What is marketing data really? When used right, it’s not just numbers that tell you what happened.
That is what I like to call the “newsman approach” to marketing analytics – information that simply sums up previous customer behavior.
You don’t want to be the newsman. You don’t want to be Walter Cronkite, Tom Brokaw or Brian Williams. You, dear marketer, must look to the likes of Al Roker and Willard Scott. After all, it is the intrepid weatherman that discusses not only what already happened, but what is going to happen.
I discussed with Scott Hutcheson, Content Director, Paramore, how to effectively use marketing data to look beyond a simple gut reaction to numbers to find out what they can tell you about future customer behavior in this, the most recent episode of MarketingSherpa Marketing Research in Action …
00:42 – Up is good, down is bad? Not so simple. Don’t settle for gut reactions to your marketing analytics. Scott and I discussed non-analytical decision-making strategies.
4:44 – What can you learn from page views? Scott and I discussed content marketing metrics tracking.
The survey was conducted during the summer of 2012 via email and social media invitation through Twitter and LinkedIn, and included 405 completed surveys.
Here is a chart outlining details of the respondents:
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All respondents were analyzed by company type, company size and by a self-grading system (grade results included, and note that “D” was the lowest possible grade):
A – Marketing demonstrates contribution to the business: 25%
B – Marketing makes a difference, but contribution is not measured (these marketers were considered “middle of the pack”): 33%
C and D – Marketing may have an impact, but not known if impact is material (these marketers were considered “laggards”): 33% for “C” and 9% for “D”
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Here are the key takeaways from the research:
Marketing’s satisfaction with its ability to measure, analyze and improve performance is shockingly low
Marketers are caught in a downward spiral as they report past performance to continually prove the value of marketing
A few exceptional marketers have cracked the code; they excel across the board in data, metrics, processes, tools, analytical skills and reporting
These grade “A” marketers can clearly demonstrate their value and contribution to the business
The number of “A” marketers has remained relatively constant over time, but we see a decline in the number of “B” marketers
Because the heart of this research was marketing performance management, the self-described grades listed above were created by the key question: What grade would the C-suite give your marketing organization for its ability to demonstrate its value and impact on the business?
In our most recent episode of Marketing Research in Action, I discussed how lead nurturing could help your B2B marketing efforts with Jen Doyle, Senior Research Manager, MECLABS, based on data from her 2012 B2B Marketing Benchmark Report (free excerpt here).
Here is a look at some of the research Jen and I discussed with direct links to that part of the video.
0:38 – Organizations that are engaged in lead nurturing realize higher ROIs on their lead generation efforts.
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2:01 – Top tactics for creating engaging lead nurturing content
Infographic: How to Create a Model of Your Customer’s Mind
You need a repeatable methodology focused on building your organization’s customer wisdom throughout your campaigns and websites. This infographic can get you started.
