There is a new pressure on CMO to provide CEOs and CFOs with measured, quantifiable results of the Marketing department’s efforts. The marketing landscape has transformed over the last few decades and as a result, CMOs need to evolve with the times. This can be most effectively done by embracing data.
With a variety of marketing metrics and monitoring tools available today, the challenge has been that CMOs need to ensure they are focused on the right data and metrics.
This will illustrate exactly how much revenue was contributed to the bottom line by marketing efforts. It shows the power and value of marketing in relation to driving discovery, generating leads and growing revenue.
Customer satisfaction and net promoter scores are a great metric for demonstrating customer engagement. To go beyond this, measure customer advocacy and whether or not advocacy actually leads to better business outcomes for your company.
Online performance metrics are valuable and can measure web traffic, referrals, page views of a particular campaign and email open rates to name a few. The key for the CMO is to link these metrics to results to evaluate the impact of marketing campaigns.
These can produce extremely detailed reports about your social media users, customer engagement, impressions made and demographics. They should be correlated to engagement and advocacy. After all, a million likes may look great but if your engagement and conversion levels are low, it won’t translate to revenue.
Content marketing is a hot topic in the marketing sphere right now and in order to interpret what content is driving conversations, garnering earned media and contributing to revenue, engaging content performance metrics will be extremely beneficial to your company.
Audience metrics can measure the demographics and buying behaviors of your customers, which allows you to gather data on your current customer base and any potential prospects.
These metrics are all now available to CMOs in a variety of tools and applications such as marketing automation platforms.
Although tracking data is important, how to glean this data is equally important to gain specific insights to facilitate decision making and achieve strategic goals. For a more detailed looked at each of these metrics as well as how to glean the data gathered, download Meeting Demand: A Guide to Becoming a Data-Driven CMO from CNW’s Knowledge Centre today for FREE.