Reading the following answers to the questions, give your opinion
2 per review references need it
Our written notes are as follows.
Select any organization that you and your group find to be of interest. What product or service do they offer?
The organization that our group finds interesting is called ABB Robotics. They mainly offer industrial robots, collaborative robots, and robot simulation software called RobotStudio. Their complete portfolio of industrial technology products is very attractive to customers in utilities, transport, and infrastructure.
Discuss the product/service base knowledge within your group.
As for the products, ABB Robotics divided its robots into two different types: industrial robots, and collaborative robots. Collaborative robots are also called cobots, which are intended for direct human-robot interaction within a shared space, or where humans and robots are in close proximity, completing tasks sequentially. An industrial robot, on the other hand, is automated, programmable, and capable of movement on three or more axes, which can be either fixed in place or mobile for use in industrial automation applications.
ABB Robotics has also divided robots based on six different applications: assembly, loading and unloading, part handling, vision inspection, picking and placing, and material insertion.
As for the services, ABB Robotics has developed software called RobotStudio, which is robot simulation software and the industry’s leading PC-based solution for programming, configuration, and virtual commissioning before installation. With RobotStudio, manufacturers can install new product lines faster and reduce time to market by programming the system without access to the real work cell.
How would this organization benefit from a marketing dashboard approach? Discuss.
As a typical old-fashioned manufacturing company, ABB robotics used to not care about digital marketing activities very much. They tend to rely on physical trade shows. However, since the Covid-19 pandemic, the company had to lean more on digital marketing activities and has started to understand the value of digital marketing.
A marketing dashboard is a straightforward visualization to present to management teams. It could provide both diagnostic insight and predictive foresight (Marshall & Johnston, 2019). Management could use the dashboard to track the sales leads and opportunities obtained from trade shows, webinars, and digital campaigns. They can also compare the investment and the total orders gained from it and plan better for future resource allocation and set development goals and strategies.
Using both your experience and unique perspective, discuss the elements you would recommend adding to this organization’s dashboard. Why do you recommend these elements?
Designing a marketing dashboard should start by interpreting company goals with marketing objectives (Chawapatnakul, 2015). The marketing department’s value to a company is usually difficult to measure due to the differentiation in the deciding variables. There are attitudinal, behavioral, and financial metrics perspectives to demonstrate whether the marketing effort is effective (Hanssens & Pauwels, 2016). The above metrics can be shown via the below elements in a marketing dashboard
Won Opportunities Value/ Total Order Value:measures the financial impact of marketing programs
The number of Net New Members: shows the effectiveness of attracting new customers via either a marketing campaign or a trade show
The number of sales leads: shows customer’s interest in knowing more about our products
Email campaign’s email open rate: demonstrates the effectiveness of using marketing assets in nurturing current customers’ relationships with the company
The number of leads in different statuses:(Open, contacted, qualified, converted) can use to track how salespeople are reacting to the incoming leads brought by marketing activities. Without their effort, it’s hard to see the financial returns of the investments in marketing events.
The total cost of each marketing activity: to better calculate the ROI, it’s helpful to include the money and working hours devoted to each marketing activity.
Benchmarking the results by time, sales channel, territories
Readiness of the data: time spent on synchronizing data from different sources
Market trends and the company’s market share: can be interpreted by the industrial production and capacity utilization and the main competitor’s financial results
How could this organization avoid some of the pitfalls potentially associated with marketing dashboards?
Avoid duplicate metrics: Any duplicated or overcrowded data makes your team get overwhelmed by these dashboards and lose the focus on what they need. Stick to the essential metrics and add an extra dashboard based on the main dashboard.
Not enough internal visibility on the dashboard: There is no point in maintaining a dashboard if the information is not needed from a marketing perspective. The organization should get the team to sit down and clarify what those key metrics matter and promote the weekly or monthly publication of the dashboard to make sure the insight behind this dashboard gets valued.
Improve lead process turn-over time:Dashboards would become useless if no action was conducted after information was detected. This organization should have one person accountable to track the progress of the leads and notify salespeople accordingly. More customers converted get this organization more profitable and more efficient business process.
Correlation is not causation: There is a chance that the dashboards showing two fields are not causation, but they are not. This might lead to a useless or even wrong marketing decision. To leap over this, the organization should perform a test to validate whether the two factors are causation or not (Aoife Porter. (2019).
Hanssens, D. M., & Pauwels, K. H. (2016). Demonstrating the Value of Marketing. Journal of Marketing, 80(6), 173–190. http://www.jstor.org/stable/44134978
Indeed Editorial Team. (April 29, 2022). What are the benefits of a marketing dashboard?. Retrieved May 16, 2022, from https://www.indeed.com/career-advice/career-development/marketing-dashboard
Jatuphol Chawapatnakul. (2015). Re-design of marketing dashboard for supporting marketing manager in data analysis-Thai retailer perspectives [Data set]. Thammasat University. https://doi.org/10.14457/TU.THE.2015.800
Marshall, G., & Johnston, M (2019). Marketing management (3rd ed.). McGraw-Hill Higher Education.
Aoife Porter (2019, Nov 7). 6 pitfalls of marketing dashboards and how to leap over them, Retrieved May 16, 2022, from https://www.articulatemarketing.com/blog/pitfalls-of-marketing-dashboards
Pat Passet (2019, Nov 7). Dashboard Design: 5 Pitfalls to Avoid, Retrieved May 16, 2022, from https://www.silvon.com/blog/dashboard-design-5-pitfalls-avoid/
Reading the following answers to the questions, give your opinion