It doesn’t matter if you are a solopreneur or in charge of a large company, you need to be on top of your Marketing data. The best way to do so is by investing on a Marketing Analytics Dashboard.
While Google Analytics is great for tracking your metrics, it doesn’t display it in a dashboard format. GA is an amazing tool to dig deeper into a specific metric, but a dashboard is better at making these important metrics actionable.
A Marketing Analytics Dashboard will organize your data in the context of your previous numbers and peer benchmarks, making it is easier for you to make well-informed decisions.
This article explains why we at Compass are working hard on developing the most comprehensive Analytics Dashboard for Ecommerce in the market today.
Whether you use an automated solution like Compass or just a simple Spreadsheet, this article will give you 10 reasons to implement a Marketing Analytics Dashboard in 2017:
1. A Marketing Analytics Dashboard will force you to dig into your metrics every week
Top performing companies start their week by analyzing their data and prioritizing actions according to what needs to improve. When you have a Marketing Analytics Dashboard with your most important metrics, you’ll automatically get in the habit of digging into them every week (and, if needed, every day).
2. It will focus your company on the metrics that matter
Displaying your data in a dashboard format requires you to prioritize the metrics that are most important for your business. When all of those important metrics are “in your face,” you’ll be more likely to focus on them and make decisions that have higher impact for your business.
3. You’ll monitor the development of your company closely
By having a numeric Marketing Analytics Dashboard updated weekly you will be able to closely see the development of your company, week by week. You can evaluate this development objectively, compare it against your past performance and your peers, and take measures to improve what’s not working or double down on areas that are doing well.
4. More of your decisions will naturally become based on data
More companies fail for their lack of clarity in their decision-making than for having bad products or a bad website. Young companies frequently execute very well the wrong things because they have little data to base decisions on.
Understanding what is the right thing to do is not a simple thing to learn. But it will become much easier when you have your company’s most important data points in front of you in a well-organized Marketing Analytics Dashboard.
5. You’ll have a clear vision of your strengths and weaknesses
A good Marketing Analytics Dashboard is color-coded. Colors make it abundantly clear to anybody looking at the data what are the company’s strengths (metrics that are green) and weaknesses (metrics that are red).
6. You’ll create a culture of rational decision-making
If you are a solopreneur, the systematic visualization of your store’s data will prevent you from making emotional decisions. If you manage a team, clear data points will prevent discussions based on anything other than facts and reason.
7. A Marketing Analytics Dashboard will integrate your different marketing channels
Many companies invest in several marketing channels at the same time, such Facebook Ads, Google Adwords, Instagram or others. If that’s the case, it can be difficult to have an overview of what has the best impact on your company’s growth. A Marketing Analytics Dashboard will help you make sense of all your marketing channels, leading you to invest in the ones that give you better returns.
8. It will make business intelligence and analytics truly actionable
Having access to data doesn’t matter if you’re not acting on it. You are more likely to act on your data if they’re clearly displayed. If you don’t have regular access to your most important metrics, it will be easy for you to miss them. A Marketing Analytics Dashboard will help you act to improve your numbers on a regular basis.
9. You’ll do more than evaluate the past—you’ll learn from it
A Marketing Analytics Dashboard will help you start seeing trends and making correlations between actions and results. You’ll learn a lot more from your metrics if you see them organized and in the right context. These learnings will help you better run your store, invest in marketing and improve your offerings.
10. It will prepare your organization for the inevitable future
A Marketing Analytics Dashboard will help you start seeing patterns in your data. You’ll be able to anticipate trends, which will prepare you for the future. Today, with the consumer landscape changing fast, being able to forecast the future and take precautions to prepare your company to take advantage of new trends is crucial for the success of your store.
At Compass we developed the most complete Marketing Analytics Dashboard for Ecommerce on the market. We track over 30 ecommerce metrics, give peer benchmarks, tailored recommendations based on your data and advise on the best practices for you to unleash your full growth potential. All of it in an easy-to-use comprehensive dashboard.
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