Here’s something we know after conducting the marketing performance measurement and management study since 2001: Best-in-Class marketers are relentless when it comes to continuous improvement. How do they know how they stack up? They regularly audit and benchmark. We know this can be expensive—even a small benchmarking study for marketing typically takes at least $20,000. With marketing budgets still feeling the crunch, it makes sense to be a bit more creative when it comes to benchmarking. And that’s where our annual marketing performance study comes in!
There are plenty of studies out there, and only you can decide which ones are worth your time. As a marketer you could probably complete a study every day, but if you are feeling the pressure to prove the value of your marketing, then this survey is for you. With 13 years under its belt and participation from marketing professionals and executives from around the world, in every industry and of all size organizations, we are able to provide a solid view into what Best-in-Class marketers do better and differently when it comes to measuring marketing’s contribution and value.
Given how hard you’re working every day, it’s frustrating when budgets are slashed and programs are terminated. You know Marketing is highly valuable to the business, but can you prove it? If you can, you may be among the ranks of the Best-in-Class—those marketers who have made marketing relevant to the C-Suite! If you can’t, it’s probably time to make some changes.
Find out how your organization stacks up against the Best-in-Class. Give 15 minutes of your time to participate in the 13th Annual MPM Survey and save the benchmarking dollars.
What does the survey benchmark? The focus of the survey is Marketing Alignment, Accountability, Analytics, Operations, and Performance Management capabilities. Complete the survey, share the link with your marketing colleagues and leadership team, and use the survey and the upcoming results to spark internal dialogue on the state of your marketing!
You can access the survey by following this link: https://www.surveymonkey.com/s/2014MPM_VEM
The results from the marketing performance research recently conducted jointly by ITSMA and VisionEdge Marketing (VEM), and Forrester were just announced. In its 12th year, the purpose of this study has been to understand how proficient marketers are at measuring and managing performance; using metrics, data, and analytics; and communicating marketing’s value, impact and contribution to the business. This year’s study captured input from more than 400 respondents. The study revealed areas in which marketers have made strides and areas where marketers remain challenged.
The result I found most perplexing was that, while marketers have access to more data than ever, leverage more analytics, and invest in more tools and systems, they continue to struggle to prove marketing’s contribution to the business. One clear indicator of this is that just 9% of CEOs and 6% of CFOs use marketing data to help make strategic decisions. Less than 10%! Although the majority of the marketers regularly produce and share a marketing dashboard, they are not bringing valuable, useful information to the table.
So where’s the disconnect? If you want your leadership team to understand how marketing is moving the needle in terms of top line revenue, market share, customer value, category ownership, and so on then the dashboard needs to be able to tell that story. Unfortunately, it appears that most marketers participating in the study use their marketing automation (MAP) or sales automation (CRM) systems to create their dashboards. In fact, dashboards and reports are already integrated into many of these systems. These dashboards, however, typically report on marketing activity and associated costs – email activity, website activity, social media activity, lead activity- rather than reporting on metrics executives can to set direction. It’s not that these reports and dashboards are bad; they are valuable when used to support tactical decisions, but if you want your CEO, CFO and other members of the C-Suite to use your dashboard it must clearly connect marketing investments and initiatives to business outcomes and results.
The ability to push a button and generate a pretty report that doesn’t add any value to the strategic decisions made at the C-Suite level doesn’t serve marketing well. To be on the right track, you need to start by making sure the marketing initiatives and investments are clearly aligned to business outcomes and that you have the right metrics in place. Otherwise, investing in better marketing tools is akin to buying a power saw when you have yet to master a hand saw. You have the ability to do more damage faster.
Learn more about the survey results and some initial impressions at: