Modern marketing organizations operate as revenue centers, not cost centers. CEOs at top-performing companies utilize revenue attribution to understand which activities produce revenue bookings. Revenue attribution models give executives a clear line of sight from the corporate strategy through customer touch-points in the company’s product, marketing, and sales strategies. Download our Special Issue: Revenue Attribution.
Since nearly 90 percent of all CEOs have operational or financial backgrounds, it is imperative that CMOs provide their CEO with the critical insight needed to invest in marketing. CMOs who do this well lead companies that consistently outpace their market and their competitors. The CEOs in this group are delivering above-average revenue growth driven by a return on marketing investment (ROMI) of 20 to 25 percent revenue contribution.
How do marketing organizations begin to provide revenue attribution? Start by drawing up your brand ecosystem. Think of your brand at the center, and all the different mediums that communicate your brand externally. These may include the web, email, mobile, social platforms, print, PR, sales, and even the finance department that sends the bill with your company’s brand on it.
All these touch-points can influence a customer’s decision to buy. That means revenue attribution modelers must collect and analyze data from these disparate channels to assess the impact of each campaign.
When the CEO has clarity into ROMI, he or she can confidently work with the CFO to properly allocate budget. In turn, the CMO uses revenue attribution to determine exactly where to place the budget to scale revenue growth.
Have expectations gone up and left you wondering if you can make your number? Here is a tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job