Digital Marketing Dashboard to Analyze Performance

A lot of businesses eCommerce nowadays are using various tools and methods to expand their ventures online. Marketers understand just how lucrative are the opportunities presented by the World Wide Web. However, when it comes to tracking performance concerning their activities, a digital marketing dashboard can assist them commendably. The panel takes into account multiple activities that span out from the point of origin. It focuses on lead generation and offers a monthly progress report for goals achieved over the course of a predestined time period. Nevertheless, the dashboard is designed to provide a means to monitor the progress and performance of online marketing activities on a continuous basis. Hence the metrics are usually displayed so that they can be relevant to a broader audience that can include marketing specialists to executives such as managers and directors. Along with broader audience we work on multiple vendors. There are multi vendors marketplace software that help us with this.

How Can You Use it To Analyze Performance

The key feature of the digital marketing dashboard is to show progress made through activities on a daily or monthly basis with the help of bullet charts. For those who have used Google Analytics Dashboard, they might find some similarities and differences between the two. The chart shows not only recent numbers but also includes daily and monthly goals. This allows the entire marketing team to simply glance at the dashboard and figure out where they are lacking and what requires their utmost attention. Here are some must-have metrics to include in your dashboard to analyze your performance:

Conversions 

When we talk about online conversions, we are talking about a key element of the paid search strategy. The main idea is to make onlookers, passersby, and bystanders into buyers of your offered products or services. This data helps you analyze how your marketing team is achieving the desired actions from online visitors. A simple formula for conversion rate is {(Conversions / Total Visitors) * 100}. An average conversion rate is around 2.35% which isn’t considered as remarkable. However, a recent study at Windstream shows that the top 25% of all Google Accounts achieve a conversion rate of 5.31%. However, there is still room to grow as the top 10% show a conversion rate of 11.45% and more.

Revenue Generation

The four most common ways businesses generate revenue online are through advertising, affiliate marketing, selling products, and selling services. Each company chooses revenue models as per their own strengths and weaknesses. One of the best revenue models includes a website advertisement revenue model. Here you can set parameters such as cost associated with 1,000 impressions, also known as CPM as well as CPC, which is Cost Per Click for PPC (Pay Per Click) deals.

Online Traffic

Web traffic or social media traffic is simply a show of how many online visitors you receive to your desired online or virtual real estates. These can be your company’s website, your social media profiles/business pages, and much more. Online traffic allows you to know which of your pages are doing well and from what sources are they gathering traffic from. You can better understand your audiences and create daily, weekly, or monthly reports as per your preferences.

Website Performance

One of the most common digital marketing KPI associated with your online activities and endeavors is your website performance. This would allow you to identify your most viewed content and most visited pages, along with user information. The user information offers you their sources, number of clicks, average time spent, bounce rate, and unique page views. This can help you further guide your strategy, focusing on the behavior of your online visitors.

Return on Investment 

There is no doubt that once you invest in software, tool, or marketing campaign for that matter, the ROI is definitely a huge concern. As a manager, you want to approach marketing activities that offer you the best returns on your investment which include not only your financial investment but also the time and effort involved in executing them.

Pros & Cons of Using a Digital Marketing Dashboard

Like any other instrument or gizmo, a digital marketing dashboard has its own limitations and strengths. Here is a quick overview of its pros and cons:

Pros

• Allows you to assimilate data and assist in measuring your organization’s key performance indicators.
• Offers you consistency in the reporting and management of online marketing activities for a wider assortment of audiences within the workforce.
• A visually appealing presentation that allows quick navigation and friendly interface.
• An ability to merge various and different metrics into a single view window.
• A quick overview of monthly and daily progress through automated graphs against collected data.

Cons

• May require substantial time to build an appropriate dashboard according to individual preferences.
• Changing core metrics, overall looks and feel of the dashboard can prove to be difficult.
• Involves cost and further expenses in order to meet additional perquisites and requirements.
• Most of the impact is heavily focused only on consistency vs growth. It should offer more though!

Final Words

While Digital Marketing Dashboards bring in a lot of sense to SEO which is considered as voodoo by many uninformed individuals, its effectiveness lies in its proper execution. Just like a dull knife wouldn’t help you cut fruit open and only add more to your agitation, digital marketing dashboards must be refined to offer management with better metrics. Hence there is much room for improvement and add-ons than can help you manage your marketing activities betters. These can include social media analytics, call tracking, email marketing, PPC, keyword rankings, impressions overview, KPIs, online traffic, conversions, and a lot more. The second most important factor is how comprehensively you are able to use each metric. In many cases, companies across the world usually implement marketing dashboards only for social media analytics or PPC. This allows them to dig deeper, gather more insights, and remain focused. Hence, in short, we can conclude that it’s not the tool but the one who uses the tool that needs to be evaluated. Abraham Maslow, the founder of the Journal of Humanistic Psychology, once stated: “To the man who only has a hammer, everything he encounters begins to look like a nail.”