Dr B N Singh-Increasing Relevance of Automation in the Indian Metal Industry
Increasing Marketing’s Relevance to the Business
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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 Pack The “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 Pack The “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 performance measures 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
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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, 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.
Transcript of Increasing Marketing’s Relevance to the Business
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 Pack The “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 Pack The “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 performance measures
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
