The ability to make the best decisions, like whether or not to continue with certain efforts, terminate them, or move forward with more successful ones is depended on our aggregation of all key sales and marketing metrics. The ability to measure all of our exertions to a fraction of a penny is a key component of yielding revenue growth and impacting ROI.
Here are Three Benefits of monitoring Key Performance Indicators (KPI’s)
1. Aligning Sales and Marketing
With the ability to measure and quantify each and every effort including marketing spend, marketing and sales departments can be better harmonized once definitions are established, once goals are set and once both teams start to work in collaboration. Rather than divide the marketing and sales process, dashboards dig for better insight and bring the two departments closer together.
2. Informed Decision-Making
With metrics and key performance indicators, CIO’s are able to extract the most accurate information from their marketing and sales teams to make informed decisions. With exact information about where each campaign stands and the favoring of one campaign over another based on better performance, business owners and marketers are able to make better projections and stick with efforts that maximize revenue growth and impact ROI directly.
Some marketing and sales platforms allow team members to share dashboards and reports and communicate in real-time based on collaboration. When team members collaborate together to make informed decisions, campaign execution becomes more accurate and relates more to desired goals. The most valuable asset for marketers is efficiency, so the ability to communicate on each measured target and projection can optimize the marketing process as a whole.