From business development to sales, all kinds of employees in all kinds of departments are relying on data to define their ROI. We predicted in our white paper on the new marketing value chain that data would become central to marketing operations, but it’s become more than that: data is now a universal way to structure operations.
By operating in line with the new marketing value chain, marketers are able to establish a common vocabulary with other departments, demonstrate the scope and predicted outcomes of marketing operations, and clearly communicate their ROI.
Communicating ROI begins with one of three efforts: understanding where every marketing dollar is being spent, making sure that spend aligns with company priorities, and then communicating results to the C-Suite in a way that explains your contribution to the key performance indicators (KPIs) that matter most to them.
That spend should include direct monetary investments, such as advertising buys, and time costs, which can be figured based on the gross cost of your team and the time it takes the team to see a specific marketing activity through to completion.
Marketers should rely on language of data to prove their ROI outside of their department. The C-Suite expects reports that measure the quantifiable result of marketing efforts, so marketers need to take advantage of analytics to track the progress and results of what they’re doing.
In your marketing operations, keep in mind how everything you do relates to the KPIs that matter most to the C-Suite. By keeping track of costs accrued and value won, you’ll be able to prove the positive impact of marketing on the whole business.
The new marketing value chain isn’t just about reporting what you’ve already done. It’s also about having the flexibility in your marketing operations to adjust based on new information, market climate and past results. If you are able to demonstrate in concrete, data-based terms how both your tried-and-true strategies and your agility positively affect your ROI, you’re in a great position.
Moreover, it’s important to be able to analyze current marketing efforts and predict future outcomes. Demonstrating that you have a clear understanding of the impact of your campaigns before they take place is a crucial indicator that your marketing is efficient and trustworthy. Make sure that you can break down these future outcomes into the key performance indicators that matter most to the business: when you deliver on them, the C-Suite will see that you have the ability to accurately predict your future performance. What’s more valuable than that?
Let us know: how has aligning your marketing efforts with data and analytics helped you prove your value in your company?
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