Corporate turnover today is reaching new heights, and it’s worst of all in marketing. For example, more than half of B2B technology CMOs are no longer employed by the same company as a year ago, according to a study by IDC.
That’s because many marketers struggle to prove their contribution to revenue growth and the company bottom line.
How can marketers turn this tide? By finding new revenue opportunities, attributing those opportunities to marketing, and proving their financial return on investment.
1.Dig Deeper Into Data:
Marketers need to look for answers in data, and lots of it. Some 87% of marketers believe data is the most underutilized facet of marketing, according to a Teradata study. Boost your commitment to asking questions, looking at your data, and getting answers.
2. Finite Resources, Infinite Choices
Today there are more than 60 different marketing channels, and an infinite number of campaign variations. Yet businesses and marketers have finite budgets. So marketers need to look at the data, to discern where to spend their next marketing dollar for maximum return.
“Nobody has enough money to do everything,” said Ken Waldron, Stihl’s national marketing manager. “What we’re doing, through stronger analytical data, is to make more informed decisions about where we’re going to spend the next marketing dollar, and where the best opportunity is to do that.”
3. New Models
The way to do this is to get new data models to look more deeply into the data than ever before, to find new revenue and growth opportunities. These new models must look deeply across all numbers in all facets of the enterprise: markets, customers, channels product mix and more.
By turning to new marketing technology, Sthil discovered $200 million in new annual revenue opportunity. “Next-generation analytics has helped us get smarter about where to spend our next marketing dollar,” Waldron added.
4. Less is More
Top marketers are consolidating the number of marketing technology tools they use. The number of marketing tech tools available today is more than 1000, up from about hundred a decade ago. Top marketers know they can’t use all, and thus are focusing on those that measure dollars rather than clicks.
5. Model Successful CMOs
In my conversations with Fortune 500 and other top executives, the most successful CMOs are those who quantitatively demonstrate financial contribution to the enterprise. These CMOs enjoy the highest compensation, longest tenures, and greatest influence in the boardroom.
6. Next Best Dollar
These top CMO’s tell me their job is focused: deciding where to best spend the next marketing dollar. They look at the data, to make the next best decision, and spend the next marketing dollar in the most profitable manner.
7. Customer Intent
In today’s data deluge, customer information is in disparate silos across the enterprise. But top marketers look past customer behavior, to glean customer intent. What people do -and what they want – are often two different things, and differentiating between the two is essential.
marketing today is at a crossroads, with the haves – and have nots. To prosper in marketing today and tomorrow, you need to look deeper into the data to discover where to best spend your next marketing dollar.