Let me start off with a little data…because, apparently, there is still a lot of decisions being made with the gut rather than the data.
- Just 40% of marketers today believe that measuring marketing’s value and contribution to the business is very important or critical
- But only a handful of senior executives are relying on marketing data to make decisions
- The C-suite can’t relate marketing activity-based metrics to business outcomes
- The “A” marketers are ahead because they know what their key stakeholders care about
- These “A” marketers are actually moving two of the most important business outcome needles: Market Share and Customer Satisfaction/Loyalty
Those of you that “…know what your key stakeholders care about” and have marketers that “…are actually moving two of the most important business outcome needles: Market Share and Customer Satisfaction/Loyalty”, you can leave the post and move on to adding greater distance between you and the ‘competition’.
For the rest of you, what’s stopping your from using data more effectively?
And, more importantly, when you will take the necessary steps to lift your game? If you know there is an opportunity to improve and you know what you need to do in order to improve – why aren’t you figuring out how to get from where you are to where you want to be?
Hint: It takes someone with the experience to help you put together your vision and your processes. Oh, and your organization’s commitment to the plan and processes – so that ‘someone’ also needs to have the experience in working across your organization, sharing the vision, building consensus and gaining buy-in.
I’ve cut my teeth on data, analytics and using that insight to develop more effective ways to attract and retain profitable clients. So if you’re wondering “What can of results can I expect?”, let me tell you that it depends on your current state of affairs. I’ve seen the cost per sale drop by as much as 50%. I’ve seen triple-digit increases in conversion rates and referral rates. And I’ve seen smaller improvements – but the beauty of it all is that these improvements drive profitable revenue.