Data is “the new gold of our economy,” according to the Direct Marketing Association. Data-driven marketing allows you to continuously identify new opportunities, offer more value, and extract ever-greater returns. Indeed, a recent study by Adobe revealed that the most data-driven marketers had a conversion rate nearly 10 times higher than the least data-driven marketers.
Last week I had the pleasure of attending and presenting at the Business Marketing Association 2014 Conference. With approximately 1000 marketers attending, it was a huge success.
Many marketers actively avoid financial accountability. They’re not interested in having the uncomfortable conversation: they will feel exposed. So they blather on about some brand mumbo-jumbo, rather than talk about what really counts in business: ROI.
Marketing performance can no longer be demonstrated solely by metrics such as open rate, click throughs, and impressions. Marketers must focus on their contribution to the bottom line, company-wide: enterprise marketing ROI, or EMROI.
When reporting to C-suite, it’s essential to give executives what they want. Why? First, let’s assume you wish to keep your job. But secondly, you’ll elevate the importance of marketing – and likely gain increasing influence and budget.
CEOs and C Suite increasingly expect marketing to prove its worth, in the common language of business: money. As this shift accelerates, marketers will increasingly be expected to focus on return (profit), rather than investment (spend).