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No two companies are identical.  While all companies aspire to profitably acquire more customers, maintain or increase market share, retain existing customers and grow the business with these customers, it’s very unlikely that your Marketing plan will be an exact match to another company’s plan. As a result, every company’s dashboard will be different even though there will be common metrics categories.

Customizing an effective Marketing dashboard and creating a center of Marketing excellence at your company takes time and attention. One you have your dashboard defined and designed, you and your leadership team will find this tool extremely helpful for showing how Marketing creates value for the company, facilitates decisions, and manages risk.

The key is to define, discover, and design a Marketing dashboard that is relevant to your leadership team.

Start Your Marketing Dashboard Development with these 3 Steps

3 Steps to Defining and Developing Your Marketing Dashboard

Start with these 3 steps to develop your Marketing Dashboard

Step 1: Define Your Marketing Objectives

To demonstrate your value, Marketing objectives need to be defined within the context of business outcomes.  Far too often, Marketing objectives are orphaned from from business outcomes.  As a member of the business team, you need to participate in defining the business outcomes.  Increasing market penetration in a specific vertical or retaining a particular set of customers resulting in a target amount of revenue  is an example of a business outcome. Armed with these, you can develop outcome-based customer-centric Marketing objectives. For example, securing some number of conversations with qualified prospects within the targeted vertical.  The key is for the Marketing objectives to be quantifiable, performance-based, customer-centric and aligned to the outcomes.

The following scenario helps illustrates the connection between outcomes and objectives:

  • Outcome: Grow our market share by 10% in the Financial Services segment resulting in $X incremental revenue.
  • Marketing Objective: Generate X# of face-to-face meetings with at least 3 of the top stakeholders at Y financial services target accounts per month with 50% of these converting to RFPs by third quarter that result in 10 new customers.

Step 2: Discover the Right Metrics for Your Dashboard

It is tempting to take the easy route and focus on the most common and easy to quantify metrics.  The key is discover the metrics that best reflect what you are trying to measure.  As a marketer, you may be tempted to focus on what you produce, such as website traffic, content consumption, discovery meetings, webinar participants, contact requests, etc. These are activity and output measures.

To discover the right measures and metrics, you need to be able to link the activities to outcomes. For example, if outcome is to gain share in a new vertical with an existing product, your metric will be different than if the outcome is to achieve greater category growth rate in an existing market. In each instance, you may still have many of the same activities, but the top line metrics are different.  In the former, appropriate metrics might be share of preference and net new customer acquisition.  In the latter, appropriate metrics might be product adoption rate and footprint expansion among existing customers.

This example illustrates why your Marketing dashboard will be different from another company’s and how your dashboard might have to evolve.

Step 3: Design the RIGHT Marketing Dashboard for Your Business

Your plan is aligned. Your objectives are outcome-based.  You have your metrics and the metrics defined.  Now you’re ready for the design phase. Keep the following three characteristics in mind as your design your dashboard:

  1. Relevant: It has only the information that means something to you and your leadership team. Your Marketing dashboard should be proving the success or the opportunities available for Marketing at a glance and be a valuable report for executives in determining Marketing’s value, impact and contribution.
  2. Easy to Understand: Save your executive team time by designing a Marketing dashboard that allows them to see value without a one hour presentation every time it’s updated. However you determine is best, you should be able to update it easily and read it easily.
  3. Displays the RIGHT Performance Targets: Don’t include extra data that doesn’t show how your Marketing is working towards the defined targets set forth by your company’s Marketing plan. If your executive team looks at your dashboard and still needs to know what it all means, it means the design has failed.

For more information on designing Marketing dashboards, visit our presentation here on the good, bad and ugly.

If you need additional assistance in defining, discovering and designing your way to a dashboard that works for your Marketing organization, contact us for a free consultation or purchase a dashboard assessment.

 

 

 

 

 

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