Each CMO has its own important metric for measuring success, including revenue, ROAS, sales speed and conversions. Beyond that point, it's up to your sales team to be able to keep those potential customers interested and close the sale. If you find that you spend a lot on ads, but conversions are low, there needs to be a plan to improve the campaigns you run. Keep in mind that the conversion rate varies by location, industry, advertising platform and other reasons, so a low or high conversion rate is relative.
Ronak Ganatra, from GraphCMS, points out: “The loss of customers on the first day is a metric that helps plan for the company's overall health in the future. Even if revenues, CAC, LTV and ROI are favorable, high turnover on the first day means a much larger potential loss that often goes uncontrolled. It helps to better understand product adoption, and marginal corrections to the loss of customers on the first day open up possibilities for exponential growth for other metrics over time. To help you control your SaaS dropout rate, here are some free examples of SaaS dropout panels to choose from.
In short, “When the CMO has the cost of customer acquisition (CAC), it helps the company to know how much marketing must spend to get a new customer. If the company knows how much to spend to acquire a new customer, decisions about marketing strategies become easier to execute. Track and manage this data using these free expense dashboards. We update the marketing team monthly on conversion and processing speed metrics, and quarterly for the leadership team and the board of directors.
You'll need your CMO panel to be updated based on how often you're accountable to your managers and how often you need to analyze metrics to make informed decisions. This metric has to do with trust and reveals how credible your website is, according to a search engine. For CMOs and marketing professionals, the most important KPIs are those that indicate their audience's participation in a campaign. Understanding and communicating your marketing metrics is the best way to improve your marketing strategy.
With the metric of the percentage of customers originated by marketing in his CMO panel, Lucas Mehnert, from Smartlook, highlights: “I know how many potential customers my marketing team has attracted. Voice share is a newer metric that can help your company determine its level of participation in digital conversations in the industry. Laura Fuentes, from Infinity Dish, believes that customer value metrics are an essential KPI to add to your CMO panel. With these metrics, you can determine what works, what doesn't, and how you need to change your strategy.
With the high turnover rates of today's CMOs, helping a marketing leader communicate a positive ROI is key to any data panel. We list them below and explain exactly why each of these metrics deserves a place on a CMO's dashboard. This marketing KPI helps CMOs understand how much budget they need for marketing to acquire a new customer. The purpose of the panel is to structure several metrics in a complete and organized graphical view.
Understanding marketing metrics is essential to helping any high-tech CMO grow their team and get the right funding. Marketing metrics should be measurable so that you can see any discrepancies between what you expected and what you achieved.