We hear again and again that around 60% of the buying is done these days before a sales rep ever steps into the picture. The impact this has had on business goes beyond the technical challenges of maintaining influence and predicting revenue performance. The role of the CMO and the nature of his relationships within the enterprise have been dramatically affected by this change as well.
James Thomas, CMO of marketing performance management firm Allocadia, spoke to Moneyball for Marketing about the politics, metrics and marketing technology that govern the new role of the CMO:
The metrics that matter: While a CMO may care deeply about branding, advertising or social media endorsements, more often than not, James says, there are other things that matter more to CEOs, Chief Revenue Officers and VPs of Sales. He shares what some of them are and how CMOs can use marketing technology to deliver the metrics that matter to these executives.
Predictive performance plays: James discusses the challenge of assigning revenue attribution to pipeline activities and prescribes a model of how to use marketing technology to track aggregate data and conversion rates of “plays”— groupings of activities—to enable performance prediction.
A new sort of CMO: The role of the CMO is changing, James says, with data science and marketing technology becoming a more and more important aspect of the marketing organization. James shares the two things that CMOs today need to do to effectively respond to this change.
The Evolution of Marketing: James predicts that the loss of control felt in the sales industry today will evaporate as CMOs become better at understanding the buyer’s journey, nurturing leads and using marketing technology to engage buyers and predict revenue performance.
James Thomas is the CMO of Allocadia. James leads Allocadia’s marketing efforts focusing on developing enterprise marketing strategies with a clear customer focus that supports the company’s growth targets. James brings unique understanding of CMO’s marketing investment and budgeting challenges, which is what Allocadia helps marketers with. Allocadia helps marketers simplify marketing budgets, measure marketing ROI, and enhance visibility into global marketing performance.
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Glenn Gow is an expert in marketing performance, Coach, Board Advisor, Author, Speaker, Podcast Host and Founder & Advisor of Crimson Marketing. Follow me on Twitter, LinkedIn, Google+. To get a free copy of Crimson’s One-Page Marketing Metrics Funnel, visit here.