Businesses spend upwards trillions each year on marketing, yet it’s difficult to forecast, let alone prove, the value created for those dollars.
That’s part of the reason that CMOs have the shortest tenure in the C-suite at just 40 months, according to SpencerStuart.
The rest of the C-suite perceives what is often a CMO’s biggest challenge: Defining marketing’s impact on a business’ growth and revenue with financially relevant, quantitative and predictive metrics. But as AI and machine learning enter the mainstream of marketing-performance management, future-focused metrics tied to financial contribution have become more viable and accessible to marketers.
This type of intelligent, predictive martech enables savvy CMOs to leverage fast, actionable insights to build and regularly update marketing plans, complete with a financial forecast tied to the business’ financial goals. Equipped with this type of real-time, decision-support framework CMOs gain confidence in defending their marketing spend, advocating for additional investment and showcasing marketing’s effectiveness at creating value.