Millie Blackwell, founder, and president of Showcase Workshop, shares the three metrics every CMO should be analyzing today for stronger B2B sales enablement.
There are a lot of metrics for a CMO to pay attention to today. But how many of those metrics make a dent in the company’s bottom line? And how many of them are vanity metrics in the end?
Maybe you’re keeping a close eye on LinkedIn engagement, for example. Does your company’s LinkedIn follower number or the number of comments on a post-connect directly with your sales numbers? If not, those are vanity metrics.
In my years of working alongside CMOs to upgrade their sales content management systems, I’ve discovered that there are three metrics in particular that CMOs are not paying enough attention to — but should be.
These three metrics can determine the effectiveness of your sales and marketing content, help you spot gaps and opportunities, and enable you to quickly figure out where your budget is best spent.
If your marketing organization is like most, a good portion of the budget is going to content production — marketing content and sales enablement content. And considering that 80 percent of companies surveyed by the introduced a new product or service in the last 12 months, you’re likely at least producing content around new offerings.
Do you know how much of that content is actually being used by the sales team in the field?
If you’re using modern content management software to provide sales enablement content to your sales team, it should give you these metrics. If not, survey your sales team to get these numbers. They’ll help you figure out what content is collecting dust and what content is performing well — which in turn will help you prioritize where your budget is spent.
Quota attainment is correlated with investment in sales enablement (read for a fascinating exploration of this) — so sales team usage is the first content metric I suggest CMOs start paying close attention to.
Just because a sales rep sends a slide deck to a customer, that doesn’t mean the customer has found it useful — or even opened it up!
Most modern content management tools also enable CMOs to monitor and view how customers are interacting with the content. So once you’ve determined what content is being shared with customers, dig deeper into content performance to discover what shared content they’re actually consuming.
Then dig deeper again and find out what content they’re spending the most time with, and what content is moving them to buy.
One of our own clients in the medical device space is doing this amazingly well. On a monthly basis, they export the data in their content management app into a business intelligence tool. This allows them to deeply analyze content sharing, customer reception of that shared content, and the corresponding results their sales people and resellers are achieving. Ultimately this enables them to map content engagement directly to sales, and they know exactly what content is influencing their revenue numbers.
Like the metrics around what content the sales team is using, this will help you determine where your content budget is best spent — and where you’re wasting resources.
Say you’ve created a customer presentation that is 10 slides in length. It includes two videos and one very important graph. How sure are you that the sales team is presenting it the right way, and sharing those valuable videos and that important graph?
This analytics are less common in modern sales content management software — but they’re not impossible to find. The benefit is that you can be confident the sales team is presenting the product consistently. And if you discover they’re not, you can work with them to create content that works better to meet everyone’s needs.
Investing in the right sales content management software is increasingly on the radar for CMOs, and the analytics capabilities in modern software are increasingly robust. So the three metrics suggested in this article are easily accessible to any diligent CMO.
Of course, if you’re in the planning stages of upgrading to software with better analytics capabilities, let me leave you with some statistics that will help you make your case for investment. That same Sales Management Association report I mentioned earlier in this article found that, on average, firms that use technology effectively are 57% more effective at sales training and development than ineffective technology users — and firms that delay in adopting sales technology saw their sales goal achievement drop 12 percent from 2017 to 2018.
Get the right analytics tools, and get these three sales enablement metrics as soon as you can. They’ll help you make smarter, faster decisions around what content to produce — and they’ll help you make your content radically more effective in driving sales.