Cracking the Code of Marketing Performance
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The document discusses what high-performing marketing teams do differently. It identifies three types of marketers - Campaign Producers, Sales Enablers, and Value Creators - and how each can improve performance. High-performing teams set measurable performance standards, show how marketing impacts business results, and are seen as an investment. They use data and dashboards to regularly communicate impact and optimize activities.
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Cracking the Code of Marketing Performance
- 1. James Thomas CMO james.thomas@allocadia.com @jthomas_44 Laura Patterson President & Author laurap@visionedgemarketing.com @LauraVEM
- 2. Agenda What high performing teams do differently from the rest of the pack • 3 types of marketers on your team and how to motivate them • How to build a high-performing team of A-players • How to invest in marketing to achieve better performance and results
- 3. Cracking the Code of Marketing Performance Laura Patterson President & Author @LauraVEM
- 4. 1. You had a set of measurable performance standards 2. You could show the relationship between Marketing and business results 3. Marketing was perceived as an investment instead of an expense
- 5. 5 Most marketing organizations still struggle to create business value Note: Mean rating based on a 10-point scale where 1=Not at all satisfied and 10=Extremely satisfied. Top Box Score is the percentage of respondents who rate satisfaction a 9 or 10. Source: ITSMA/VEM Marketing Performance Management Survey, May 2014
- 6. 6 And the pressure is increasing Source: ITSMA/VEM Marketing Performance Management Survey, May 2014
- 7. 7 A few elite marketers have cracked the code Source: ITSMA/VEM Marketing Performance Management Survey, May 2014
- 8. 8 What makes these marketers different?
- 9. Why Strive to be an A? 9
- 10. 10 See improved customer value * Indicates a statistically significant difference. |Source: ITSMA/VEM Marketing Performance Management Survey, May 2014
- 11. 11 Also see improvements in business growth metrics
- 12. 12 What separates the Value Creators from the Rest of the Pack? Act as business people first, marketers second 1 Make marketing performance management a priority Set quantifiable performance targets and report results in a multilevel dashboard 2 3
- 13. 13 Regularly engage in two-way dialogue with business leaders 1
- 14. Know which business outcomes and metrics senior executives care about and align accordingly 14
- 15. 15 Make measuring Marketing’s value a priority Note: Mean rating based on a 10-point scale where 1=Not at all important and 10=extremely important. abc indicate a statistically significant difference. *Top Box Score is the percentage of respondents who rate the importance a 9 or 10. | Source: ITSMA/VEM Marketing Performance Management Survey, May 2014 2
- 16. 16 The Six As of the Value Creators
- 17. 17 Have a plan for continually improving performance management
- 18. Use marketing dashboards to report impact on business outcomes in addition to marketing results 18 3
- 19. Use your marketing dashboards to boost marketing’s effectiveness and communicate impact on business outcomes 19
- 20. 20 Campaign Producers: Fully commit to measuring marketing’s impact on the business Believe it can be done Hold yourself accountable— even if management doesn’t Establish a marketing ops function Build business acumen Tap experts outside your organization for the “heavy lifting”
- 21. 21 Sales Enablers: Create and capture value in addition to leads Position marketing as a strategic player, rather than sales support Build internal demand for marketing data as critical input for strategic decisions Establish a Marketing Leadership Council Accelerate skills development by tapping experts outside your organization
- 22. Value Creators: Optimize marketing activities to support real-time course adjustments and predictive insights 22 Position marketing as the Chief Value Officer Provide real-time information Facilitate rapid decision-making and execution Tap experts outside your organization for advisory services and coaching
- 23. Cracking the Code of Marketing Performance James Thomas CMO @jthomas_44
- 27. Top-performing teams can answer the hard questions around performance: • How much are we spending on x campaign in x region for x product line? • Are we on track to spend this quarter? • How is marketing creating value and contributing to the business? Top-performing team are able to give visibility into marketing’s success and performance metrics.
- 28. Track marketing’s progress against your strategic plan
- 29. Share marketing’s value and contribution to the business
- 30. Use data insights to predict marketing performance
- 31. Key Takeaways 1. Assess where you are: Campaign Producer, Sales Enabler, Value Creator 2. Understand what it takes to built a high-performing team of A-players 3. Understand where to invest your marketing dollars (strategy, tech, culture/people)
- 32. Connect with us. James Thomas CMO james.thomas@allocadia.com @jthomas_44 Laura Patterson President & Author laurap@visionedgemarketing.com @LauraVEM What’s next? • Speak to the experts on marketing performance, visit: www.visionedgemarketing.com • Get a demo of Allocadia at learn.allocadia.com/demo
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- Attended Martech - one overriding theme: The role of the modern marketer looks a lot different than ever before. Organizations are looking for an almost mythological creature (referred to at the conference as “unicorns”) when they recruit marketers. They’re not looking for Don Draper. They’re not looking for data nerds. Instead, they’re looking for people who combine both of those very different skillsets. Today’s marketer needs to be creative and have a firm grasp on using technology to harness all of the data that’s available.
- Today there’s over 1000 technologies for marketers - Challenge: Marketers are overwhelmed with choice as to what technology platforms they need to invest in (customer data, social media platforms, funnel conversions, attribution software, etc)
- All of these questions add up to create a lot of pressure on marketers. But, if you back up and look at the big picture, there are three simple layers of marketing technology available to help us answer these questions and respond to the pressure. 3 Layers of Marketing Technology 1. Customer experience technology directly engages prospects and customers along the buying journey through Web, print, TV, radio, digital ads, social media, billboards, and so on. 2. Programs and campaign management technology is what marketers use to deliver those messages and programs to the customer. These tools include marketing automation technology, lead intelligence systems, social media management and content marketing calendars. 3. Performance management technology allows marketers to be revenue-driven. It manages the overall marketing plans, budgets and allocations to corporate objectives, products, regions, teams and products. This technology provides visibility into the budget schedule, showing when you’re planning on spending, what you’ve spent your money on, what’s left to spend, what campaigns are driving revenue toward corporate objectives, and which work is driving the best return on marketing investments. These systems connect with external systems like your CRM, finance and purchase order systems, HR payroll information, and marketing development funds to become the system of record for marketing data. Modern marketing isn’t easy. The expectations are higher than ever. Marketers have to constantly learn, understand and communicate what’s working and what’s not. Thankfully, modern marketing technology in these three discrete yet interconnected layers gives us the chance to help our companies thrive. Being a marketer today is exciting, because we have the tools we need to lead our organizations through this period of massive change. Top-performing teams can answer the hard questions around performance: Most marketing organizations: Focus on the customer and buyer side of the marketing equation. Top-performing teams: Focus on marketing performance.
- Where top-performing teams are investing in technology: Top-performing teams focus on technology that enables better performance. CMOs and Marketing Leaders are still very focused on the customer or buyer side of the marketing equation. A huge cast of vendors has built sophisticated technology to help marketers understand the customer lifecycle, and marketing organizations are spending a lot of money to capture data and insights about how their buyers’ journeys. But next, CMOs and marketing leaders will need to think more about performance. CEOs are looking for clear, numbers-based answers about how marketing impacts the bottom line. So, marketers are asking more and more questions about performance and revenue attribution. How should you be assigning spend and revenue to specific campaigns? What are new, more accurate ways to attribute revenue? Technology is starting to help marketers answer these questions. quantifying marketing’s contribution to revenue
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