CMOs, Do You Have a Comprehensive View of Your Data Universe?
Today, CMOs can choose from literally thousands of tools to achieve countless goals – from competitive intelligence, to SEO improvement, to ease of email deliverability. Most marketing budgets have expanded to allow companies to take advantage of new tools and advancements. But are CMOs seeing ROI on these tools? Consider these two trends.
Trend #1: New marketing tools tend to create data silos.
According to a recent study by Teradata and Forbes Insight, more than 65% of marketers say internal silos “prevent them from having a holistic, cross-channel campaign view.”
Trend #2: CEOs are not seeing ROI on investments in new marketing tools.
Naturally, CEOs expect to see an immediate ROI from the tools that CMOs adopt. But the evidence below, compiled in a recent blog post by Dave Hubbard (“Why Is Marketing Dragging Their Feet On Marketing ROI?”), suggests that both CEOs and CMOs are ambivalent about the value of such purchases.
- 93% of CMOs are accountable for ROI but say they don’t have the means to deliver results.
- 80% of CEOs don’t really trust marketing.
- 71% of CEOs say they don’t see the payoff from the CMO’s technology investments.
As we all know, ROI on marketing spend comes in one or two ways: 1) finding buyers that convert into sales and 2) cutting costs or spending less time and money on activities.
The problem is that many marketers are bogged down by activities: more clicks, more page views, more likes, more leads. But activities only matter if they move the buyer toward an eventual sale. That means activities must be timed well and aligned with prospective buyers’ known needs and wants.
Instead of chasing clicks or tracking the performance of singular activities, what CMOs really need is visibility into the buyer universe. They must know where their prospects are in the buying process, insights about prospect needs, and any data that indicates when and what products prospects are likely to buy.
Eliminating Siloed Marketing Data
Marketers are constantly chasing data. The more data you collect, the bigger your data universe expands, and the more difficult it becomes to synthesize that data into strategic action.
Siloed data leaves gaps in your awareness about buyer behavior. This can lead to poor buyer experiences, which in turn makes your collaborations with sales less effective. For example, marketing automation can tell you that a buyer engaged with you 10 times and became a marketing qualified lead (MQL). It might tell you that person attended one of your events. But do you know if that person also clicked on one of your ads? Or spent three hours researching your competitors’ solutions on the web? When you are unaware of your prospects’ activities, you’re at a disadvantage when it comes to successfully engaging with leads and converting them to opportunities.
By contrast, predictive intelligence tools give you complete visibility into your “buyer universe” by tying together all the behavioral and demographic data from your marketing and sales systems with buying signals and intent data left by your prospects on the greater B2B web (places other than your website). This full-picture view gets marketing and sales on the same page because both teams see the same data. They can work together to find and nurture leads, convert them to opportunities, and close deals in a coordinated fashion.
Increasing ROI on Marketing Spend
When data exists in lots of places, your organization wastes resources and is more likely to lose opportunities. Think of the customer who is in negotiations with you and receives an email from a competitor offering a lower price. Or consider the time your sales team missed out on an RFP because no one knew the target account was looking to switch vendors.
Predictive intelligence prevents these inefficiencies by giving you a unified view of your potential buyers and their position in the buying stage. This way, you approach prospects in an intelligent and targeted fashion. From a sales perspective, you’ll know which leads are highly likely to buy, what they’ll buy, and when.
One 6sense customer ran a blind test to see how long it would take to open an opportunity – predictive versus non-predictive – over 90 days. In that time, the sales team had opened just six opportunities with control (non-predictive) group. The other sales team opened 300 leads from the test predictive) group. That’s is a whopping 50 times more opportunities than the control group.
Also, this customer knew that they typically needed 33 touches to convert a lead. With 6sense, they needed only 10 touches to convert that lead. That’s a 67% reduction. These types of result proved to the sales team how predictive can be used to prioritize leads that are highly likely to buy over less promising leads.
These kinds of dramatic results are just the beginning for sales and marketing teams. We all know we’re generating tons of data every day. The question is, how will we assemble it all in one place so we can get a comprehensive understanding of our buyers? That future lies in predictive tools, and they’re generating dramatic results for forward-thinking CMOs. For now, marketers who cannot prove their activities tie back to revenue will continue to do battle with C-level executives.
How are you connecting activities back to revenue? Share your tips with us at @6senseInc, or contact us to learn more.