What’s measured improves.” – Peter Drucker
As a Chief Marketing Officer (CMO), you must be on top of your numbers! Today’s businesses are data-driven and organizations that analyze data and make meaning out of it stay at the top.
Tracking metrics lets you validate the effectiveness of your marketing campaigns. Measuring key performance indicators (KPIs) is like holding a mirror on the impact of your efforts. It puts you on the trajectory of data-driven decisions and relegates hunches and assumptions.
CMOs must demonstrate high ROI to justify marketing budgets. It is easier said than done with multi-channel campaigns and complex buyer journeys, that we see today. Access to clean data and KPIs based on state-of-the-art marketing analytics has become crucial for growth and survivability in a competitive market.
Tracking the right metrics is important. Focusing on the wrong and irrelevant metrics will result in “missing the forest for the trees”.
Many marketers chase vanity KPIs that sound cool but add little value to performance tracking. Hence, the choice of metrics is vital for success. While there are dozens of KPIs to choose from, there are five key metrics that you, as a CMO, must have your eyes on. Let’s take a look at them.