5 Ways Data Driven CMO's Are Beating Their Peers
10 years ago, the tools to create data driven decisions were either in their infancy, or they didn’t exist. Marketing was still an artform comprised of guessing, then testing, and then guessing some more. The true feedback channels that fuel the modern data driven CMO and allow them to prove ROI unequivocally have recently created a shift in how Chief Marketing Officers execute and plan strategy. They no longer focus on just filling the sales funnel, but track the sales from initial information capture all the way through to the sale itself. The days of huge numbers in the top of the funnel being enough to demonstrate ROI are gone. Today, ROI is money in the bank or nothing.
There are 5 ways that data driven CMO’s are beating their peers when it comes to execution, strategy, and return on investment.
Managing marketing strategy - Data can provide the CMO a complete view of every campaign, allowing them to track ROI, gauge A/B testing more efficiently, and incorporate real time customer feedback into campaigns to drive better results through data. The legacy process of artfully guessing what customers want, where money should go, and what people want to hear are long over.
Plan and execute initiatives - Collecting data on all aspects of messaging and campaigns can allow the CMO to plan efficiently and execute new initiatives based on information taken from the results of A/B testing, ROI metrics, and customer feedback. These processes help the marketing team craft the right message and track how that message is resonating with the target audience.
Focusing on ROI - The days of just filling up the sales funnel are gone. Now CMO’s need to track ROI from beginning to end. Data analytics tools make it easier to identify who the audience is and ensure that all outbound marketing is targeted to the specific demographic that will most likely turn into qualified leads. This works hand in hand with the sales team and provides increased value for marketing overall.
Optimize spending - With data driven monitoring of ROI, a new generation CMO can shift spending priorities to campaigns and messaging that are reaching the correct audience to show better returns on dollars spent. By leveraging data tools to monitor performance of campaigns, less money is randomly thrown into channels that aren’t as effective, and used more efficiently in those that are.
Increase efficiency - By focusing on the channels that are generating qualified leads, data driven marketing professionals can hone the message into one that speaks directly to the target demographic most likely to buy a product or service. Tracking this demographic through the entire sales funnel can lead to greater understanding of their needs and better inform the sales team in the process.