Marketing departments at most organizations are responsible for presenting key business performance metrics to the C-suite on a regular basis. Traditionally this type of presentation has been the time to show what campaigns have performed well. But these days, the C-suite is not just looking for the open and click-through rates, they want to see how and where marketing is driving revenue.
According to Marketo, “email measurement is moving beyond Opens and Clicks and toward true financial metrics, such as Revenue Impact and ROI.”
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Here are some revenue-driven metrics that your C-suite is interested in.
Lead Source Analysis
The question the Lead Source Analysis answers is “how did these leads enter my database?”
Because most campaigns are multi-channel (i.e., involving digital ads, Twitter, Linked in, email), knowing at which point leads engaged with the campaign allows you to understand which channels help you succeed in reaching your audience. It’s also crucial to driving company and financial planning.
Closed Loop Reporting
Closed loop reporting is driven by Sales and Marketing working together. When Marketing closes the loop, we’re getting reports from the sales team to find out specifically what happened to the leads we’ve sent over. Why does this matter and what will it affect? The answer is simple: Marketing uses this data from sales to find out why leads did or didn’t close and how to improve those business performance metrics. This shows the successes (how much revenue was brought in) and areas for improvement going forward.
Return on Marketing Investment
In every organization, different divisions are responsible for goals that contribute to the success of the company. For example, the product team might own the development of five products in a year and their success is measured by how many products they release. For Marketing, we want to benchmark with the C-suite how many deals we should send over to Sales each quarter and determine how those leads contribute to revenue. By showing this number, the C-suite will see how much of a return they’re getting from Marketing.
Marketing Generated Revenue
The CEO’s job is to ensure the company is profitable, making Marketing Generated Revenue the most crucial marketing metric. By showing your C-suite a breakdown of how much revenue is brought in by each campaign over the course of a year, you’re showing Marketing’s tangible value to the company.
Have any other metrics you recommend for the C-suite? Let us know!