Nowadays nearly 100% of lead generation tactics are some form of digital marketing. So CMOs need to know how clicks from digital advertising, social channels and other digital marketing efforts are connected to leads and opportunities inside the CRM system. CMOs need high-level, detailed reports to fully understand digital marketing performance in order to report back to their CEO.
The best way for any digital marketer to provide this kind of information for the CMO is to track and measure marketing campaigns in the company’s CRM system such as Salesforce. Sales already tracks deals and forecast information in the CRM system and most companies have regular reviews of forecasts and results using CRM data and reporting. When both sales and marketing track and measure their efforts in Salesforce, the CMO and the entire executive team are equipped with one source of truth for all critical metrics across sales, marketing, and any other revenue development channel.
So what reports from the CRM system does a typical CMO want to see from Digital Marketing?
1. Revenue Attributed to Marketing
Show a summary of all revenue that was influenced by both Digital and NonDigital marketing during a specified time period. This number could reflect the overall marketing impact over a month, a quarter, a year, or any other regular time period that is required by management.
2. Revenue Attributed by Campaign
See which campaigns influenced the most revenue. You can see which campaigns (Digital or Non-Digital) might be worth investing in again. This is a point-in-time chart so reviewing this in different time periods can be useful: this month vs. last month or this quarter vs. last quarter or this year vs. last year.
3. Pipeline Attributed by Campaign
This is useful for understanding the pipeline that was influenced by each campaign. If you stack rank your campaigns, you can see which campaigns have the most impact on sales and which have the least. By stack ranking, you will know where to make additional investment and where to remove investment.
4. Digital Advertising Spend by Campaign & by Medium
Charting this is useful for comparing the cost of each campaign in stack ranked order.
5. Total Digital Advertising Spend by Campaign
A donut chart is a nice display of digital advertising spend by campaign giving you an easy view of where you are placing your bets. Like the other charts, this one is easily adjusted for the right time period.
6. Top Digital Advertising Campaigns by Pageview
This chart shows how well your prospects are engaging with your digital campaigns by counting the number of pageviews and clicks on your ads. The pageview to click ratio measures how many pages are viewed for every click. A pageview to click ratio above 1 is the goal.
7. Digital Advertising Pageviews by Source
Understanding which sources best engage your prospects is useful information. This chart shows which digital source is the most effective at driving page views for your digital advertising
8. Digital Advertising Cost (Lead vs. MQL)
Understanding your cost per lead and cost per marketing qualified lead (MQL) can help you understand trends from quarter to quarter. Typically the cost per MQL should be higher than the cost per lead.
9. Top Campaigns by MQL (Digital and Non-Digital)
Comparing Digital and Non-Digital campaigns can be very useful. These funnel metrics in this chart are counted at various stages in the funnel. You can see which campaigns drive the largest numbers of qualified leads (QL), demos, and closed deals (Sum of SQO Won). Stack ranking these campaigns can give you insight into where to invest further.
10. Digital Velocity Metrics
Velocity metrics are helpful in showing the speed at which deals close. If you double the velocity, you close twice the business in the same amount of time. In a Digital Velocity Metrics chart you can see how fast your MQL’s are closing over time. In this chart we show how many days on average it takes for an MQL to become Closed-Won and you can see the trend over time. Deals closed quickly in Q3 of 2019 and then slowed again later on. The MQL to Demo stage velocity should be consistently as close to 0 as possible. You can use these types of metrics to evaluate and measure how well your marketing and sales processes are performing.
Aligning the CMO and Digital Marketing
At the end of the day what the CMO cares about the most is whether marketing meets their pipeline and revenue goals. Being able to show the CMO all the different metrics across digital marketing programs helps streamline processes and allows more insight into how your digital marketing efforts are performing. You are then in the optimal position to make recommendations for optimizing your spend. Being able to show exactly how much revenue and total pipeline digital marketing influences can prove to the CMO the importance of digital marketing and helps the entire marketing team succeed.
To discover more on how M. Allen can assist your revenue growth teams with sales/marketing metrics, please contact us via firstname.lastname@example.org or visit our website at www.mattallendevelopment.com for additional insights and case studies.