Assembling the elephant … thinking about the Ultimate CMO Dashboard

The whole is more than the sum of its parts (Aristotle). As a marketing leader, you don’t want to just make an impression, you want to show your impact.

images (1)

 

Let’s cut to the chase: as Chief Marketing Officer you need metrics and results. Otherwise, there is no glory – and no budget or resources for you to help your company succeed. Setting KPIs is today’s mantra for everything you do. But agreeing on which KPIs are relevent, is not that straightforward.

Despite our focus on being data driven and building our marketing plan on data rather than assumptions, aligning with sales objectives and corporate strategy – what we perceive as a successful result may not resonate among our peers. Our KPIs must be based on a joint perception of what constitutes success. Believe me, in large organizations, CMO-life isn’t straightforward:

Success

It’s analogous to the story of the three blind men and the elephant in which each blind man touched a different part of the elephant (trunk, leg and tail) and thus had a different perception of it. (Debbie Quagish, The Pedowitz Group)

 

TheHikingArtistFritsAhlefeldt

Illustration by Frits Ahlefeldt “The Hiking Artist Project”

So, how can you fulfill all these expectations while controlling your urge to count leads, conversion rates, clicks, opens, and number of attendees at your events?

I am guessing, that this is how you judge your success as a marketing leader today. But other stake holders expect different measures, and nothing is more frustrating for a marketing leader than happily reporting marketing results and then being ignored/unappreciated by the organization.

The dilemma is well known – there are countless “How To Measure Marketing Success” do-it-yourself books, articles, videos and blogs out there for you to sample. But from checking 10 different sources, none of these provided an answer to all of the above. Most – and that makes sense – are focused on the expectations of Sales in order to support creating revenue. But remember, Sales is measured on short term goals, and your CFO wanted your plan in place 12-18 months before it is supposed to be executed.

The ultimate CMO Dashboard

When convincing CFOs, CEOs and board rooms, the trick used to be to show complex pivot tables with an abundance of data that hopefully illustrated achieving your KPIs. But times have changed, and speed is the new currency of business.

You only have seven seconds to make an impression.

But knowing that your counterpart only has a slightly higher attention span than a goldfish, you have about eight seconds  to make an impact.

So, skip the pivots and show The Ultimate CMO Dashboard:

CMO Dashboard 2

You know you want it. (Source: Musqot Marketing Technology)

It has all the components you need in order to assemble the various parts of the elephant. The dashboard reports on budget, progress according to plan, activities planned and status, and much more. You can slice it the way you want. The application is called Marketing Performance Management (MPM) and is developed by one of Sweden’s exciting startups, Musqot Marketing Technology.

The benefit of an overview like this is that it takes only 8 seconds to process during a meeting where the CMO holds the last spot and only has 12 minutes left from the 20 minutes she was allocated on the agenda.

Another clever aspect is the fact that it provides a holistic view of marketing execution, CMO Dashboard 1based on real time data. For example, the planning section is built upon the familiar concept of Gantt charts while in the same view you have the updated results from the various activities displayed at the bottom – taking Gantt to the next level so to speak.

Musqot’s current tagline is “Control Will Unleash Creativity” and speaks to exactly what marketing is all about in the enterprise: being able to creatively support the strategic objectives of a company while maintaining control over planning, budgeting and execution. So, basically you are combining the parts of the elephant into … a whole elephant … rather than a snake (the trunk), a spear (the tusks), a piece of rope (the tail) and a leathery sheet (the ears).

There is a catch

If you want to visualize data driven planning, progress and results, you need to have the data available in a consolidated environment where the various sources are seamlessly integrated. Despite being the ultimate tool for marketing finance and performance management for the enterprise, you will unfortunately need to reside and consolidate everything on the Salesforce platform. It’s not an easy nut to crack, but to work with data means that the data needs to be compatible regardless of its source. Especially if you – as in this case – have real time visualization and insights to gain.

So, to reap the benefits of the ultimate CMO dashboard, you would need your data to be sourced from and consolidated on the Salesforce platform. Which is why Musqot is a featured application available on the Salesforce AppExchange.

But if you measure – and show – marketing success in a format that ties it all together like this, where activities are directly associated with sales success, the sales manager may just stop asking you to organize huge events and request more long time planning and engaging campaigns that are timely based upon the actual needs of the future customer. So now both Sales and Finance recognize your marketing success.

By consolidating your data, your activities and your results on one platform that is integrated well into the company’s IT backend, the CIO will recognize the success of your marketing activities.

And if everyone else is pleased, so is your CEO. Especially since you did not bore her to death, and succeeded in presenting your update within the eight seconds you had to make an impact.

Share and Grow – sincere, open, likeable Swedish innovators – you will be sorry you missed it

Conferences, seminars, trade shows, events – the hype this spring are Social Media events. Most of these are focused on understanding social and what it can do for business, still making the point that it really is good for business. But it is – so why do we keep arguing that point?

There is the travelling road show of SMW – Social Media Week which hit the Nordics last week – and then there is SSMX.

SSMX grupp

It’s different. It’s owned by the delegates and it’s as flexible and unpredictable as a friendly amoebae – constantly evolving. These people – and the rest of us – are here growing as a professional, growing our business, growing our influence by sharing what we do with others. Very social.

Sincere – Open – Collaborative – Interested – Authentic – Likeable

Sessions vary from a heavy focus on technical innovation to practical examples to workshops where we sit in a circle and discuss and challenge each other. All sessions are initiated and run by the delegates themselves. Many of them filmed on the spot to share with those not there – take a look at some of them, you will be inspired.

http://video.ssmx.se/

Disruptive Leadership

It’s a myth that the social innovator scene is dominated by young geeks and nerds. I attended a session at SSMX with @johanlange who wrote the book LUCKc taking lean one step further. Once again, one session evolves into a continued exchange, and I will now attend his follow up breakfast sessions in Stockholm discussing out of the box leadership.

Changing the outcome – through Twitter

It’s a myth that social enthusiasts are techies only. I attended a session with @johansbuzz showing just how significant the social presence is in times of crisis by example of the labour union’s perspective of the negotiations with the employees last fall that led to the agreement that kept Scandinavian Airlines flying – at a time where the ultimate worst case was bankruptcy. If you understand Swedish, there is a recording of the session

http://unionenopinion.se/2013/02/unionen-delade-med-sig-pa-ssmx/

Social Customer Service – #UnitedBreaksGuitars

We had an interactive session discussing social customer service by example of airlines. 40 people in the room contacted airlines via three different channels

  1. Twitter
  2. Facebook
  3. Contact Me Forms – Email

Before the session Datasift.com  had analysed 100,000 tweets to/from 33 different airlines to check how responsive they were.

The same winner emerged during the experiment: it took KLM 28 minutes to respond with a qualified/useful answer to the Facebook post. (More on this study and results/experiment in an upcoming blog. Lots of data to analyse.)

What is SSMX – and these unconferences – and how to fertilize innovation?

Try googling SSMX or look it up on Twitter #SSMX (once you learn to ignore a less favourable ongoing Twitter conversation in Japan which had a completely different, and definitely not business facing use of the tag).

Karin Bäcklund SSMX 2013

People share pictures – don’t we all. Here are some nice ones that are truly artistic by @deeped

But they share content, reflections, discussions, presentations, feedback, research and already now feel inspired thinking about how to contribute to the next major sharing event in this community. There are similar unconferences happening across the Nordics, as an example the WebCoast

https://www.facebook.com/webcoast

… in Gothenburg taking the conference out into the region.

Sweden is a big  country with long distances to travel, and not everything happens in Stockholm. Another not to be missed social innovation event is happening over a weekend on an island off the southeast coast called Tjärö. Bring your tent, and beware of the sheep

http://www.swedensocialwebcamp.com/

sswc-lounge.jpg