Before getting into the benefits of CRO dashboards, let us examine what Conversion Rate Optimization(CRO) is.
Conversion rate optimization is the process of increasing the percentage of users or website visitors that convert into paid customers on your site by optimizing your landing page.
The internet is highly competitive, and the online user traffic is inconsistent. With the increase in traffic, there's also a significant rise in competitive sites. Thus it requires well-rehearsed & research tools, strategies, and analysis to get the visitors into the conversion funnel at the first go.
If you’re eager to wring every drop of conversion goodness from your campaigns, just getting enough data on CRO and its analysis is not enough. Visualizing this data in order to make sense of it instantly to enable real-time decision-making is increasingly critical.
It is a dashboard specifically designed to help them answer the above questions to make an intelligent marketing decision.
We list the key benefits of CRO dashboards that help CMOs better grasp one of their most valuable tools: ‘Data.’
Benefits of CRO Dashboards
Metrics gathered from a CRO strategy provide vital insights like the health of your campaigns, the number of users consuming your content, and the status of the referral program. CRO dashboards help in visualizing this data that further overcomes a host of deterring marketing challenges.
1. Measurement Leads to Improvement
It becomes tough to make amendments in your marketing strategy if you are unaware of the current standing of the CRO metrics. Without knowing the status of your marketing campaign, you cannot make and implement a guess into your campaign to make it better.
A CRO dashboard is a tool that enables you to compare your goals against your real-time results. This allows you to respond wisely, and you can improve and shift your strategy as and when needed, making sure you are always on top of your game.
CRO Dashboards help in tracking down the improvements, the scope of improvements and acts as a performance matrix for the sales and marketing team to perform better and amend required strategies.
2. Instant Visibility of Your Current Standing
A CRO dashboard gives you a quick-and-easy overview of where everything stands by effectively summarizing all the key metrics you have selected to track
With real-time reporting, you can get a live view of the performance of your marketing campaign. You have to shortlist the critical performance indicators that you wish to monitor data. Your CRO dashboard will provide you a platform to instantly visualize everything: your visitor traffic to your conversion rate to the sales generated across all channels.
The consolidated data provided by the dashboards also helps to identify the strategies which can be enhanced, worked upon, and can be replaced with more financially benefited ones.
It helps in bringing complete sales and marketing to the table. How many sales closed? How many emails were opened? And all related information.
3. CRO Dashboards Provide Improved Agility
The instant visibility that CRO dashboards provide opens up the doors for improved agility that an enterprise will need to make quick and intelligent decisions. As you will be getting regular reports on ongoing performance measurements, the strategies that you have embraced may be quickly adjusted in real-time to fit what’s happening now.
Once you have embarked on the path to agility, you will find yourself more efficient across the board as the decisions will be made with a thorough understanding of the data.
“Anything that is measured and watched improves.”
When you see the key matrices in the dashboard, you intuitively start improving your results. The eminent of a dashboard is, it shows your current performance and standing, which helps you take quick actions and track whether it's going right.
4. Surface Deeper Insights with CRO Dashboards
Today, most enterprises are struggling to find an effective and easy way to analyze data. The common challenges (How’s) faced by them are as follows:
How to collect data from disparate data sources?
How to identify key metrics and easily analyze them?
How to gather the insights needed to make smart, data-driven decisions?
The answers to all the How’s mentioned above reside in CRO dashboards. CRO dashboards allow you to easily combine data from disparate data sources to build a birds-eye-view of your performance. On the contrary, charts created in spreadsheets rely only on data from a single database.
Thus, CRO dashboards surface deeper insights by mining skillful analytics from data r spread across disparate data sources.
What is Data Visualization
Data Visualization has been noteworthy when it comes to making your business widely accessible and more flourished. It helps people to comprehend the essentialness of data through visual guides, for example, business dashboards, trends, graphs, and so on.
The compelling use of data visualization (often just called data viz) enables you to display high volumes of data in a more user-friendly and easy-to-understand way. A business dashboard can be a great way to compile various data visualizations to offer an overview of business performance metrics that matter.
Here is the list of five data visualization tools that are perfect for users to pick from without expertise or technical knowledge.
1. Tableau helps people understand and visualize their data using pre-defined tableau data types such as text, date & time values, numerical values, etc. It is commonly utilized in Business Intelligence (BI) and is also called a BI tool. It helps develop and design interactive maps, graphs, charts, and so on in the form of dashboards to acquire insights.
2. Microsoft Power BI is a business analytical tool that helps business people analyze their data visually and accordingly. It gives access to on-premise and in-cloud data.
It has two pricing plans, one of which is free with 1 GB of data allowing users to create and share dashboards and data reports.
3. DOMO is a perfect option for companies when looking for a self-service analytics and visualization solution. It stands out for the capability of easy access to data. The platform emphasizes social collaboration allowing users to communicate through contextual data, messaging, and notifications are informing all stakeholders about updates and changes to data sets.
4. MicroStrategy is a self-service BI platform that supports both data mining as well as data visualization. Designed for an individual business user, it is fast and user-friendly with instant installations and downloads. With the help of power analytics, the features like an intuitive toolset and built-in templates help Micro Strategy to build all kinds of compelling data visualizations.
5. Sisense offers an easy-to-use interface that is user-friendly and imparts a hassle-free task for the non-techies especially. It even allows the users in gathering data from all the sources into a single and available store, making it a single platform that manages the whole BI workforce.
5. CRO Dashboards Help Save Time
Rather than printing out spreadsheets and reports, you can rely on CRO dashboards to generate instant, comprehensive information/reports about the health of your marketing campaign. The visual nature of the CRO dashboard saves you the time to interpret the numbers.
This time can instead be used to improve the organization in departments or processes underperforming.
How much time did you or your teammate spend in creating an excel? The advantage of dashboards is that you don't need to prepare the same format repeated several times. Once it's into the system, it can be easily accessed and used without recreating.
Keeping tabs on individual activities is a daunting task. Also, lack of transparency and lack of proper reporting channels can delay decision-making or lead to flawed decision-making. Implementing a CRO dashboard helps in keeping tabs during real-time action and also ensures better management.
Adam is an experienced product leader working with Net Solutions, New York. He specializes in steering vision and roadmap for startups and enterprises with a focus on collaboration between customer and company, with cross-functional partners to deliver successful results. Among Adam’s specialties include eCommerce, multi-platform multi-channel checkout experience, product strategy, and building and managing a roadmap.