By Monica Pepicelli, ITSMA Director of Marketing and Member Advocacy
Many marketers aren’t confident that they know which metrics and outcomes key stakeholders care about. Few use data and analytics as a predictive tool. Only a handful use metrics and analytics to guide them in producing business outcomes. It’s not surprising, then, that less than 10% of CEOs use marketing data to make business decisions.
Most marketers report activity, operational efficiency, and history of performance. Those reports can be useful, but only as a foundation for reporting what really matters: outcomes, effectiveness, and predictions. That’s what the best-in-class marketers do, according to the survey. The marketers who get an A in performance management do better at:
- Speaking the language of the business
- Demonstrating the link between marketing activities and business goals
- Understanding how business leaders evaluate marketing effectiveness
- Improving operational efficiency by doing things right and producing actionable marketing dashboards
- Using data and analytics as a predictive tool while employing analytic talent, investing in analytical tools, and building analytical models
- Communicating how marketing is impacting the business
They’re also better at using data to build analytical models. They speak the language of the business and know how leaders evaluate marketing’s effectiveness. Their dashboards are more likely to be used by non-marketing senior executives.
We are again conducting the annual Marketing Performance Management Survey with VisionEdge Marketing to analyze the use of marketing data, metrics, and analytics among B2B service organizations to improve marketing performance, measure marketing’s value, inform business decisions, and forecast trends. Click here to participate.