reach. Tracking social media impact is especially important for companies with tight marketing budgets. These companies need to be especially aware of which channels are working best for them and what metrics to interpret data the best way. For example, social engagement counts as engagement. So you need to know that the cast of data is wide enough for analysis.
Cost per thousand impressions (CPM) generally goes with awareness. It is the total amount spent/total measured impressions x 1000. Viewable impressions and impressions are what you look at a lot for driving awareness – in partnership with reach.
Cost per click (CPC) is reasonably priced depending on the competition and the channel within which you are competing. It differs by platform, keywords, industry, channel, and ad format. If you’re targeting an increase in subscriptions/followers, having a CTA with CPC as a metric is effective.
Lead generation metrics are essential for monitoring, but it’s got to be done the right way. Introduce apps to be on the channels you need and the devices they are on. The tracking leads get more tedious as you try to connect the data between them. Again marketers are overcome with customer data platform technology witch can tie the data while maintaining compliance.
Research done by Frederick Reichheld of Bain & Company shows that it is more profitable to target loyal customers than to acquire new ones. That means tracking leads who fall under your valuable customer segment because these are relevant leads that are likely to go all the way and buy from you. Backtrack through the lead generation campaigns to find out which value ables cam down which lead journey.
7. Email conversion rate
Having an excellent open rate but not getting any leads? That’s because the return only happens once subscribers complete a goal action. It’s essential to take the time to constantly monitor your send quantities, open rates, click-through rates, click-to-open rates, and conversion rates. Because email is so easily scalable, these metrics will give you fast and accessible insights into what you can modify and improve every email blast. Email still works most cost-effectively and should be paired with an SMS for in-context notification.
Ready to jump into your marketing dashboard?
Whether you’re just starting to build your own or you already have existing data, making sense of all these raw figures can be overwhelming. Let me show you how ViewN does it so you wouldn’t have to worry about it!