We can affirm without any qualms that 100% of the clients who have passed and are working with Windup have designed and optimized a balanced scorecard in real time since they did not know how to design it for decision-making.
Doing professional digital marketing today involves:
Know what I want to measure and why.
Analyze and cross data to draw conclusions.
View the KPIS to monitor and achieve the objectives set by the Digital Strategy.
Extract insights and predictive models that help increase profitability and digital investment.
So why aren’t 5 out of 10 small and medium-sized businesses doing it right?
In today’s article we are going to focus on explaining the importance of using real-time dashboards.
What is the balanced scorecard or balanced scorecard?
It sounds nice, but really what is a scorecard in digital marketing?
Well, as its name suggests, it is a set of KPIS (key performance indicators) or key business indicators (for example the conversion rate in an online store) that help us monitor and understand how our digital business is evolving minute by minute.
In other words, knowing and understanding the impact of our brand on a digital level, by source or traffic channel, by funnel phase, by URL, by each conversion, by each final sale, etc.
The scorecard is the visual and synthesized representation of high value metrics based on the level of decision making.
How to define KPIS for an online balanced scorecard
We cannot forget that the purpose of a scorecard is nothing more than a tool to monitor the activity of our brand. Therefore, if it is designed poorly, the result will not be optimal.
The first thing we have to be very clear about is knowing what can be measured online, and what metrics exist at each level:
- Web page
- Social profiles
- PPC campaigns
- Email marketing campaigns
- At the SEO level
For this you can make a small manual or roadmap with the main metrics by channel, impact area, funnel phase or whatever you want.
In second place we must assess what metrics directly impact the achievement of the objectives marked a digital level: revenue, conversions, lead, brand positioning … possibly these will be our KPIS.
Once we are clear about both the metrics, the areas of impact and the KPIS, we recommend that you do at least the following dashboards:
General information of the web
To know the real status of your website minute by minute: total sessions and users, bounce rate, conversion rate, visit duration, page views …
If you have an online store, you will need to connect Google for Ecommerce to have full traceability of each of the sales generated in your store.
What can we measure at this point? The conversion rate, the acquisition cost or CPA, average value of products, total sales, total orders, average order, the total ROI of the investment …
It is important to define well the conversion objectives of the website, since the achievement of digital objectives will depend on them.
In this sense we can measure: from a lead to a form, the phases of the purchase funnel (MOFU, TOFU or BUFU), each click that occurs on the web …
Funnel or conversion funnel.
It is important to define it correctly. In the end it is neither more nor less than the steps that a user takes on a website until they convert.
Once defined, it must be measured to know it at a general level, by traffic source, by type of device
Let’s say that these 4 panels are essential in any Digital Strategy
The next step would be to define panels in detail by source or traffic channel. It is advisable to start where we are investing and taking actions:
- Social media
- Social Ads
- Email Marketing
In each of them we could monitor, for example:
KPIS related to the quality of the web user: total sessions / users, time on page, incursion rate, scroll rate …
Related to conversion and sales: conversion rate, sales, average product value …
Relative to return on investment: ROI on sales and ROI on profit.
The type of Buyer Persona that reaches the web vs. the one who converts vs. the one who buys.
How to make a dashboard for projects?
And all this, what does it mean?
Well, different dashboards can and should coexist in a company depending on the focus and level of decision-making of the professional to whom it is intended.
Dashboard for General Management: a dashboard with a more global perspective that looks for profitability ratios by business areas, as well as the impact of the business and the brand.
A Dashboard for a middle manager: the approach goes one step further to focus the ratios on a specific area of the business, for which you need to understand broadly that everything is going well and measure the profitability of the invested budget.
Dashboard for Digital Marketing Management: it goes one step further because it needs to monitor in detail each action, each campaign of each channel by traffic; as well as sales, expenses, ROI…. In short, you need to have a more detailed business-oriented vision.
Dashboard for the SEO technical team or a department manager: it would be a maximum level of detail on a specific area. In this case, more technical metrics are explored.
If you want to start creating a balanced scorecard, we advise you to use the Data Studio tool.
In addition, the dashboard can have 3 dimensions of analysis depending on the “moment” of the data:
Historical data: we analyze data from the past, from last week, from the month or from a whole year It is the most standardized of all.
Data in real time: we can monitor, for example, paid campaigns in real time, measuring reach, impressions, CPC, clicks, conversions …
Google Analytics offers a version of real-time metrics for any website.
Predictive data: it is the most complex and is based on the other two models to establish hypotheses that help predict possible scenarios and know how to act in case they occur. Here we would already be getting into Business Intelligence (BI) fields.
How to create a balanced scorecard?
This is the easiest part because the technology is there, from OLAP tools like an Excel sheet to visual analytics tools like Data Studio, Tableau, Power BI …
Remember that the tools make it easier for us to represent and cross data, but they will not tell us which KPIS to measure or which data to cross to draw conclusions.
If you are passionate about the world of conversions but still think you can get more out of it, we leave you this post on how to improve the conversion of my online store so that you can be much more profitable in your business.
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