Ezines

Measuring Marketing Performance Through Dashboard Metrics

Liz Kistner - Monday, October 27, 2014

How do you manage what you can't measure? Marketing departments within academia continue to evolve over the years. The emphasis used to be advertising, brand management, and market research. Multi-communication channels are now driving marketing strategy and becoming more complex with the emergence of new media and mobile advertising. Sound marketing decisions should be based on data and market analytics; data that is dissected, extracted, analyzed to drive decision making and actions. You can better manage what you can better understand.

A performance dashboard enables your university the ability to measure, monitor, and manage performance more effectively; view multiple marketing dynamics and arrive at strategies and solutions. 



Within your dashboard you have KPI's (Key Performance Indicators). KPI's measure how well your school performs an operational, tactical, or strategic operation. Less is more. Guidelines suggest using three to seven KPI metrics. Examples include:

  • Understand how to measure lift between online and offline efforts. Offline efforts include direct mail marketing; Integrate segmentation analysis and modeling to understand what messages yield what behaviors, measure cost per acquisition, and lead scoring to predict best candidates. Offline efforts include web analytics that measures what are the minimum elements needed to drive maximum impact, what outcomes matter: session time, keywords, landing page, bounce rate, exit rate, site overlay and ultimately conversion goals. Understand the digital body language of your student as well as digital footprints they leave when they hit your website. Measure social media in regards to presence in online community as it correlates to enrollments. Does a spike in engagement equal an increase in yield?
  • Understand and qualify the value of each channel as it relates to ROI.
  • Understand how to use data to segment and personalize communications that create relevant interactions.
  • Understand how to use real-time data to optimize campaigns and monitor performance to marketing objectives.
  • Understand brand awareness and how it interfaces with direct marketing and even PR. Brand equity metrics measured by market share, loyalty and attrition.
  • Implement Adaptive Marketing - quickly capture and dissect data to improve marketing campaign results.
Dashboard metrics gives your university the ability to incorporate multivariate levels within marketing. This allows insight into performance, increase efficiency, the ability to understand how the numbers correlate with the sales cycle which in turn help with budget allocation and channel investments. A dashboard enables your university to measure, monitor, and manage performance more effectively and efficiently.

Resources:

"Marketing Metrics: The Definitive Guide to Measuring Marketing Performance" by Paul Farris, Neil Bendle, Phillip Pfeifer, David Reibstein

"Competing on Analytics: The New Science of Winning" by Thomas Davenport and Jenne Harris

"Marketing ROI" by James Lenskold

"Performance Dashboards: Measuring, Monitoring, and Managing Your Business" by Wayne Eckerson