Monday, July 24, 2017

CMO Issues: Accountability and Metrics

Accountability still counts!
Chief marketing officers are under pressure as never before to be accountable for results. This is nothing new, really, but with more marketing tools at their disposal and the constraint of carefully-controlled budgets, accountability is a priority.

This means that metrics have to be chosen and applied to enable CMOs to track, measure, and evaluate marketing campaigns in great detail. No wonder CMOs are examining media and social media metrics to be sure that these reflect the reality of how campaigns are performing and avoid misleading, fraudulent, and imprecise measures.

Meanwhile, social media platforms are introducing better metrics and analysis tools to enable measurement and performance assessment. This is crucial, because CMOs must be able to trust the numbers. However, despite closer scrutiny of marketing tactics and results, a few CMOs are either choosing inappropriate/old-fashioned metrics or not selecting metrics at all.

Another way to look at accountability is through the lens of big-picture marketing goals. Some businesses use the Net Promoter Score to see how marketing affects the customer experience and willingness to recommend the brand or organization. No matter which metrics you apply, be sure you are measuring what matters--and include interim benchmarks in your marketing, so you can adjust campaigns if preliminary results aren't close to present targets.

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