I recommend reading this blog post that asks: Are marketing dashboards a good idea or a waste of money and time? It raises some important points about how companies approach marketing management.
The key to using performance indicators is recognizing them for what they are—benchmarks that convey information. They support decision-making, but they don’t replace a marketing manager’s good judgement.
For example, let’s say you conduct a direct mail campaign and after the first mailing see a 1% response rate. That information isn’t useful in a vacuum. It’s only useful if it helps drive effective decision-making. Does it mean you need to back up and test new messages? Does it mean you should wait until the second and third mailing before calling it quits? Are these leads or sales?
A dashboard is a tool that’s only as good as the people using it.There’s no substitute for planning and goal-setting, which is why no amount of money can replace the human element in marketing management.