What Are the Lessons Learned by
How do Marketing teams create value? By finding, keeping, and growing the value of customers. A MarketBridge study found that a lack of effective return on investment (ROI) metrics for Marketing undermines the average CMO’s position and value. The report notes that nearly three-quarters of the C-level executives surveyed considers the marketing organization “highly influential and strategic in the enterprise,” yet nearly two-thirds also said their top marketers don’t provide adequate evidence of ROI. Our own annual Marketing Performance benchmark study research continues to show that more than 75% of Marketing organizations still have a way to go to receive an A grade from the CEO.
This research finds that best-in-class (BIC) marketers who can demonstrate and measure their impact, value and contribution either join the C-Suite, or gain them as their champion. Those marketers who earn the top marks and serve as value creators do four things consistently better and differently to achieve business results and C-suite support: alignment, accountability, assessment, analytics and activation. They are relentless in their pursuit of marketing excellence and regularly assess and benchmark their capabilities.
Becoming a BIC marketer on the performance management front, achieving marketing excellence, and serving as a value creator takes aspiration, perspiration, and commitment. But isn’t your credibility in the organization, your ability to influence “the big decisions,” and less resistance to securing the needed resources — worth it?
- Marketing Alignment
- Marketing Accountability
- Marketing Analytics & Insights
- Marketing Activation & Agility
- Marketing Assessment & Acceleration
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Armed with these capabilities Marketing has the tools and skills the organization needs to take a customer-centric approach, Building a customer-centric models requires the smart use of customer analytics to gain insights into the different needs of different customers. While each CMO needs to decide which metrics are most relevant, a truly customer-focused firm will employ measurements that are straightforwardly customer-centric, and it starts with estimating and tracking customer value. Knowing which customers are most valuable to the enterprise will enable a firm to allocate resources to those customers that will yield higher returns. When the CMO acts as the Chief Value Officer (CVO), the CMO can write a new contract with the CEO that establishes Marketing’s new role focusing on the management of the customer experience across all channels.
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