Technology used to be only a concern of the IT department, but these days, even the most entry-level employee is expected to have basic knowledge of online tools. It’s a field so important, it’s spread across all teams within an organization.
According to Gartner, by 2017 the Chief Marketing Officer (CMO) will spend more on IT than the CIO. Validating the increase in spending on marketing technology, such as marketing automation and social media management, will require an even more specific understanding of each tool’s ROI.
Only 44% of CMOs say, “I can measure ROI,” but this number has to increase if the CMO wants to increase their marketing budget. The CMO must have the right technologies to measure, test, and analyze their marketing efforts. Here are a few metrics the CMO must understand and track in order to prove the ROI of their investments.
First and foremost, the CMO must set in place goals that the executive team agree to and understand. It is important to have your marketing goals aligned with the overall company goals. With a solid strategy in place, you’ll have specific goals to measure and be able to effectively find out what tools you need in order to be successful.
Once you’ve established what tools can measure your goals, you can weigh the price of investing in such platforms with the benefits of using one. This is the most simplistic form of ROI, but an important model to understand and use when justifying a purchase. Naturally, ROI will become one goal within your many other goals for success.
While vanity metrics may impress the junior staff, t…
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