Marketing Analytics: Managing through measurement and marketing as revenue center
“What gets measured is what gets done.” So says the old business maxim, at least.
We wanted to know what marketers get done, so to speak, so in the 2013 Marketing Analytics Benchmark Report, we asked…
Q: Which of the following are you involved with tracking, analyzing or reporting on for your organization?
We asked the MarketingSherpa community about these results, and here’s what they had to say …
Managing through measurement
These results highlight the indifference, or perhaps lack of experience, when it comes to tracking marketing, especially social media marketing.
As these channels can be tracked offline (via call tracking) and online, via dynamic numbers and email tracking, it still seems as though there are trackers and non-trackers in terms of marketing specialists.
Even with a nudge effect of marketing across several channels, the ROI of these nudges is important and should be tracked.
The old adage of “managing through measurement” is still important and not having accurate measurement to call upon leaves marketing specialists arguing based on their opinions rather than facts. (And, that’s a sure way to the exit door).
– Boyd Butler, Consultant
Moving marketing from cost center to revenue center
A hundred years ago, John Wanamaker, founder of the great Philadelphia department store, complained that …
“Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.”
As Mr. Wanamaker has also been attributed with the phrase “the customer is always right,” it’s worth exploring whether his original marketing paradox holds true in an age where technology like “marketing automation” promises to allow ever better targeting of marketing and sales resources.
I think that, more so than ever before, marketing has an opportunity to move away from being seen as a cost center to a revenue center. With the technology available today, you can track everything from email, social, online and offline events, blogs, landing pages, Web forms, website tracking, analytics and more …
It’s about delivering a closed-loop sales and marketing system that contributes and measures the bottom-line revenue and what marketing channels are working versus those that don’t deliver the same returns (ROI) as they used to.
– Andrew Wise, Vice President of Global Sales, Prospectvision
MarketingSherpa 2013 Marketing Analytics Benchmark Report (free excerpt)
AdMeter – service Boyd uses
Does John Wanamaker’s marketing paradox still hold true? (via Prospectvision)
Building a Holistic Marketing Strategy (via Prospectvision)