A dashboard is an information management tool that visually monitors, analyzes and displays key performance indicators , metrics and fundamental data to track the status of a company, department, campaign or process specific.
We can think of the dashboard as a kind of “summary” that collects data from different sources in one place and presents it in a digestible way so that the most important thing stands out. These are some of the characteristics that this control center should have:
Personalized . A dashboard should contain only the that are relevant to the department, campaign or process in question. To guide you, we can think of the main questions we want to answer. For example, what are the main sources of traffic to our website, how is our sales funnel working or what are the 5 products that generate the most income.
Visual . The idea of a dashboard is that we can obtain the information we are looking for at a glance. For this reason, the data is presented in the form of graphs and we must have quick indicators through color keys, up or down arrows or prominent figures, for example.
Practical . The main function of a dashboard should always be to guide the actions of our team. Therefore, you must provide us with the necessary information so that we can know what are the next steps to follow to improve results.
In real time . Today, digital marketing actions evolve very quickly and seizing the key moment is essential. Therefore, the information should be up-to-date from all sources and displayed on the dashboard in real time.
Why do you need a dashboard in your company and examples
Because it allows you to measure multiple and metrics at the same time . If we manage campaigns of a certain complexity, the normal thing is that we end up having several analytics solutions for each platform and we have to consult them separately, which hinders the global vision. Instead, the dashboard can display data collected from different sources, such as web analytics solutions, social media metrics, and data from our . In this way, it will be much easier to compare them between them and see their evolution.
Because it is easy to understand . A good dashboard presents a handful of critical metrics clearly and visually, so you don’t have to be an analytics expert to understand it. If we want to delve into a certain data set, we can always resort to the most specific tools.
Because it makes the data easily accessible . If we have a dashboard automatically synchronized in the cloud, we can create different users so that the whole team can share the same information from anywhere. It is even possible to project the dashboard permanently on a screen in the office so that the whole team can see what is happening in real time.
Because it makes reporting more efficient . Having a centralized control panel is a huge time saver. Instead of having to collect scattered data from different sources and create your own charts, dashboards do all the work for you. You just have to spend some time at the beginning to configure the metrics and how to present them, and from that moment the reports are generated automatically.
One Tandem example of how to sort the information in our metrics dashboard.
Now comes the million dollar question: what data do I have to include in my control panel? The answer depends on each case and each company, since one of the keys to the control panel is . But to serve as a guide, we are going to look at some of the key that may interest us in a digital marketing dashboard and in a sales dashboard .
Metrics for the digital marketing dashboard
Number of visitors to the brand’s websites . By itself this metric is not very informative, as the visit is only the first step in the customer journey. But we are interested in having it controlled to know if we are managing to attract users and if not, take the necessary steps to remedy it.
Here we begin to delve a little more into what is happening on our website and we can better understand the visit patterns. In many cases, it will be necessary for a user to visit us several times before converting.
Bounce percentage . A fundamental piece of information to know if our website is attractive and meets the expectations of users. If it is too high, it usually indicates that we need to take action before continuing to optimize the rest of the strategy. We can also correlate it with the average time of visit to the web.
Generally, this is literally displayed with a funnel chart that reflects the different stages of the conversion process and the users who have reached each of them. Essential to optimize the funnel steps and quickly detect those with a high churn rate.
Customer acquisition cost. An essential previous step to be able to adequately measure the return on investment.
Customer lifetime value . That is, the amount of income that a customer generates throughout their relationship with the brand, including repeat purchases over time.
Return on investment . This metric is the par excellence, since it tells us if the budget we are investing in marketing is being profitable for us. To get the most out of it, we have to be able to differentiate between channels, campaigns and actions, to discard those that fail to show a positive and focus the budget on the most profitable ones. If we combine it with the previous two, we can quickly see if we are interested in reducing the acquisition cost of each client or if, on the contrary, it is better to focus on building loyalty to increase their lifetime value.
Metrics for the sales dashboard
Monthly sales growth. Normally, we set the checkpoints at the beginning and end of each month, as they allow us to better compare the data with each other. When configuring your dashboard, you can have the results displayed comparing the last 30 days, the last calendar month or the current month with the same month last year.
Average sales margin. To improve results, it is essential to know not only the amount of total sales, but also the margin that we obtain with each sale. It may also be a good idea to gather information on the highest and lowest margin products during a given
Number of qualified leads for sales. The sales process generally begins when the marketing team submits contact information for an opportunity. Keeping track of the number of leads sent will help us better coordinate these two key departments of the company.
Lead to sale conversion ratio. That is, how many of the contacts that have reached us during a certain period have ended up becoming clients. This is very important to see if what we need at any given time is to increase the number of leads received or to focus on strategies to improve conversion.
Average purchase value. Since obtaining leads and converting them to customers has a high cost, we may be interested in monitoring this data to see if the investment is being profitable for us or if we need strategies to increase the size of the cart.