Have you made a marketing New Year's resolution? If you have, we hope that you have devoted at least one to marketing performance management (MPM).
As inspiration, here are four resolutions to choose from, along with a few tips for bringing them to fruition.
1. Resolve to connect marketing to business results
In "The Evolved CMO," a recent Forrester report, CMOs are reminded that to prove their value and justify their investments they "must tie marketing closer to business results." Most marketers think they are already doing so, but the issue wouldn't be such an issue if that were true.
Considering all the metrics we can and do collect, it's easy to think we are already connecting our marketing to business results, but if your metrics don't provide a direct link, you're missing the mark.
To see whether you're on the mark, here is a quick test: Is it clear in your marketing plan how activities and outputs roll up to outcomes and business results? If you answered "no," then the first step is to revisit your marketing plan.
Most marketing plans are created in a presentation, spreadsheet, or other written document, but those formats do not lend themselves to communicating the relationship. Consider exploring an alternative approach.
2. Resolve to make marketing relevant to customers and the C-suite
According to the recent Forrester/ITSMA/VEM Marketing Performance Management study, less than 10% of CEOs use Marketing-provided data to make strategic decisions.
Take the first step (it's free).
You may also like:
- How to Become a Data-Driven Company (Without a Data Scientist): Linda Schumacher on Marketing Smarts [Podcast]
- Forget ROAS, It's All About ROMI Now
- A Better Way to Gauge Sales Lift: Closed-Loop Measurement
- What You Need to Know About GDPR and Data Privacy: Lisa Loftis of SAS Talks to Marketing Smarts [Podcast]
- The Marketing Metrics That Matter to the Bottom Line