WHY START-UPS NEED TO INVEST IN A MARKETING DASHBOARD FROM THE STARTOctober 19, 2019 / by Marco / Categories : Business
The ability to find and track relevant data is power in business, and a marketing dashboard gives you that power. Whether you are planning to launch your own marketing campaign and monitor the KPIs, or you have a marketing start-up of your own, here are a few of the many reasons why the right marketing dashboard is a key element.
It Will Let You Evaluate Your Marketing Investments
Be it the money for your own business, or the marketing budget of your clients, constant evaluations and dynamic shifts in strategy are necessary in order to make online and offline marketing efforts a success today.
Properly designed, modern marketing dashboards provide businesses with both hard metrics and software metrics, which can prove to be instrumental in developing a better marketing campaign fluidly, instead of wasting time in fruitless efforts and uninformed anticipation.
Hard Metrics: Going Beyond Bounce Rates and Clickthrough Rates
Now, soft metrics, such as bounce rates, total traffic, relevant traffic, clickthrough rates, etc. are important and necessary KPIs for a digital marketing campaign, but hard metrics are generally considered more useful due to them being more reliable.
The properly designed marketing dashboards can be utilized to effectively determine hard metrics, such as the total investment amount made in a particular campaign, the summation of all marketing campaign investments, internal ROI on those investments so far, etc.
As for knowing where to find good marketing dashboards which allow you to collect, track and predict both soft and hard metrics, check out this list of the top ten marketing dashboards on The Ecomm Manager. ECM allows for easy comparison and assessment, so you will be able to make the right choice, and an informed one at that.
It’s All About Immediate Knowledge
As a start-up, chances are that the business doesn’t have all the funds it needs to do everything that it may benefit from, which is to be expected in the beginning. This is why a marketing dashboard can be so useful for monitoring and better utilizing the funds available for marketing.
As it gives you a helicopter view to see how each and every aspect of your marketing campaign/campaigns are doing, it also gives you the power to make immediate changes and better utilize the current funds, before it is wasted in a futile strategy. It’s a huge step up from the annual reports, because you can affect the numbers on those annual reports by making constant, subtle changes with the help of your marketing dashboard.
If you are going to start a new business, it is important to understand something about modern tools of business. Adopting the necessary tools of modern business, such as a CRM software or a marketing dashboard system, is no longer about the competitive edge, but has become the norm. In other words, if you think you have the time to wait until you have attained the size to try out the latest business tools, your chances of success will diminish greatly.
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