One of the biggest challenges that marketing has historically had is convincing the rest of the company of its worth. You know the work you do is valuable and helps the company make money, but it hasn’t always been easy to convince people in other departments and the c-Suite that’s the case
Sophisticated tools that allow for more detailed and accurate marketing measurement are changing that, but a lot of marketing organizations still feel behind in developing the system of evidence they need to show the CEO that you are, in fact, adding real monetary value.
You absolutely can win your CEO’s trust. You just have to start making a priority of tracking the results they care about most. For any marketing team that embraces marketing performance management, making the kind of moves that will clearly show your CEO the value you bring to the table will just become a part of your everyday work. These four steps are part of the marketing performance management process.
Prioritize better marketing measurement.
With the tools available today, it’s imperative to measure the success of all of your marketing efforts. But don’t stop at measuring standalone marketing metrics like your website visits or email open rates, go a step further to look at how those different marketing actions connect.
If you invest in sophisticated marketing performance management software, then the tech will do a lot of the work of connecting the dots for you. You can start to see when the lead that clicked on your PPC ad moved on to signing up for your emails and attending a webinar and ultimately when the opportunity they’re associated with closed.
Another goal to aim for in this stage is the ability to dig down into the data you have to better understand how behavior differs based on factors like persona, business size, and geographic location. Knowing what works is valuable, but knowing specifically what works for each type of lead you have provides insights that are that much more accurate and useful to you.
Track revenue attribution.
Getting your marketing planning and measurement in place opens the door to revenue attribution. Only after you can see the full list of marketing activities that lead each customer to the point of purchase can you start to properly give your marketing tactics credit for the specific role they played.
Determining out how much credit to give each tactic can be tricky, but you can leverage conventional wisdom from the common revenue attribution models to start, and refine the process as your data gives you more information on which tactics prove to be the most valuable over time.
This step gives you the data you need to show your CEO how your work is paying off in the terms that matter most to them – revenue. When you can draw a clear line between the work you do and the money it makes for the company, then there’s no longer any question of whether or not your department’s bringing real value.
Keep marketing planning interative to improve results.
It’s nice to be able to finally demonstrate your worth in clear terms to the company, but there’s no reason to stop there. The same data that shows you how well your marketing efforts are paying off is packed full of key insights into what tactics and campaigns work best for your target audience.
Knowing that gives you a clear blueprint for what steps to take next to achieve better results in the months and years to come. Part of good marketing performance management is the implementation of ongoing marketing planning that puts the data you collect to use to tweak your campaigns as you go to achieve ever better results from them.
Show your work.
Beyond showing your CEO how your work has helped make the company money so far, you can show your c-Suite the steps you’re taking to improve results moving forward, so they know you’re not content with the status quo. Showing your CEO that you’re committed to marketing performance management demonstrates that you’re willing to do the work to both track and improve your results in terms of profits. You’re not going to settle for industry averages or results, rather, you’re going to work to earn your keep and prove it to them with data.
Marketing performance management isn’t the norm in every marketing department yet, but it’s growing in popularity for obvious reasons. It requires a shift in thinking and a commitment to taking a results-oriented approach to marketing. Whether your business has already adopted marketing performance management or is still in the phase of thinking about it, we want to hear about it.
Take the Marketing Performance Management survey from Hive9 and VisionEdge Marketing and you’ll be one of the first to receive the results once they’re released, and have the chance of getting a gift card in exchange for your time. We want to hear about how MPM is working out for businesses like yours and appreciate your help.Icon made by Freepik from www.flaticon.com is licensed under CC BY 3.0