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Expectations for Marketing to generate value, capture market share, increase customer lifetime value, and growing customer equity, continues to rise. Creating a performance-driven marketing organization will help you meet those expectations.

Optimize Your Marketing Performance

CMOs need to address 7 core capabilities to optimize Marketing peformance.

Tackle these 7 Essential Steps to Head in the Right Direction

  • Achieve Alignment: Having a clear line of sight between Marketing initiatives and the business enables marketers to make strategic and tactical decisions about customers, channels, touch points, content investments. Alignment points the way to accountability and analytics. Alignment needs to be your first step.
  • Establish Metrics: Create outcome-based metrics and maintain a metrics catalog. Not sure where to start – our post on selecting the right metrics provides guidance.
  • Leverage Data: We are in a business environment that demands data-driven decisions. Every marketers needs to know how to leverage accurate, timely data. Every Marketing organization needs two tools: A “Data Dictionary” and a “Data Source Inventory.” Store these in an accessible format, and update it regularly.
  • Build Analytic Skills: The most recent CMO Survey reveals that that “marketers are still challenged to maximize the potential value of analytics.” Hone your analytics skills so you can gain insights from your data and build models. This is an ideal area to tap external expertise while your internal team comes up to speed.
  • Set & Track Performance: Commit to set outcome-based performance targets for every program and track results. When you implement a program without an agreed upon performance target, it is easy for the C-Suite to arbitrarily declare failure.
  • Create an Actionable Dashboard: Produce a Marketing dashboard that quickly and visually conveys your contribution to the organization and facilitates course adjustments. Most “dashboards” that are a click away in your Marketing technology platform are excellent for providing information stored within that platform. These are often beautiful displays of data but this is NOT the same as a Marketing dashboard! Consider having your dashboard reviewed.
  • Refine & Start Over: Keep in mind that continuous improvement takes a ‘reiterative process’ where testing and learning happens in a continuous cycle.

Create a Performance-Driven Marketing Organization

What you do today will feed back into the process so that you can adjust future actions accordingly. Where should you start on your journey? The very first step is to address the challenges of alignment and accountability.

Addressing these two areas requires Marketing to clarify the strategic intent of all investments. Marketing accountability requires Marketing professionals to have data, analytics, and measurement skills. They must be fact- driven.

Achieving these goals may require a significant cultural shift and change in the personnel roster. Want to learn more about Marketing performance and how to manage it? Check out our white papers, especially the Marketing Performance Management (MPM) Benchmark studies.  Or, if this is a strategic initiative, time is of the essence, or you need an objective third party, contact us to discuss your goals and timeline.

 

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