Every year, marketers work toward better solutions and better results. As the marketing arena becomes ever more complicated – both due to new tactics and channels, as well as new tech software available to help manage it all – figuring out the right approach to getting the best results is an ongoing challenge.
The best marketers take time every year to analyze what’s working both at their own organization and for other top performing marketers. You should already have access to the internal data you need to analyze your own performance. To help you measure how your organization’s efforts stack up against what other businesses are doing, the results of the Marketing Performance Benchmark Study can help.
For the 16th year in a row, the MPM Benchmark Study reveals insights into how different organizations approach marketing measurement and marketing planning. Hive9 teamed up with Valid USA and VisionEdge Marketing to help produce this year’s study, and we’re excited to join them to release the results during a webinar on June 14 at 12pm CST.
We encourage you to join us for the webinar to learn the specific results and what they mean for marketers. We’ll also cover how you can deploy best-in-class marketer’s secrets at your organization. As a teaser to the release itself, we’re sharing a few of the main themes that became clear from the results. To get the full scoop however, you’ll have to join us June 14.
The State of Marketing
Marketing Performance Management is a relatively new term in marketing (although not new to data-driven marketing organizations), and our research shows that it fits in with many of the larger trends occurring in the marketing world, particularly at the enterprise level.
Multiple parts of the survey produced answers that point to some of those main trends in the challenges and priorities marketers face today.
Measurement continues to grow in importance.
For the majority of marketers in our survey, each year brings a higher emphasis on marketing measurement than the last. This makes perfect sense for any marketing organization that practices marketing performance management. You can’t seek to get better unless you make a point of measuring where you are.
Proving value to the C-suite is still an uphill battle for most (but not all).
Most marketers reading this are likely to be nodding their heads. The challenge of showing the company’s leadership that there’s value in what you do is a familiar problem. But it’s one that’s becoming less of an issue for many organizations due to the aforementioned growing emphasis on measurement. While many of those surveyed said they still find it a challenge, a number of marketers now say their impact is clear to their superiors.
Marketers see a lot of room for improvement.
In a number of different questions where marketers were asked how satisfied they were with their ability to achieve different types of results, a good portion consistently said they were only moderately satisfied or unsatisfied. That doesn’t always mean they’re doing badly, but it does mean many have higher aims for the future.
What Makes Marketing Performance Management Work?
Some of the most valuable insights in the report come from the top performers that we’ve labeled “value creators.” These are the marketers getting the best results for their organizations. Without getting into much detail (you’ll have to check out the webinar for that), here are a few of the things they have in common:
- Budget’s not as important as you think Top performers spend less on average than many marketers not getting as good of results.
- They pay attention to metrics. Unsurprisingly, those making improvements are measuring as they go.
- They have a sophisticated hierarchy of metrics. Having metrics isn’t enough. The data shows that knowing which ones to pay attention to is important too.
- They link results to outcomes. Top marketers have realized that measuring output matters less than measuring outcomes.
- They use comprehensive marketing dashboards. A good dashboard helps marketers match your activities to results in real time, which makes a difference in overall performance.
- They’re data driven. Data-driven marketing is a current buzzword for a reason. The businesses letting data drive their marketing decision-making are seeing better results because of it.
Most of the items on that list should be no surprise, but talking about them as marketing best practices is rarely as powerful as seeing the data that backs that up. To get the full picture of what’s in the report, join us for the upcoming webinar where we’ll get more into the specific results.