When it comes to your online business like the GWC Valves International, being able to have a measurement build and accountability is important for your return on investment. What this means is that marketing suffers from a crisis of credibility and it should be seen as a part that drives revenue and profits to the business. It is important to look after your marketing metrics since the way that prospects research and buy solutions today has been forever transformed by the abundance of information available on websites and social networks, and this in turn fuels a significant change in the way marketing and sales teams must work and work together to drive revenue.
There are five stages of marketing accountability, which is the denial, fear, confusion, self-promotion, and accountability. The denial stage involves at first, the CMO may deny the need to be accountable for results. Being stuck in this stage often leads to marketing’s isolation from other departments and executives. The second stage is fear and this means being able to take on accountability is scary especially when you don’t yet know how well or poorly your department is doing. Marketing accountability is a double-edged sword, shining a bright light on weak performance as well as good performance. Some CMO’s may be tempted to avoid accountability just to avoid facing which category they are really in. the third step is the confusion part where the CMO knows that marketing accountability is inevitable but the path to achieve it remains hidden. Lead source tracking and cost-per-lead are put in place. The fourth stage is the self-promotion meaning that in a desperate attempt to appear accountable, marketing measures everything that can be measured from website page views to press release downloads to search engine rankings. The fifth and last stage is the accountability where at this stage, marketing truly finds its place in front of the revenue pipeline where marketing stops being a cost center and starts justifying marketing expenditures as investments in revenue and growth.