85% of Marketers: Our Value’s Being Measured More Than Ever
Marketers may be listening to Queen and David Bowie's hit "Under Pressure" a lot more right now. In 2012, only 40 percent of marketing professionals said "measuring marketing's value and contribution to the business is very important or critical." In research eMarketer cites on July 14 about 2013 responses, 85 percent say the pressure is on to please the C-suite.
Furthermore, according to the "ITSMA/VEM 2014 Marketing Performance Management Survey," only 26 percent of marketers believe they made the case to the C-suite that "marketing was able to measure and report the contribution of its programs to the business." (That's actually down 1 percent from the previous year.)
Sixty-eight percent of marketers think their efforts make a difference, but don't measure how they meet business goals; 67 percent said the same in 2012.
What's more is that C-suite expects to hear about those measurements more often, according to the "Ifbyphone 2014 State of Marketing Measurement Survey." Eight percent of marketers are expected to report metrics daily, 25 percent need to do so weekly (up 5 percent from 2013), and 27 percent share them monthly (up 1 percent). C-suiters mostly ask for proof of links to increased sales and revenue, at 69 percent, up 20 percent from the 2013 expectations. Then come the new customers and leads, at 63 percent and 58 percent, respectively. (Fourteen percent and 15 percent rises.)
To make the C-suite happy with marketing metrics, the ITSMA/VEM research suggests marketers:
- Ask members of the C-suite what they would like marketers to measure;
- Select the correct metrics;
- Set quantifiable performance targets;
- Create clear data chains. For example, send email invitations for an event; document which attendees at the event want to try out the products and services; among those who try out the products and services, catalog those who want sales quotes; and then track the revenue, sales and market share; and
- Build actionable dashboards, which contain data proving to the C-suite that marketing is effective and needs a larger budget.
Is pressure mounting exponentially to improve marketing metrics? How?