Latest Research Shows Only 26% of Marketers can Determine the Value They Bring to the Business
Austin, TX, May 28, 2014 --(PR.com
)-- According to the joint VisionEdge Marketing (VEM) and ITSMA 2014 Marketing Performance Management (MPM) Survey, only 26 percent of marketers are capable of determining their impact on the business despite the advances in data, analytics, and technology. The 13th Annual MPM Survey, originated by VEM in 2001, captured input from 380 respondents. The research findings provide valuable insights on the marketing’s performance measurement and management challenges and best practices.
“The data reveals a correlation between business performance and MPM excellence,” said Laura Patterson, president, VisionEdge Marketing. “It’s not the measurement, all marketers measure; it’s the alignment and holistic approach to performance management that sets the best-in-class apart.”
A key component of the annual study is the number of marketers earning an “A” grade from the C-Suite for their ability to measure and report their value to the business. There are a number of things that separate the “A” marketers from the rest of the pack. In particular, “A” marketers:
1. Make performance management a priority
2. Have a well-defined and documented roadmap for continuous performance improvement
3. Select metrics that measure business outcomes rather than effort and activity
4. Build dashboards that effectively communicate business outcomes and marketing results
Value creators, not program producers
The marketers earning “A’s” have aligned their marketing objectives with business priorities, enabling them to select the right metrics. These best-in-class marketers are leaders who make the market and offering decisions that create value for both customers and shareholders. Marketers in the middle of the pack earning “B’s” tend to focus exclusively on enabling sales. The “B” marketers emphasize mapping the buyer journey and producing a steady stream of leads. Albeit important, there is more to marketing than feeding the sales pipeline. And finally the laggards, those marketers receiving poorer grades, are more likely to be perceived to be good at producing marketing campaigns, rather than producing business results.
Companies with “A” marketers outperform their peers. Specifically, 63 percent of companies with “A” marketers reported increased customer share of wallet compared to 48 percent with marketers in the middle of the pack and 38 percent with laggards. As for new business growth, 54 percent of the companies with “A” marketers confirmed improvements in their win rates compared to 39 and 25 percent with the middle of the pack and laggard marketers, respectively.
Speak the language of business not marketing
The findings also distinguish “A” marketers from others when it comes to their business acumen.
“The “A’s” are twice as likely to be working directly with the CEO and CFO, and 50 percent more likely to understand what these senior executives care about,” stated Julie Schwartz, senior vice president of research and thought leadership at ITSMA. “Of course to get face time with the C-level, marketers need business acumen and gravitas – they have to be business people first, marketers second.”
The final report from ITSMA/VEM will include detailed survey results, along with recommended action steps to help marketers improve their effectiveness, efficiency, and value. The results will be previewed at the ITSMA Marketing Leadership Forum in Napa and presented in the June 17 webinar, The Link Between Performance Management and Value Creation.
For more information, please contact:
+1-512-681-8800, Ext. 13
Director of Marketing and Member Advocacy
1-781-682-8500 x 145
About VisionEdge Marketing: VisionEdge Marketing provides proven expertise to help companies improve marketing accountability, measurement and analytics; create outcome-based marketing metrics; develop dashboards; leverage processes, data, systems, and use data and analytics to make strategic market, customer and product decisions.
About ITSMA: ITSMA is a research-based membership organization that helps B2B companies market and sell services and solutions more effectively. They work with the world’s leading professional services, technology, and communications providers to generate increased demand, strengthen customer relationships, and improve brand differentiation.