But in case of metrics, a deeper understanding of them is required.
This article makes suggestions on how chief marketing officers (CMO) can overcome the challenge of proving marketing’s impact on financial outcomes. Going beyond metrics, first off, is the need for marketers to identify all the ways in which marketing benefits a company. This can then be followed by an impact assessment using metrics.
The value created by marketing could be translated to show its relevance to different functions that marketing interacts with. When measuring impact through metrics, CMOs could work towards getting a deeper understanding into how those metrics are constructed.
For example, in the case of ROI, CMOs could question whether it includes just a profit increase or a revenue lift as well. CMOs must also clearly explain the “inherent uncertainties” of marketing measurements.
[6 minute read]