A CMO’s job doesn’t begin and stop with just marketing. Today’s CMOs are expected to be business drivers who set the strategy to generate profit and growth, category share, brand equity, and consumer engagement. As a result, modern CMOs are expected to wear many hats. They need to build an organization that is equally adept at collecting, cleaning, and analyzing data as well as creating unique brand visions/strategies. Making the art and science of marketing work together has meant embracing new innovations, processes, and skill sets. That’s why CMOs are taking a close look at how they can integrate their data, teams, and partners across the organization in one place. Marketing Intelligence platforms like Datorama have been a key enabler of scaling data-driven insight, efficiency, and transformation.
Creating the Single Source of Truth
Marketing teams and partners must work in harmony to effectively execute marketing strategies. However, a common challenge in most organizations is gaining alignment on what success looks like. A well-defined strategy from the CMO deserves a well-defined measurement plan that creates consistency and collaboration across individual teams. But, this often not the case. Marketing Intelligence solutions can help CMOs close the loop between strategy, execution, measurement, analysis, and optimization. They address some key gaps that hold alignment and transformation back – namely how to connect siloed data issues into one single source of truth with a series of KPIs and measures that allow marketers of all stripes to work better together – across email, social, paid advertising, and more.
When cross-functional teams are working together from a unified set of data, they can communicate with clarity and ease. That’s because all of the different ways that teams measure day-by-day to drive tactical performance can be laddered up to an agreed upon set of goals that map to the CMO strategy and business goals. This allows media teams, for instance, to optimize their spend and ROAS across channels and campaigns, while brand teams measure sales, market share, and channel campaign performance – all in one system that rolls up to the executive level.
With consistency and flexibility working together, the organization can encourage data-driven decision making and collaboration at a transformational level. With transparency, shareability, and alignment in one place, a single source of truth for marketing allows all metrics to funnel up to the same success criteria, while making it simpler to understand challenges and scale up best practices.
Next-Level Insight & Optimization
Marketing intelligence and analytics platforms also help CMOs create a faster pipeline of insights to improve performance. AI-powered insights democratize complicated analysis to inform decisions and optimizations at broader and deeper levels than manual analysis alone. Because these insights are continually flowing through the organization, marketers are empowered to iterate and optimize campaigns and experiences while they are in-flight. This results in significant ROI increases as marketing spend is managed as a real-time investment instead of a fixed budget to spend. Marketing Intelligence provides seamless integration of marketing, advertising, web, CRM, and sales data so that marketers at the individual and collective levels can prioritize investments and activities based on daily insights that let them continually capture more ROI. This approach to marketing and campaign management lets CMOs measure every dollar and activity against business goals across their marketing teams, partners, and their own immediate decisions.
Marketing Intelligence platforms, like Datorama allow CMOs to manage the challenge of having to wear their many hats. They facilitate cross-functional alignment, direct focus on the consumer, and optimize decision making that helps propel the business forward. To view example dashboards or learn more about marketing KPIs, visit us at Datorama.com.
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