Newsroom HomeBlogsStoriesSoundtrack ProjectNewsroom ArchivesChamber Home Page

Dashboards Drive Business Performance


Numerous studies support the fact that companies that excel at aligning their marketing and sales efforts enjoy significantly higher revenue growth. A best-in-class strategy for creating such cohesion is the regular development of a business dashboard.

A dashboard is generally a one-page executive summary, often visual in nature, of the key metrics that drive your business. Data from a variety of sources is consolidated into a single, actionable report to allow all impacted stakeholders to quickly assess the state of the business and map out resulting next steps toward goal achievement.

There are various types of dashboards – from operational, to human resources, to customer service. The content of each is tailored for a particular point of view. With a customer-service dashboard, for example, key drivers might include call volume, length of call, number of calls escalated, customer satisfaction scores and, ultimately, repeat purchases.

Given that the goal of your sales and marketing effort is to drive incremental sales and profit, a growth dashboard – which focuses on the key drivers and indicators of growth within your business – is ideal for your sales and marketing team.

In determining the real success drivers for your outside sales team, consider: the number of referrals generated, the number of calls/meetings held with high-value targets, the length of the sales cycle, your team’s close ratio, the cost of your team’s time in closing sales, and the value of opportunities in the pipeline, all compared to comparable time periods as well as your targets.

From a marketing perspective, consider: the number of qualified inbound leads generated, the cost of acquisition for those inbound leads, improvements in market awareness of your brand, moving the needle on your online reputation, improvement in web conversion rates, increases in online order size and conversion from email subscriber to customer, as compared to previous quarter results and your goals.

All of that aside, the key to a successful dashboard effort has far less to do with how well the dashboard is built and more to do with how regularly you share the data with your team, collectively assess its meaning and calibrate your strategy accordingly.

Be sure to combine both sales and marketing drivers in the same dashboard, as both teams should ideally be working collectively toward the same targets. Conduct your review meetings with both teams in the same room to avoid finger pointing. For example, the sales team might convey that they would be more successful if the marketing team provided better leads.

To create a sustainable growth culture, one where you know that a defined level and type of activity will allow your company to realize its growth goals year after year, your sales and marketing teams must work in tandem, support one another and be rewarded for teamwork that drives results.

Lori Turner-Wilson is an award-winning columnist and CEO/Founder of RedRover, a sales training and marketing firm based in Memphis, Tennessee –www.redrovercompany.com. You can follow RedRover on Twitter (@redrovercompany and @loriturner) and Facebook (facebook.com/redrovercompany).


Posted: 7/22/2015 7:30:00 AM | with 0 comments
Filed under: and, Big, Business, Dashboards, Ideas, Lori, Marketing, Metrics, RedRover, Sales, Small, Strategy, Turner-Wilson




Comments
Blog post currently doesn't have any comments.
Leave comment Subscribe



= five + two

SMALL BUSINESS
Your business may be small, but that doesn't mean that your impact can't be huge! The Greater Memphis Chamber's Small Business Council serves to encourage, support, recognize and be a resource to small- and medium-sized businesses in the Memphis area. Here, our talented panel of contributors will present big ideas that could make a huge difference to your small business. And don't be afraid to ask questions ... no matter how small.

CONTRIBUTORS
VOSS GRAHAM
Sales & Small Business Ownership
Voss W. Graham is CEO and Senior Business Advisor for InnerActive Consulting Group Inc. He is known by his clients as "a knowledgeable partner who helps our team achieve business growth." He provides practical experience as a small business owner for over 29 years, yet is often engaged with Fortune 500 companies in the development of their people and business strategies.

OBSIDIAN PUBLIC RELATIONS
Public Relations
Several professionals and strategists from the local Obsidian Public Relations firm provide excellent advice on everything from research to media relations to event planning. They believe that all companies, no matter how big or small the company or its budget, should have a public relations plan driving how they manage their relationships with key stakeholders. Public relations is an integral part of doing business the right way.

JOEL MYERS
Human Resources
Joel Myers is a career Human Resources professional, with over 40 years in the field including 26 years in consulting.

TOM PEASE
Small Business Advice
Tom Pease is a small business owner of an office equipment dealership called e/Doc Systems, Inc. He has also owned a full-line Kawasaki dealership as well as a document shop. He used 30+ years of experience in owning a business to author two books, including: Going Out of Business by Design: Why 70% of Small Businesses Fail and Small Business Survival 101. He also has published 85 columns in The Memphis Daily News as the Small Business Advisor.

LORI TURNER-WILSON
Marketing & Public Relations
Lori Turner-Wilson is CEO and Founder of RedRover Company, a sales development, marketing and PR consulting firm. Lori works with companies large and small, from start-ups to mature organizations, to help them improve the productivity of their sales force and the return on their marketing investment. Lori writes a weekly syndicated column for the Daily News, Memphis News, Nashville Ledger, and Desoto Times, among others, titled “Guerrilla Sales & Marketing,” for which she won a 2011 Summit International Award and 2012 International Communicator Award.

INFERNO
Design and Digital Strategy
Founded in 1999, inferno provides brand development, advertising, public relations, design and digital marketing services to clients across a broad spectrum of industries. Headquartered in Memphis with a satellite office in Kalamazoo, Michigan, the award-winning firm produces results-driven work by passionately combining strategic thinking, creativity and culture to ensure the success of its clients. For more information, visit www.creativeinferno.com.

FISHER PHILLIPS LLP
Labor & Employment Law
Fisher Phillips attorneys are ready to help you take a stand: in court, with employees and unions, or with competitors. Fisher Phillips has the experience and resolve to back you up. That's why some of the savviest employers come to the firm to handle their toughest labor and employment cases. The firm has 350 attorneys in 32 offices, including Memphis. For more information, visit www.fisherphillips.com.

PARAGON BANK
Finance
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For more than 10 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a ban, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.



Syndication

RSS