CMOs are responsible for driving analytical growth with marketing and brand-building operations. It is extremely vital to get detailed marketing reports that measure the impact of marketing as per desired goals.
The shifted outreach to digital channels forced marketers to run lead-generation campaigns to generate more revenue. The CMOs role is now very important to deliver good marketing and analysis reports. CMOs need tools to track and compare various marketing efforts’ performance. So, here are the four reports CMOs need to keep focus on.
Revenue Generated by Campaigns
When campaigns do well, revenue gets better. A campaign analytic report identifies the campaign that performed well and influenced the sales pipeline. The data suggests that CMOs and marketing leaders know the impact of campaigns on sales. With that data, they may also view which campaign didn’t perform well with engagements. The necessity to access the data from the report to gain more insights, is crucial.
CMOs need to look for a reporting tool that provides in-depth insights and access to campaign details including average campaign engagement size, customer segment, velocity, and online presence. These details help CMOs to know how efficiently campaigns are targeting key customers, and translating into revenue. This way CMOs keep track of campaigns that hit faster.
Velocity Metrics
Velocity metrics relate to the speed and progress at which outreaches take place. The metrics numbers can provide an estimate of how long it takes for a click to generate leads. Also, they can even show trends of outreach and clicks globally.
The metrics can help marketers to identify bottlenecks in lead progression from MQLs. If it is not happening, sales can be affected. CMOs must consider looking after velocity metrics that measure revenue from marketing targets.
Marketing efforts must deliver leads within a timeframe. Marketers understand the requirements, gaps, and improvements to meet the new targets. The metrics can help CMOs to get insights into marketing and opportunities to improve revenue.
CMOs can get various reports using advanced martech tools. Platforms like CRM provide accurate data information which can help marketers align marketing efforts and drive revenue.
Marketing Budgets
Many CMOs face budget constraints. They must look for priorities across the channels and resources a company has, and get actionable insights to create an annual marketing budget. CMOs must stay alert to three critical areas of spend- technology, multichannel, and talent in the marketing budget.
In marketing technology, assessing proper funding and adequate utilization are critical. Gartner’s research in The Essential Guide to Crafting a Marketing Budget shows that productivity levels for tech investments in marketing fell from 58% in 2020 to 42% in 2022. It happened because CMOs are less keen to handle operational marketing technologies. The tools are being underutilized, or there are flaws in existing stacks.
CMOs should focus on developing a MarTech stack that improves marketing results and drives strategies. The strategies must focus on improving existing and new marketing technology to boost ROI. Using these, CMOs must decide whether to buy new functionalities or integrate features within existing tools.
In marketing, skills impacts ROI, so it is important to create a talent environment and devise new ways of working. In the same Gartner’s research, talent costs account for 24% of every CMO’s budget. So if CMOs plan to reduce costs, it is important to focus on talent as a resource. Getting the most skilled talent for marketing to meet revenue goals will work only if they analyze the core data correctly. To recruit top marketing talent, CMOs must encourage the best ideas, creativity, and insights.
Multichannel marketing expenditure is an essential component of any marketing budget. With many digital channels and platforms, CMOs must decide which media investments align with the business. Investments that drive ROI, customer focus, conversion, and advocacy are worth consideration.
Further, in the same research, Gartner also mentions, in 2022, digital channels recorded 56% of total marketing channel spend. CMOs must be strategic to identify the right channel. They must focus on goals, current market conditions, and previous marketing performances to make these decisions.
Consequently, reports based on marketing budgets should be clear indications for CMOs to ensure they plan the best marketing quarters.
Also Read: Personalized Marketing: Importance, Challenges, and Strategies
Campaigns by MQL
In marketing analysis reports, CMOs must include campaigns set up by Marketing Qualified Leads (MQLs). The report visually compares digital campaign performances supportive of MQLs when leads move through the funnel. With the right configuration, CMOs can see which campaigns drive qualified leads (QLs) and closing deals.
A MarTech-focused marketing report can decide which campaigns are good to invest in. They can also access more funnel metrics and conversion lead rates.
Now is The Time to Create a Valuable Marketing Report
Achieving these marketing reports is possible if CMOs are focused on ROI. It requires a properly implemented marketing automation and technology stack. Team and department collaboration is imperative to achieve good marketing results.
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