So You Say You Want a Marketing Dashboard...Let’s Talk
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A good place to begin is with the end in mind. This approach will result in a much more effective marketing dashboard, one that will help you improve AND prove the value of your marketing. Before you begin your dashboard, start by answering these 3 questions: 1. What outcomes does your business need to achieve in order to meet your goals? 2. What does senior management expect Marketing to contribute towards these outcomes? 3. How will senior management know that Marketing has made a positive contribution?
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So You Say You Want a Marketing Dashboard...Let’s Talk
- 1. So You Say You Need a Marketing Dashboard….Let’s Talk Founder & President laurap@visionedgemarketing.com @lauravem Dir, Product Marketing jeffc@origamilogic.com @hitechmktg
- 2. © Origami Logic, Inc. Proprietary and confidential. Not for redistribution.2
- 3. • Mitigate risk • Facilitate decisions • Adjust your course to improve © Origami Logic, Inc. Proprietary and confidential. Not for redistribution.3 Why have a dashboard?
- 4. Best-in-Class Marketers Create Actionable & Meaningful Dashboards How well the marketing dashboard enables: Not well at all 1 2 3 4 5 6 7 8 9 Extremely Well 10 Aligning marketing objectives to business outcomes Tracking performance of core marketing strategies & processes Analyzing performance of campaigns & marketing activities Tracking marketing metrics in real-time Communicating marketing’s contribution to the C-Suite Contributing insights to C-Suite for business decisions Securing additional resources for marketing © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.4 Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey Sales Enablers Campaign Producers Value Creators
- 5. 27% 45% 53% 68% 93% 92% 2015 2016 Campaign Producers Sales Enablers Value Creators © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.5 Best-in-Class Marketers Excel at Measuring Their Contribution to the Business % Agreement: Marketing is good at measuring their contribution to achieving business goals Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 6. 6% 4% 7% 11% 26% 14% 23% 24% 41% 40% 63% 51% 2013 2014 2015 2016 Campaign Producers Sales Enablers Value Creators © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.6 Make Business Impact Clear % Agreement: Leadership Team Understands how Marketing Impacts the Business Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 7. 35% 26% 17% 35% 27% 36% 20% 30% 38% 56% 49% 38% 48% 35% 57% 48% 41% 64% 72% 72% 49% 48% 50% 72% 59% 57% 78% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Revenue growth Marketing contribution to pipeline Win rate Share of wallet Retain customers Acquire net new customers Increase inquiry rate Improve customer loyalty Generate net new opps Value Creators Sales Enablers Campaign Producers © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.7 Why That Matters?….Business Results! Marketing’s Delivery of Key Business Results Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 8. 0% 10% 20% 30% 40% 50% 60% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 A B C D or Lower © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.8 Get Respect from the C-Suite How C-Suite Grades Marketers for Ability to Prove Value, Impact and Contribution Source: MPM Studies, Demand Metric, ITSMA, and VisionEdge Marketing.
- 9. 41% 36% 43% 59% 50% 60% 71% 73% 68% 2014 2015 2016 Campaign Producers Sales Enablers Value Creators © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.9 Best-in-Class Marketers Know the Business Perception of How Well Marketers Demonstrate They Know the Business Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 10. 2% 27% 30% 32% 35% 1% 10% 21% 47% 56% 2% 9% 7% 49% 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% I don't know Not usually set Few Many, but not all Nearly all Value Creators Sales Enablers Campaign Producers © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.10 Best-in-Class Marketers Set Measurable Targets Set Quantifiable Targets for Programs & Objectives Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 11. 23% 48% 14% 51% 23% 23% 44% 42% 49% 37% 44% 44% 34% 10% 37% 12% 34% 34% Data Inventory No Data Inventory Metrics Catalog No Metrics Catalog Data Chains No Data Chains Campaign Producers Sales Enablers Value Creators © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.11 Best-in-Class Marketers Use the Right Tools Correlation of Key Measurement Tools to Performance Source: VisionEdge Marketing 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey
- 12. From Metrics Chain to Wireframe to Dashboard 12 © VisionEdge Marketing, Inc. Proprietary and confidential. Not for redistribution.
- 13. Social Web Mobile Paid Search Email Custom Video Display CRM & Loyalty Like Commen t Share Reply Follow Sentiment Frequenc y View- ability View Time Completion Rate Reach Interaction Avg. Position Impression Share CPC CPA Quality Score Frequency View- ability Reach Click CPC Display Time Activatio n Rate Uninstall Rate Store Rank Cost Per Install Usage Time Retention Rate Visits Time on Site Pages Per Visit Bounce Rate Conversions Conversion Rate Sends Opens Open Rate Clicks Click Thru Rate Conversion Rate NPS Referral Revenue ROI Retention Rate CSV Meta- data Spend Creativ e Assets Data- bases 3rd- Party Raw Signals to a Real-Time Understanding of Performance
- 14. Alternatives for Building Dashboards Excel Manual Untimely Unsophisticated Error Prone Custom Build Generic BI Costly Inflexible IT user centric Execution Platform Execution Focused Channel Specific Rigid Narrow & Shallow 14
- 15. © Origami Logic, Inc. Proprietary and confidential. Not for redistribution.15
- 16. About Origami Logic Helping Global Brands Master Their Marketing Performance Tier-1 Investors Experienced Leaders & Domain Expertise Rapid Deployment & Time-to-Value Daily Insights and Optimization Search and Organize with Dynamic Marketing Data Model Unify All Campaign Performance Data Our Platform
- 17. Improve and Prove the Value of Marketing Smarter, more relevant, influential, credible and strategically-minded marketing orgs More valued, effective, and measurable Marketing Improve market and product competitiveness and growth Make fact-based decisions regarding customers, markets, products and competitors Optimize marketing processes As the global pioneer of MPM, VisionEdge Marketing has a vision to transform marketing into Centers of Excellence. 100+ Customers, 250+ Engagements
- 18. Access this white paper and more information on Origami Logic in the Resources section of our website - https://resources.origamilogic.com Thank You! Download the FREE 2016 MPM Benchmarking Study Abbreviated Summary - How to Make Progress on Your Marketing Excellence Journey @ http://visionedgemarketing.com/enhance-your-know-how-with-white- papers/
Editor's Notes
- Welcome to our video primer on marketing dashboards.
- In business we seem to always be attracted to the “shiny object” which can often distract us from the real issues. Marketing dashboards are a good example of this. Everyone seems to want a dashboard but this distracts us from thinking about why we want a dashboard and what we want on the dashboard. Marketing dashboards are only as good as the work you put into defining how you should measure your marketing. Tying your performance to real business results is a challenge and it takes discipline and thought to build a dashboard and process that drives meaningful marketing performance. We work in complementary arenas and will share our expertise and experience in this conversation about creating a marketing dashboard.
- Jeff: Mastering Marketing Performance Takes a Good Dashboard. We have some thoughts about the important of a marketing dashboard….Why do you think Marketers need one? Laura: Imagine driving your car without one or worse yet getting on a plane and pilot not having a dashboard. Dashboards help you mitigate risk, facilitate decisions, adjust your course of action. Here’s a few things we know after 15 years of benchmarking Marketing Performance across all industries, in all geographies, in all size companies. Nearly every Marketing organization has a dashboard, but the dashboards of BIC Marketers are very different. These dashboards plat in role in how well Marketing is perceived to be contributing to the business.
- Their dashboards do a better job of connecting the work of Marketing to Business Results.
- These Marketers Earn Better Marks from the C-Suite
- The proof is in their Marketing Plan –as a result they can select the right metrics from outcomes to activities.
- They select the right Metrics and they’re skilled at setting Performance Targets- a critical ingredient for their dashboards
- The proof is in their Marketing Plan –as a result they can select the right metrics from outcomes to activities.
- Jeff: In our last webinar conversation we talked about data, measures, and metrics. There’s so many things you can put on a dashboard. You live with this question…how do you determine what to monitor? Laura: Back to the metaphor for a moment…Need your Metrics Chains. Your metrics chains are derived from your marketing plan. The metrics chains become the wireframe for your dashboard. Jeff, when you work with customers, what steps do you tell them they will need to create one? [Need to define metrics chains first] [Would like to sub in a dashboard from Origami if possible]
- Jeff: When we work with customers to help them build a dashboard we work through these steps. Define metrics, dimensions (e.g. by product line, region or campaign) Who will need access to what Data sources and history required However, you work with customers before they know what they want to build…where do you start?
- Jeff: A lot of marketers depend on the reports coming out of their Marketing Automation or CRM System. Those don’t really get it done though. Laura: These reports are great at visualizing data. But only for the data that’s in their system. Your dashboard has to help you know what is and isn’t working. It should help you determine whether what you’re doing is moving the needle, and if so, how far and how fast. Your dashboard should help you ascertain whether you are within proper operating and performance target parameters. If your marketing dashboard doesn’t guide your strategic and investment decisions, then it’s time to return to the drawing board.
- Laura: A good place to begin is with the end in mind. This approach will result in a much more effective marketing dashboard, one that will help you improve AND prove the value of your marketing. Before you begin your dashboard, start by answering these 3 questions: What outcomes does your business need to achieve in order to meet your goals? What does senior management expect Marketing to contribute towards these outcomes? How will senior management know that Marketing has made a positive contribution? Jeff: That’s great advice. I’ve been around enough to know that could be an all-day meeting to get those answers! Laura: It takes skills, systems, processes, and tools to make sense of marketing data, perform the analytics, build the models, create the dashboards.
- Pioneer of marketing measurement and analytics. Origami Logic is a marketing analytics company focused on helping the largest global brands master the art and science of their marketing performance. Our mission is to empower organizations to do their best marketing by providing the most timely and accurate way to capture, explore, understand, and optimize marketing results.
- Call to action – VisionEdge - White Paper?? OL – Attribution white paper