Marketing Dashboard Best Practices
Marketing Dashboard Best Practices Over the past 10 years there has been a distinctive shift in Marketing activities; budgets are only being allocated to investments that can produce measurable returns, such as sales support and lead generation. In a time of Sarbanes-Oxley compliance, repeatable controls, processes, and policy & procedures, have been implemented to ensure accountability.
This cultural shift is spreading into Marketing as senior executives have witnessed increased efficiency & effectiveness by standardizing, measuring, and benchmarking, key metrics in functions like Finance, I/T, Sales, and Operations.
Structured processes and analytics are new for most Marketing departments, so it is no wonder that in a recent CMO Council Survey, Marketing Performance Measurement was highlighted as a significant priority by over 90% of the companies. Strikingly, less than 14% of these companies reported having any type of comprehensive system to measure Marketing. Those who did have systems in place significantly outperformed their competitors in revenue growth, market share, and profitability.
Clearly, it is essential that Marketing professionals learn the Marketing Performance Measurement discipline if they are to survive. No longer is it acceptable to provide gut-feel estimates of the impact of marketing programs. Results must be measured.
A simple approach to measuring performance is implementing a "Marketing Dashboard." This report will define Marketing Dashboards, highlight their benefits, and provide high-level Best Practices for implementing an integrated performance measurement system. Before implementing any MPM solution, be sure to read our summary, "Get Ready to Measure Marketing Performance" and complete the Dashboard Readiness Assessment. If you are already measuring your marketing performance, use our Marketing Measurement Maturity Assessment to benchmark your strengths & weaknesses and to identify areas for improvement.
|What are Marketing Dashboards?