Making Marketing Accountable - ITA CFO Roundtable

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+ Clear Thought Consulting Ltd 8 months ago
guest113d4bba is me... didn’t log in before commenting!
+ guest113d4bba 8 months ago
Thanks Jeff. Yep, I’m big on measurement and I’m pretty sure I’m doing all this. I have managed to measure a sales income for PR and Social Media by using a funneling approach. Through test and learn, it is also possible to attribute a revenue potential to awareness campaigns through knowing the typical conversions through the funnel - which if you then track and don’t reach, you know you have a hole in your bucket, and indeed where that hole is (often in sales follow-up I’ve found).

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.
+ Jeff Molander 8 months ago
Hi, Bryony... thanks for the feedback. Re: your question, there are some simple -- yet for some frightening -- ways to apply the 'new thinking' in a way that moves the company forward (creates early results). The real goal here is to put to bed the excuses -- that 'it cannot be measured' or 'we should not over-measure'. I’d suggest to your clients that they can, starting tomorrow, QUESTION any investment’s validity based on its connection to a business outcome -- your ability to measure it to an ultimate business goal (no matter how far off).

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.
+ Clear Thought Consulting Ltd 8 months ago
Some really interesting concepts. Would be interested to see some examples or advice on highly practical applications. I see the principles... what should a company go away and do differently now?
+ sunnynomani 9 months ago
good one!!!

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Making Marketing Accountable - ITA CFO Roundtable - Presentation Transcript

- ITA CFO Roundtable
- 02.17.09
Making Marketing Effective and Accountable Jeff Molander [email_address] twitter.com/jeffreymolander
“ a flaw in the model... that defines how the world works”
Rule # 1
Rule # 2
Rule # 3
New Rules
- Brand is Behavior
- It Takes a Company
- Need is the New Want
Evolve Faster
New Value: Experience
Business advisors Not reporters
Clear goals Sanctioned priorities Actionable insights
Rule # 4
Rule # 5
New Rules
- Brand is Behavior
- It Takes a Company
- Need is the New Want
- Re-define Search
- Marketers: The new Publishers
- ITA CFO Roundtable
- 02.17.09
Making Marketing Effective and Accountable Jeff Molander [email_address] twitter.com/jeffreymolander