There’s an old adage that says, if you want to be successful, read the books your boss reads. I’d like to take that one step further—get your boss the results she or he is looking for.
So, what are the metrics of success most executives look for in marketing? Well, there are six of them:
1. Customer acquisition cost (CAC)2. Marketing percentage of CAC
3. Lifetime value to CAC ratio
4. Time to payback CAC
5. Percentage of customer origination by marketing
6. Percentage of customer influence by marketing
You can find them all here in a quick cheat sheet.
These don’t mean we stop looking at site traffic, social shares and conversion rates, they all help tell the story and guide marketing campaigns. Rather, report on how your campaign led to new customers, lower acquisition costs or higher lifetime customer values.
These are the metrics that decision-makers get excited about—and open eyes and ears when it comes time for opening the wallet, i.e. increasing your budget.
Interested to hear your thoughts on these or how your organization is aligning sales and marketing.