Finding your place at the executive table is important. Here’s how data can help.
For busy chief marketing officers (CMOs), finding ways to strengthen their positioning at the company’s executive table can take a backseat to developing strategy and overseeing the company’s marketing operations. However, marketing plays an incredibly important role in shaping today’s customer experience and driving demand for your brand’s products and services. Here’s a closer look at how better data management tools are helping CMOs solidify their place at the executive table.
Focus on return on investment (ROI): Historically, one of the complaints companies have had about giving marketing departments large budgets was that it was difficult to tie campaigns and spending to results. Today, thanks to better analytics and marketing tools, marketing departments can show an ROI for every activity they undertake. Make sure you’re investing in the technology stack, data expertise, and planning needed to show ROI on your efforts. Whenever you discuss your department’s activities or the outcomes of a particular initiative, showcase data-driven ROI.
Don’t overlook the importance of attribution: Attribution can be tricky. Today’s customers may read content your team has written, interact with your brand on social media, and speak to multiple salespeople before making a purchase. Which of these departments deserves credit for acquiring a new customer or closing a big sale? In the past, brands have been forced to rely on last point of contact attribution. Today, better tools are making it possible to understand how each brand touch point during the customer journey contributed toward making a sale. Advocating for your company to embrace a more nuanced understanding of attribution can help further showcase the impact your efforts are having on the company’s ability to reach its larger objectives.
Showcase the power of deeper marketing alignment: Garner allies by seeking deeper alignment with other parts of your organization. For example, powering your sales team with content can help achieve better alignment between marketing and sales, as well as speed up the selling process. Using customer service as an additional point for distributing the content you create can improve customer satisfaction while helping you reach your goals of connecting with customers. The more effectively you can integrate your marketing efforts with the rest of your company, the more you’ll develop allies and make your marketing efforts an irreplaceable component of your company’s larger efforts.
CMOs need to be strategic about the way they’re perceived at the executive level. Take the time to show your larger impact, align your efforts with the rest of your company, and put your data expertise to work in showing the value you bring to all facets of the organization.