Developing a marketing system that emphasizes measuring and demonstrating the results of your marketing efforts requires time, commitment, and proper technology. All of that is difficult, but sometimes the hardest part is embracing the change in mindset it requires.
It’s easy enough to talk about the value of marketing measurement, but there’s a reason so many marketing organizations are stuck in the phase of measuring output more than performance. In order for your organization to move beyond that point, you have to be convinced of the value of putting the work in yourself and – this might be the tough part - convincing others in the organization that a big shift in thinking and process is worthwhile.
Developing a framework for marketing measurement that effectively demonstrates the contribution your work makes to company revenue is an important step in embracing the kind of marketing performance management that will help you continually achieve better results from your marketing over time. And the benefits you’ll get from taking just that first step are well worth it. Here’s some of what you can look forward to.
When you can show your CEO and finance team your results, you’re likely to maintain (or increase) your share of the budget.
Every year, marketing departments across the world get nervous when it comes time to learn their part of the year’s budget allocation. No matter how confident you are that your marketing campaigns are playing a key role in making your company money, that confidence won’t add up to much unless the people who make the ultimate budget decisions – your CEO and CFO – also see your worth.
Thorough marketing measurement that includes tracking revenue attribution is one of the best ways to make a compelling case to the c-Suite that the money they’re giving your department is paying off. When you can bring specific numbers to the table, that data will always make a more compelling case than any assurances you can provide that aren’t backed by demonstrable proof.
Marketing performance management enables you to draw a clear line between your marketing activities and the money they help produce. That’s powerful, and is likely to net you a bigger budget in the year to come.
Having clear metrics to share with other departments can help with collaboration.
Collaboration between different departments and teams in a company is often lacking, but it’s an important goal to work toward. When sales, marketing, customer service, and other departments stay in touch, make sure their goals are in alignment, and work together to achieve those goals, great things can happen. You can provide a more consistent customer experience, learn from each other’s insights, and work together to create customer advocates.
Research backs up the idea that integration between departments pays off, and marketing data can play an important role in making that integration happen. When you share the insights your marketing measurement provides across departments, sales and customer service will both have more of the information they need to do their jobs better. And you can all start a feedback loop to continually improve your knowledge of your customers and the methods you use to reach them.
It’s not always an easy process to move toward greater collaboration, but your marketing data could be the oil that helps those wheels move more smoothly.
When you can clearly see what’s working, you know how to improve.
Being able to show your c-Suite how important your work is with actual data is definitely nice, but marketing performance management is about more than taking credit. Better marketing measurement should be the basis on which you build to dynamic marketing planning.
Pay attention to what your marketing data is telling you – and really analyze the information you have. You don’t just want to know what campaigns and tactics seem to work; you want to be able to dig into the data to learn more about your leads. You want to reach the point of sophistication where you can understand what works best for specific personas and which personas are worth the most to you.
The information you take away from your marketing measurement can tell you so much more than just how much money you’re helping to make the company. It can tell you how to improve those numbers for next year and beyond.
Whether you’ve already gotten started with marketing performance management or are still trying to figure out how best to make the case to your team to give it a go, we want to hear how it’s going. Take Hive9 and VisionEdge Marketing’s 2017 MPM survey to let us know.
It’ll just take a few minutes and you’ll receive both the final results of the survey and (if you’re one of the first 400 qualified respondents) a gift card in exchange for your time. We’re looking forward to gaining a clearer picture of the state of marketing performance management today and appreciate your help in getting us there.Icon made by Freepik from www.flaticon.com is licensed under CC BY 3.0