As the world inches towards 2022, it is crucial for CMOs to understand the required metrics that will enable them to drive marketing outcomes.
In the past 18 months, the B2B marketplace has witnessed a lot of ups and downs. From going fully digital, dealing with constant customer behavior, to operating on stringent budgets, the COVID-19 has significantly impacted the B2B marketplace. With such a constant flux in the marketing dynamics, it has become crucial for CMOs to change their approach towards their marketing efforts.
CMOs should know what metrics are working for them and are delivering the maximum ROI for their marketing efforts. Additionally, they should take time to understand the changing needs of their customers and decide their metrics accordingly. Here are three metrics that CMOs should follow to drive their marketing efforts in 2022:
Return on Marketing Investment (ROMI)
CMOs are constantly under stress to justify the value of the marketing efforts, however, the pressure of today’s marketing environment is immense. As the importance of marketing accountability is rising while the marketing budgets are plummeting, measuring the significance of marketing has never been more crucial. Thus, to effectively measure the effectiveness of marketing efforts, techniques such as optimization, attribution, agile learning, and AI & ML-based reinforcement will be of significant interest to CMOs and their B2B marketers. When integrated with the voice of customers and organization transformation, they will enable the brand to build a complete marketing measurement toolkit. The CMOs measure the complete return on marketing investment (ROMI).
Customer trust: The reliance on first-party data needs value exchange
The concerns around consumer privacy have left brands with no choice but to abandon third-party cookies. B2B marketers now will not embrace their first-party data strategy but will also build new methodologies to create a better value exchange with their customers. CMOs will need to design, experiment, and measure new and innovative ways to influence consumers to relinquish to provide valuable first-party customer data. On the other hand, marketers will support brands to build these creative strategies to provide demonstrable value and encourage customers to participate in a two-way dialogue and opt-in digital data collection. This value exchange, in return, will also help brands to focus on transparency and authenticity.
Understanding the employees’ impact on customers
Exceptional employee engagement and experience is linked with seamless, frictionless customer experience. Brands are aware of the fact it is difficult to truly satisfy and delight their customers when their own employees are not efficient, excited and empowered about their work. With 2022 just around the corner, CMOs will need to collaborate with their counterparts to emphasize not only employee acquisition and retention but also tracking, developing, as well as measuring employee education, onboarding, compensation and their overall development. They will increasingly demand to prioritize and improve customer experience and will need to ensure that other departments also contribute to the same.
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