You can't improve something you can't measure.' This is a quote from the well-known management consultant Peter Drucker, and it makes sense when it comes to dashboard Business Intelligence.
Because of this, KPI marketing dashboards are a vital part of everything you do for your clients. You have to measure something to figure out where you are and where you need to improve the most.
But the fact that you can't track something doesn't mean it always should be. There is such a thing as getting too much information. When you are keeping track of too many things, it can be easy to get lost in the numbers. If you have analysis paralysis, you're not doing anything to help yourself.
This blog will discuss the most important KPIs for marketing as part of your Business Intelligence data visualization.
The Best KPIs for Your Marketing Dashboards
1. Customer Acquisition Cost
The cost of getting a new customer may be the most important metric for a growing company. As its name suggests, CAC in your marketing dashboards tells you how much it costs to get a new customer.
This is so important. It's important because it gives you a clear line by which to judge your marketing activities. If a marketing campaign doesn't bring in new customers at a cost lower than your current customer acquisition cost and instead works to increase that cost, it's probably not worth your team's time.
2. Sales Revenue
You need to know how much money your marketing efforts bring to your business. To do this, you need to know and keep track of your sales revenue. Also, you need to be able to connect specific marketing activities to sales.
If some activities aren't making enough money to cover their costs (this goes back to customer acquisition cost), you stop doing them. This is a vital part of inbound marketing because there are a lot of little things that can all have an effect on sales, even if it's a small one.
3. Customer Lifetime Value
Along with Customer Acquisition Cost, Customer Lifetime Value (CLV) is the most important metric you can track. It's a way to figure out how much your customers are worth to your business over their whole lives, not just when they buy something from you the first time.
I would also add that it's important to know how quickly you can turn website visitors into leads. You should estimate the conversion rate of new contacts based on different traffic sources (direct, organic, social media and referrals) and know the kpis for marketing to see which channels are best for your business. This is very important, remember that.