In today’s dynamic market landscape, every CMO is racing to up the ante. The main objectives? To maximize pipeline generation and optimize how budgets are being allocated.
We recently had the opportunity to engage with over 75 SaaS CMOs. Through those conversations we learned about their top priorities as we head into the new year. They also spoke to us about the roadblocks they are facing in the current economic climate.
The Top 5 CMO Priorities: Increasing Pipeline, Optimizing Budget, Increasing Conversions, Increasing ARPU and Customer Retention
1. Increasing Pipeline
The terrain of marketing is evolving at breakneck speed. Historically, marketing's mainstay was managing MQL (Marketing Qualified Lead) targets. However, the tides have turned, and now there's a growing demand for marketing departments to also bear the brunt of pipeline generation targets. The spotlight is on them, and the stakes have never been higher.
2. Optimizing Budget
Every marketer is under pressure to optimize their budgets. Boardroom discussions around budgets are no longer a mere formality. Instead, they're rigorous evaluations of performance metrics, forcing CMOs to be accountable for every dollar spent. An emerging trend is using AI-driven analytics to gauge campaign performance, giving CMOs actionable insights on where to reroute their resources.
3. Increase Conversions Across the Funnel
For CMOs, generating ToFU (top-of-funnel) leads is only half the battle. The real challenge? Ensuring those leads travel seamlessly down the sales funnel.
An MQL (Marketing Qualified Lead) that suddenly goes cold or drops off is every marketer's nightmare. It signals a potential misalignment between marketing efforts and the actual needs or expectations of the prospective customer. Was there a promise made at the ToFU that wasn't adequately addressed in the subsequent stages? Or did a competitor swoop in with a more compelling offer? Identifying and addressing these gaps is paramount.
4. Increase ARPU (Average Revenue Per User)
With constrained budgets, there’s an intensified focus on squeezing more revenue from each customer. Upselling and cross-selling are no longer nice-to-haves—they're essential survival tools. The challenge is to steer the ship through choppy market waters and ensure profitability.
5. Increase Retention
In the intricate ecosystem of SaaS, the adage, "It's easier to keep a customer than to find a new one" rings particularly true. The spiraling costs of customer acquisition further underscore the importance of retention. Historically, retention fell squarely within the domain of Customer Success. However, the boundaries have blurred, and the synergy between marketing and retention is more pronounced than ever. How to keep customers happy - and renewing is top of mind for many CMOs.
The Top 5 Challenges CMOs Face
With an ever-expanding array of tools and platforms, and a market that evolves at breakneck speed, today's CMOs face a set of challenges that are as diverse as they are complex. From understanding intricate customer journeys to optimizing budgets and resources, the modern marketer's role is a juggling act.
Here are the 5 pain points keeping CMOs up at night:
1. Lack of Full Funnel/Pipeline Analytics
The inability to measure conversions and where leakage is happening in the funnel is a top pain point for CMOs.
2. Marketing Attribution
In an age of multi-channel marketing, the dark funnel, and countless touch points, pinpointing which channels, campaigns, and tactics deserve the credit for conversions is a top pain point.
3. Real-time Marketing Insights
The era of waiting for monthly or quarterly reports is over. CMOs want accurate, real-time data, and traditional spreadsheets aren’t cutting it.
4. Getting More Qualified Leads/Accounts
Quality over quantity – a mantra that every marketer swears by. Yet, achieving this is no small feat. Sifting through the noise to identify genuine prospects is top of mind as we head into the new year.
5. Integrated Digital Journey Optimization
Juggling multiple tools is not only cumbersome but also costly. Marketers crave an integrated platform offering a holistic view of their efforts.
Charting the Course to 2024
As the celebrated Japanese Management Consultant, Kenichi Ohmae, aptly put it:
“Rowing harder doesn’t help if the boat is headed in the wrong direction.”
In a year defined by rapid technological advances and uncertain economic conditions, CMOs aren’t just rowing harder, they are taking action to ensure their boats are headed in the right direction.
As they look for ways to get greater visibility into pipeline, optimize budgets, increase conversions, and both retain and expand current customers, tools like RevSure have become a critical component of the marketing tech stack.
Ready to see how RevSure can help you meet the demands of today’s marketing leaders? See a demo today.