Mistake #1: You set the wrong business goals
Mistake #3: You treat all inquiries alike
Mistake #4: You’re not getting sales force buy-in
News flash: CEOs don’t care about marketing metrics. They care about revenue and profit growth. What’s the best way to keep track of the critical KPIs? Use a marketing dashboard.
A marketing dashboard is simply a graphical interface that allows you to see an overview of your entire marketing strategy – in a single view. By providing a simple interface to view your KPIs, you can manage them more easily and effectively. But many marketers are still not using them … or worse, populating them with too much data and/or the wrong metrics. That’s Mistake #6 in our series.
Mistake #6: You fail to establish a marketing dashboard
It’s often said that when it comes to analytics, there’s too much data and not enough knowledge. Your marketing dashboard should measure the right metrics and easily summarize the different areas to be tracked and measured. When you look at the big picture, you’ll start to notice trends and patterns, which will tell you where you need to focus.
Here’s how to create an effective marketing dashboard.
- Identify five key metrics. If you include more than that, it will diminish the value of the information and you will lose focus. So will your CEO.
- Measure success against established goals. Whether it’s campaigns, channels, products, or whatever, you should aim to measure against your five key metrics.
One of those metrics should always be sales. Not just leads generated. Definitely not clicks and opens. And absolutely not “awareness.” You can have all the awareness in the world and all the social media engagement in the world, but if it doesn’t eventually convert to sales or lead to a qualified market ready lead, it isn’t worth beans. But I digress.
- Show trends over time for each metric. This will show you what you’re doing right and where improvement is needed.
- Socialize. Share your dashboard with others on your team to show what you’re achieving. It will help you gain buy-in for future initiatives and create comradery. (And if you’re lucky, empathy.)
Developing your dashboard will require a group effort, and Sales should be part of that effort. The goal is to measure what matters and avoid what doesn’t.
It will also have an impact on your data requirements. You’ll need to have a data environment that allows your dashboard to pull the right metrics. See Mistake #5 for more detail on establishing a marketing- and sales-driven data environment that allows for more effective communications and reporting. So starting your lead management program with a proper data assessment is always the right thing to do.
Need help building a dashboard? Give me a call at 585.453.8309 or email me at firstname.lastname@example.org.
Next Week: Mistake #7 – You assume that your program is completed at launch. (Bad idea.)
Jeff Cleary | Managing Director
Jeff, a University of Massachusetts grad, worked for others for many years. In 1990, Jeff teamed up with Mike Osborn to form Catalyst. Smart move. In his role as managing director, he continually strives to meet and exceed client expectations as well as his employees’, always ensuring a positive, productive workplace.