Following up on my blog post last week, we are now up to third way marketing automation provides job security for marketers from 5 Ways Marketing Automation Provides Job Security for Marketers. Below is the excerpt from the white paper:
“3. Identify which marketing channels, or combination of marketing channels, have the greatest impact on lead conversion and revenue.
With so many marketing channels, it’s difficult to tell which combination of channels to build into the marketing mix and how much budget to allocate to each of them. By measuring customer acquisition across marketing channels, the CMO can determine which channels are more likely to impact top-line revenue and allocate budget more effectively based on tangible results. Conversations with the CFO become much more meaningful when the cost per customer acquired can be linked to expected revenue targets and to the marketing spend. It’s difficult for finance to reduce overall marketing budget without also reducing revenue targets when marketers can demonstrate the relationship between cost per acquisition and revenue.
The marketing mix can be analyzed based on the tangible impact specific marketing channels have on cultivating prospects. This allows the CMO to make better decisions about where to allocate budget based on tangible metrics, not gut feel. At the same time, marketing automation tools become a central database with marketing campaign information and sales information allowing organizations to calculate return on marketing investment by campaign, period, or marketing channel.
Job Security Scorecard:
- Justify marketing budget by demonstrating exactly which marketing channels drive the highest conversion rates.
- Calculate customer acquisition by marketing channel
- Forecast more accurately by linking customer acquisition rates to overall marketing budget. “If we spend this much money in the following channels, history tells us we can achieve the following revenue.”
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Tags: CMO Tools, Customer Acquisition, Marketing Automation, Marketing Channels
