Microsoft and the CMO Council recently released a whitepaper suggesting that marketers are moving away from digital campaign metrics (e.g. clicks, views) and beginning to invest more resources on metrics related to financial performance and business outcomes. It also offers that as marketers determine their potential impact on customer lifetime value, the initial strategies revolve around personalizing the customer experience.
The State Of Marketing
Marketing teams can no longer rely on digital campaign metrics to prove business impact. Campaign metrics provide insight into real-time customer interactions, but fail to tie these interactions to any larger business narrative. Without that critical piece, it is difficult for businesses to justify investing more resources into marketing to grow customer lifetime value.
Liz Miller, Senior Vice President of Marketing for the CMO Council, argues that measuring campaign metrics has been useful for measuring campaign success, “But to measure customer experience success and the overall impact of marketing on the business, marketers are turning to financial KPIs: revenue, costs, conversions and impact on the bottom line.”
Planning New Marketing Strategies
Most marketing teams are running on a technology stack that does not make it easy to connect the financial impact of each campaign with a more holistic view of the customer journey. As marketers prioritize their impact on the bottom line, the joint study indicates:
- 65% plan to bolster analytics and lifecycle management strategies and platforms
- 65% plan to implement personalization platforms
- 56% plan to engage in comprehensive journey mapping
- 52% plan to improve their predictive analytics
It is clear that marketers want the tools to be more involved in the customer lifecycle. Many companies have customer success teams that manage the customer journey and marketers might find customer success platforms address many of the key issues they are interested in.
Customer Success and Marketing
Marketers interested in lifecycle management, personalization, and predictive analytics for customers need look no further than their company’s customer success management platform. For example, our company Totango offers marketers access to the real-time metrics they expect from campaigns, but adds on a comprehensive understanding beyond clicks and views to feature activation, usage data, and business outcomes.
Knowing that a customer clicked through a product update email is one thing. Knowing that they activated, that they use it twice a week, and that they were able to use that feature to save ten accounts from churning is another thing entirely. Being able to improve how personal customer marketing can be and show the business outcome means marketing can substantially extend customer lifetime value. All marketers need is the right tool.
If you are a marketer and you are interested in joining the customer success conversation, I welcome you to attend the Customer Success Summit this March 21-22 in San Francisco. This must-attend event in customer success will feature several breakout discussions on how customer success and marketing teams can work together to improve customer lifetime value. Use promo code: MARKETER25 for 25% off