During the past 20 years as CEO of the company I co-founded, we pivoted several times and successfully navigated two of the worst downturns in recent memory, in the process becoming a sustainable, high-growth business.
I'm often asked what contributed most to that long-term success. There are many factors, of course, but my answer is always the same: We became a viable business when we stopped looking at Marketing as a "nice to have" team and started looking at it as a business department that impacts our bottom line.
Though I had previously thought of Marketing as a softer function—one that made materials look slick—our business was transformed when we converted our marketing team from a cost-center to a revenue driver. We did that through a range of measures, including conducting quarterly business reviews and ensuring we hit our goals for marketing metrics that actually impact our revenue and bottom line.
As we were changing the focus and goals of our marketing team, one of the struggles we found early on was determining which metrics truly matter to our business and produce the highest ROI.
CMOs and CEOs looking to supercharge company growth need to start measuring marketing by the metrics that will matter most to the business's bottom line. Start with these.
This one may seem obvious, but you'd be surprised how many marketers get it wrong. In fact, many get it wrong on purpose—to improve their numbers.
If you're undergoing a marketing team transformation, you should take the time to sit down together with your salespeople and attempt to understand which leads really are moving the needle for them, and why.
Take the first step (it's free).
You may also like:
- Marketing Analytics Trends for 2019
- How Content Intelligence Can Empower Your Business [Infographic]
- Data-Driven Marketing: How (and Why) to Move From Siloed Reporting to Data Ownership
- How to Measure Your Social Media Marketing Campaigns: Six Sets of Useful Metrics
- Measurement & Analytics Virtual Conference