November Event Recap: New Metrics for Marketing
The final TMA event for 2016 was held at the start of November, and it was a great session to close out the year. Pam Casale, CEO of ASAP Marketing LLC, led a lively discussion about the new metrics for marketing. Specifically Pam talked about how CMOs can and should change the conversation with the rest of the executive team.
Marketing measurement used to be all about impressions, page views, and open and click-through rates, but those days are gone. Ultimately, the metrics that matter the most are the ones that directly relate to achieving revenue targets — the ones that tie to growth, market acceptance, and sales. When CMOs can demonstrate the correlation, they can justify the marketing spend, and the conversation will change.
Pam has spent years working as a senior marketing executive at large companies, such as Dimension Data and CSC, and emerging firm Intellitactics. Throughout her time she has developed a methodology for strategically mining data to tell a different story–the one that matters.
Below are some of the highlights from Pam’s TMA session.
Marketing leaders as growth champions. Pam has found that those marketing leaders who take an active role in ensuring that what their team does affects growth, rather than just executing on campaigns without question, are more successful. Those who align themselves with their peers (others on the executive/management team) and have the support of the CEO often get the money they need to do their job.
Marketing needs to be a value creator. It’s the job of the CMO to make other company executives understand that very few product ideas are unique, but the execution of that idea can separate a successful product from a mediocre one. Marketing needs to be involved from the start, so the team can begin laying the groundwork for a successful marketing campaign long before the product is ready for sale.
Marketers need to know thyself. Research has shown that most marketers fall into one of three categories – value creator, sales enabler, or campaign producer. Campaign producers are great at creating content and supporting the sales team but fill a more tactical role on the marketing team. Sales enablers work directly with the sales team to qualify leads, shorten the sales cycle and position the sales team for success. Lastly, value creators are seen as those who have ideas about products ands services, the different markets a company can sell into, and different selling strategies. This is where Pam sees marketers having the best chance to strengthen their relationship with their peers on the executive team.
Three key characteristics make up the DNA of growth champions. First, growth champions who really understand and influence how the company is going to grow, are 20 percent more likely to contribute to superior revenue growth and be seen as a valued member of the executive team. Second, growth champions realize that the ROI of their work isn’t about what they got for their spend but rather the effect those efforts have on growth. Third, growth champions have the respect of their peers and are seen as a trusted advisor.
Tracking the right metrics matters. To be viewed as a growth champion, the metrics you track should help you gain influence. When you can gather data that positively impacts business decisions, it elevates your position within the company.
Growth champions understand the value of relationships. In order to be successful there needs to be an unbreakable thread that runs through four specific groups – sales, marketing, sales ops, and product. The teams responsible for these functions need to be on the same page and use the same language to describe products and services and per Pam, marketing should be leading this effort.
This is by no means an exhaustive recap, and you can view Pam’s slides from the event here.
Thank you Pam for an interesting and lively discussion. We look forward to seeing everyone at TMA in 2017.