Our new ebook, The B2B CMO’s Guide to Growth Marketing, lays out actionable, easy-to-follow steps that CMOs can follow to implement an effective growth marketing system. This can help CMOs meet and exceed revenue goals, and prove the value they bring to the revenue team.
Two of the most important steps to kickstart growth marketing:
- Unifying sales, marketing, and customer success teams around revenue, as seen in this article.
- Identifying success metrics and implementing measurement plans, which this article explores.
For a deeper dive on these topics, as well as tips for running growth experiments and learning from data, read the full ebook. (Don’t worry — you won’t need to fill out a contact form. We hate filling those out as much as you do.)
Measuring Success
You need comprehensive metrics for short- and long-term results.
Common metrics include revenue growth rate, market share, profit margin, and other KPIs, but whatever results you gather should be objective success criteria. They should be easily understandable by stakeholders, too.
Here are some pipeline metrics worth including in your measurement plan:
Awareness and Lead Generation
- Digital Marketing Funnel Conversion: How effectively are your digital marketing properties converting raw traffic into qualified opportunities, and eventually paying customers?
- New Qualified Accounts: Measuring success through lead volume ignores whether or not marketing efforts are actually leading to growth. Measuring qualified accounts instead helps marketers positively impact close rates.
- Return on Ad Spend: Are paid campaigns generating qualified opportunities? If campaigns are underperforming, dig in further to understand where the issue lies – such as the targeting, creative, or call to action.
Consideration and Sales Enablement
- Lead and Account Scores: Set a BANT-based (budget, authority, need, timing) lead-scoring threshold and engage accounts based on buyer personas so revenue teams can understand their goals while improving performance.
- Close Rate: Keep track of the percentage of opportunities that close. Be sure to measure by market segment and overall aggregated performance.
Post-Conversion
- Customer Lifetime Value: Few metrics are more useful for justifying a marketing plan than a definitive understanding of how valuable new customers are to a business.
- Net Revenue Retention: Knowing what percentage of your revenue comes from existing customers helps gauge customer satisfaction, and measures how upselling efforts contribute to growth.
- Net Promoter Score: Customer satisfaction scores measure how likely customers are to help you build brand equity. It’s also key to a healthy referral channel.
Action Items
Ready to take your first steps?
- Conduct a measurement audit: Break down your marketing funnel into key stages and channels. Identify the top three metrics that matter most to each stage of the buyers’ journey.
- Prioritize Pipeline Chokepoints: Conduct benchmark comparisons to analyze all stages of your sales and marketing pipelines and identify where opportunities are lost. Make sure problem areas are addressed when it’s time to plan the next campaign.
- Identify Leading Indicators: Analyze recent closed-won deals to see what top-of-funnel behaviors they had in common. Take note of channels, content touch points, and time spent within each stage of the pipeline. These could be reliable indicators that marketers can use to shape their campaigns.
Get the Ebook
Growth marketing takes work to implement and time to master, but the rewards are substantial – both for organizations aiming to drive more pipeline and revenue through marketing efforts, and for CMOs looking to demonstrate their value to their CEOs.
Ready to see what modern CMOs can do to earn the trust of their fellow executives and achieve their organizations’ growth goals? Check out The B2B CMO’s Guide to Growth Marketing now.
