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Increasing Marketing’s Relevance to the Business

Increasing Marketing’s Relevance to the Business

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From the ITSMA/VEM/Forrester 2013 Marketing Performance Management Survey. Your metrics may be meaningful to you. But according to the 2013 Marketing Performance Management Survey by ITSMA, ...

From the ITSMA/VEM/Forrester 2013 Marketing Performance Management Survey. Your metrics may be meaningful to you. But according to the 2013 Marketing Performance Management Survey by ITSMA, VisionEdge Marketing and Forrester, only the rare senior management team pays attention to the metrics that come out of the marketing function. Even worse, over half of the 424 marketers surveyed aren’t confident that they even know which metrics and outcomes the C-suite cares about.

The problem is that marketers are reporting on marketing activity, not business outcomes; operational efficiency, not effectiveness; and past performance, not predictive insight. To capture the C-suite’s attention, marketers need to create a clear line of sight between marketing activities with business outcomes.

The study, based on a survey completed in June 2013, details the ways in which the “A” marketers demonstrate to senior management precisely how and where marketing contributes to the business – using the language that the C-suite speaks.

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    Increasing Marketing’s Relevance to the Business Increasing Marketing’s Relevance to the Business Infographic Transcript

    • How strongly do you agree or disagree with each of these statements? Respondents Who Strongly Agree or Agree “A’s” are improving operational effectiveness and efficiency From the ITSMA/VEM/Forrester 2013 Marketing Performance Management Survey Only a handful of senior executives are relying on marketing data to make decisions Increasing Marketing’s Relevance to the Business Sales BU or Division Leaders CEO CFO/ Finance 6% 9% 13% 16% And most marketers don’t know which metrics and outcomes their key stakeholders care about Marketing is effective at improving business performance measures like the number of new customers acquired, improvement in market share, etc. “A’s” are measuring business outcomes in addition to marketing activity metrics 82% 67% 32% Laggards Middle of the PackThe “A’s” Are data and analytics being used as a predictive tool or to report past performance? “A’s” are using analytics to provide predictive insight as well as report on past performance Laggards Middle of the PackThe “A’s” Report Past Performance As a Predictive Tool 86% 76% 76% 40% 34% 19% Marketing is good at improving its operational efficiency The “A’s” Middle of the Pack Laggards Marketing is effective at improving business performancemeasures 82% 67% 32% 96% 79% 62% Five Key Steps for Earning an “A” in Marketing Performance Management “A” marketers are leading the way. They use outcome-based metrics and analytics, and are focused on being effective as well as efficient. Focus on business outcomes Track the metrics your stakeholders care about most Set quantifiable performance targets Establish clear data chains between marketing activities, marketing objectives, and business outcomes Use your data chains as the foundation for your marketing dashboard 5 If you want to be an “A” marketer, download a summary of the study on our websites. 2013 MPM Study conducted in partnership by: ©2013 ITSMA/VEM/Forrester Marketing Performance Management Survey. All rights reserved. N=424 Marketers and Corporate Executives #MPM2013 Respondents Who Strongly Agree 45% 55% Confident Not Confident Doing Things Right Doing the Right Things