Thanks to a new generation of marketing analytics tools, today’s chief marketing officer has the ability to measure the impact of marketing programs, demonstrate a clear and compelling marketing ROI, and ultimately build respect in the executive suite. We’ve written about the rising role of the CMO here.
Marketing analytics can be used to identify patterns in data already collected and use it to anticipate what customers and prospects are likely to do next. Predictive analytics can be used to answer these questions:
- Which prospects are most/least likely to buy? How can we prioritize our sales efforts based on those prospects most likely to buy?
- Which product is each of our customers most likely to buy next?
- Which customers are most likely to leave?
- How can we reduce customer acquisition costs, increase purchase size and reduce fraud?
So, which metrics are important to executives? According to MarketBuildr:
- 72% of CMOs say lead scoring is important to achieving marketing goals;
- Yet, only 22% say converting leads into customers is their top marketing priority.
Marketers have always understood the value of data. New measurement tools now allow for that constant stream of data to use as a basis when making business decisions.