Imagine your annual strategic planning meetings taking on a whole new dimension. Instead of simply requesting budgets, your team presents estimated returns, providing a clear justification for their requests with accurate, relevant marketing tracking.
This isn’t some far-off dream—it’s a future within reach with thoughtful implementation of your CEO marketing dashboard.
Your marketing dashboard is a dynamic tool that not only assesses past performance but also guides future strategies. Take these three foundational actions to transform your marketing tracking and analysis into a transformative guide paving the path to profitability.
- Master Your MROI Calculations
Marketing return on investment (MROI) is the bedrock of your dashboard, illuminating whether your strategic decisions are leading you to profitability. A robust MROI is typically a $3:$1 return, but improve your analysis by comparing your quarterly returns to industry benchmarks. Don’t settle for anything less than eclipsing your industry’s and company’s baselines.
Supplement the MROI tracking on your dashboard with other metrics essential to your bottom-line, including your customer lifetime value (LTV), customer acquisition cost (CAC), and LTV:CAC ratio.
- Document All Marketing Processes
Pair these measurements with documented processes that are followed by all. Set aside your initial judgments of whether or not processes are leading to desirable outcomes, and simply get every detailed step down on paper. You may find that certain processes are not standardized at all, which may be leading to misalignment between your teams.
Your SOP documents should cover the importance of each process, who is responsible for accurate execution, when someone would need to follow the SOP, and clear, detailed steps. Review and revise these SOPs according to a regular cadence that makes sense for your business: monthly, quarterly or annually.
Once every marketing process has a thorough SOP document, you can begin doing qualitative research and quantitative research within your company to validate your beliefs about what’s working and what’s not. Work to improve your processes so that a stranger plucked from any marketing team could sit down and know exactly how to achieve predictable returns for your business.
Download RedRover’s template for documenting marketing processes to standardize your SOP writing.
- Optimize Your Strategies—And Investments
Once you have your MROI tracking and documented processes in place, you are well on your way to a truly scalable and repeatable marketing strategy—one that will drive consistent, even guaranteed, outcomes; one that allows you to better predict your growth and prepare for it; one that notably drives up your company’s valuation.
In our data-driven world, the ability to track, analyze, and optimize marketing investments is paramount. By focusing on guaranteed MROI and the ability to replicate it no matter who is on your team, you align your marketing strategy with a singular purpose: Driving profitability and sustainable growth.
Take this manufacturing case study as an example of the returns you can receive when you pair a CEO dashboard with documented processes and a research-driven marketing plan.
Each metric, each calculation, and each data point brings you closer to mastering the science of MROI. You’ll soon be able to make marketing decisions confidently, with your team optimizing booming strategies and pivoting on floundering channels to ensure you’re not leaving any money on the table.
With your marketing dashboard as your compass, you’re not just navigating the terrain, you’re confidently charting the course to guaranteed marketing success.
By Lori Turner-Wilson, RedRover CEO/Founder, Internationally Best-Selling Author of The B2B Marketing RevolutionTM: A Battle Plan for Guaranteed Outcomes
Taking Action
Documenting processes is one of hundreds of best practices found in The B2B Marketing RevolutionTM: A Battle Plan for Guaranteed Outcomes — the playbook that middle-market B2B CEOs and marketing leaders lean on to scale. Backed by a groundbreaking research study, this book offers time-tested best practices, indispensable KPIs for benchmarking, insights on where your dollars are best spent, and, above all, the proven 12 BattlesTM Framework for generating guaranteed marketing outcomes. The B2B Marketing RevolutionTM is a battle-hardened approach to becoming an outcomes-first leader who’s ready to shake up the status quo, invest in high-payoff market research and optimization, and — yes — even torch what’s not serving your endgame. Download more than 50 templates, scripts and tools from the book on the Battle Reader Hub.
If you’d like to talk about how to build a marketing engine that delivers predictable results — whether you want to build it yourself or tag in our team to lead the way — we’d be delighted to help you get started.
