5 Reasons Your Leadership Team Needs an Executive Marketing Dashboard
The most successful businesses today are data driven. Data is one of the most important resources for any company and most marketing departments would be at a loss without the ability to leverage data sources to build, execute and measure their marketing initiatives. But the value that these omni channel and data rich campaigns provide can also make reporting and measurement very challenging.
Collecting data from across multiple platforms and manipulating it into readable and actionable reports is a challenge for most organizations. A typical martech stack may include a website, CRM, MAP (marketing automation platform) as well as various digital platforms. Developing reports which provide the top line insights for senior leadership across these platforms has become even more problematic but essential for marketing departments to be able to demonstrate the impact they have on growth and revenue. That is, for organizations who do not have an Executive Marketing Dashboard in place.
Also known as a CMO Dashboard, these cross channels reports allow senior leadership the ability to visualize their data in charts and graphs making it easy to understand how marketing strategies are performing and impacting the business. Data from several sources are combined and configured in ways that feature relevant performance indicators, all in one centralized place.
Here is why every business needs to have a Executive (CMO) dashboard in place:
Even the cleanest and most organized data falls flat when delivered through a spreadsheet. While data analysts may be comfortable reviewing results line by line, C-suite executives do not have the time. Visualizing data through graphs, where trends and results are immediately accessible, enable executive leaders to quickly and clearly understand marketing’s impact. Many visualization tools are also able to incorporate multiple KPIs such as reach, revenue and engagement in a single dashboard if not report, providing additional insights which go beyond channel siloes.
Smart / Automated Data Configuration
Smart data configuration means that the heavy lifting of the custom dashboard build happens only once; the recurring process of updating the dashboard can, in most cases, be automated. . By having the dashboard pre-programmed to ingest specific data, there is no need to rethink what the executive team wants to see. Many dashboards can be set up to pull data directly (from different platforms, files etc), populate reports and even alert stakeholders when the reports are ready. Using smart, automated data configuration uses human intervention where it’s best suited – in the dashboard conception – and automation for the repetitive and resource intensive steps where it adds the most value.
Fast Data Analytics
Automation can’t supply all the answers for an executive dashboard, though. While some platforms claim they can mine the data and surface relevant insights, in our experience we have always seen that this is a task best left to the humans. Relevant insights require business knowledge and context in order to develop insights that will provide guidance for action. Automation is still key, though, as it allows for analysis to take place much more quickly making insights development significantly easier and more straightforward to extrapolate. The resulting ability to act fast and take advantage of marketing-led initiatives in a timely way can have a significant impact on a business’s level of success.
Capacity to Handle Big Data
As organizations expand their use of data, both the volume and the complexity increases. Big data often has to be processed in outsourced servers because of how complex it is. Other sources may require cleansing, modification and/or manipulation for a single field to become a relevant KPI. This may include the need to leverage spreadsheets, databases or cloud services. When building an Executive (CMO) dashboards, there is the opportunity to build in these needed extra steps. Separating the data handling from the report delivery steps enables a more streamlined and strengthened process and does not limit the quality of the dashboard to the data handling abilities. Data processing does not need to be decentralized or specialized within the company, making it more accessible.
Easier Cross-Departmental Communication
Finally, Executive (CMO) dashboards allow faster cross-departmental communication of data insights. Rapid decision-making can be made by quickly sharing important data between departments. These dashboards can be configured to create either cross channel or channel specific reports, and different dashboard views can be configured to deliver the visualizations that are most relevant to the stakeholder, with the right level of granularity and complexity. Data can also then be shared easily and leveraged across the company so quicker solutions can be provided for any marketing needs in real-time.
Today, companies create and store data across multiple platforms. Siloed data often results in siloed reports which makes understanding marketing performance disjointed and difficult. For senior leaders, a cross platform dashboard which pulls in complex data and displays visualized results in a single platform has become essential. Executive (CMO) dashboards have become a powerful tool for many organizations, enabling senior leaders to act on insights to better manage growth. Organizations without this powerful tool may not be able to react as quickly or strategically, putting them at risk. So the question is, which type of organization do you want to be?
Interested in finding out more about Executive (CMO) dashboards and how they can empower your leadership team? Contact us today to learn more.