6 Actions CEOs Should Take to Win in 2014.
I read with interest the recent HBR blog article How CMOs Can Get CFOs on Their Side with great interest. The authors contend that “marketing is in the midst of an ROI revolution,” something that I whole-heartedly agree with. The precision with which marketing activities can now be measured is unprecedented, which has several impacts on our businesses.If you’re not measuring it, your competitor is. Marketing analytics platforms allow you to monitor both the effectiveness of your social media activities and your competitors. Do you understand more about your competitor than they do, or is the opposite true? If you are getting out messaged, is it long before you’re getting outsold?
- Market share and sales are outcomes, not predictors.
2. Build a quick process flow map – how many visitors convert to leads convert to prospects convert to orders? What is your average order size? With this quick math you should have a good feel whether you’ll hit your 2014 targets.
3. Set goals for marketing performance in 2014. Once you understand the required prospect count, build a scorecard for monthly leads and conversions rates, supported by an action plan to improve both. Utilize competitive metrics to understand if you’re winning. Some great questions to ask your executive team are contained in the Identifying Strategic Growth Opportunities discussion guide.
- Leverage your marketing spend.
4. Challenge your marketing team to improve effectiveness by lowering the cost/qualified lead by 20%
- Develop an analytics-based approach to marketing.