On paper, it may not seem that difficult to sell the C-suite on new marketing strategies, especially those that involve tech. After all, surveys show that decision makers are already pre-disposed to spending more on tech to drive greater efficiencies.
However, investments in new technology often require significant outlays. With so many different options at a firm’s fingertips, it can take huge amounts of time to research which specific systems to invest in. So, what’s the best way to ensure that your project gets the green light?
Tailor the data to the goal
The old adage of “anything that can be measured can be improved” can be applied to figure out what type of data will be most useful to senior leadership to convince them to close the deal. Ultimately, the goal of marketers is to help generate sales, either by building on existing relationships with customers or helping sales find new leads. Therefore, if the goal of new tech spending is to generate new business, then leads would be the most important metric. However, if the initiative is to improve customer relationships, then engagement metrics should be the focus.
Don’t use data as a crutch
The further up the reporting chain you get, the more meaningless marketing metrics (e.g. clicks, forwards, impressions, etc.) can become. What’s most important? Making sure that the outcomes of the technology systems you are proposing are aligned with the company’s larger objectives—and that all the costs of the systems can be justified.
Speak the right language
Executive buy-in can be relatively straightforward provided the outcomes are aligned to corporate objectives, and if costs can be rationalized and justified.
When it comes to the C-suite, the right language is the language of revenues, profits, and ROI—and not click-through rates or web traffic. At the end of the day, you have to answer the question, “Is this going to make my firm money?” What’s relevant is how marketing can drive revenue and make the business more profitable. And that’s the language you need to speak in.
This blog was inspired by our latest piece of research, The Financial Marketer Mindset: Technology’s Impact on Marketing Strategy. We interviewed marketing decision-makers from leading financial services firms to get their thoughts on how technology, if used properly, can help marketers confront some of the biggest challenges they face today.