Making Marketing Accountable - ITA CFO Roundtable
by Jeff Molander on Feb 17, 2009
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Keeping Marketing Accountable in a Recession...
Keeping Marketing Accountable in a Recession
by Jeff Molander
With 10% of marketing executives being perceived as strategic and influential by the C-suite there's clearly a crisis of confidence. Increasing conversion and turning browsers into buyers is no longer enough. Reach-and-frequency is being trumped by a new kind of marketing — a behavioral science that continually engages and drives results. Jeff Molander spills the beans on how to boldly move beyond short-term wins and create sustainable value. You'll learn how your company can create and measure the success of your brand using a radically new model (driving behavior, not awareness). He shows you how to create change inside your company -- 5 specific tips on how to break old marketing habits that don't work and focusing on new ones that produce desired, measurable behaviors!
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Ian Robins
Where this has been a challenge (but achieved) is in high value B2B settings where the sales process is extended, perhaps over 6-12 months and deals in six figures. The sales funnel needs also to demonstrate a third dimension, being time. So, where initial interest captured on, say, an online networking site is then followed-up with a series of further activities, (like DM, webinar, sales collateral - see http://clearthoughtconsulting.wordpress.com/2008/10/29/what-to-say-when/) over time to move people from one step to the next. This also leads to the need for the culmulative cost of each activity to be tracked and attributed as a cost against that contact or organisation right through to the close, and then put against returns over about the first year's profit to be realistic... this can mean measuring something for two years before true ROI is known. With marketers tending to vacate their roles within 12-24 months, this long-view is pretty rare and can mean that valuable activities are prematurely written off as in-effective, or that they tend to go for quick hit stuff that gets initial results but doesn't stack up in the long term. 3 years ago Reply
I recently developed a list of questions that 'most CMO's or VP's Marketing don't want anyone to ask.' These, too, offer opportunity to create cultural change if applied boldly. You can also create action around them. Example questions:
1) Pick an ad campaign and tell me, with a number, what would not have happened had we not run it.
2) Did we spend any brand equity last month and if so what was it?
3) What action(s) did our last customer acquisition campaign prompt (even if not a purchase) compared to the program immediately prior?
4) Please show me the incremental sales increase gained from our Web marketing activities like email and affiliate programs? (how is it being measured?)
5) What are we paying for leads and why? How do we understand what to pay?
6) What is the ratio of social media ‘discussion volume’ or ‘participation’ to sales results? (what measures are we using to ensure our social media/marketing investments are tied to sales-specific business outcomes?)
Re: social media -- it can ALL be measured. Don't let anyone tell you it cannot. If it doesn't contain a direct response call to action aimed at the user then it is DESIGNED TO FAIL. 3 years ago Reply