To date, I have not found a better definition of marketing performance than the following, which can be summarized in two words:
Measurement and Accountability.
“For years, corporate marketers have walked into budget meeting like neighborhood junkies. They couln’t always justify how well they spent past handouts or what difference it all made. They wanted more money – for flashy TV ads, for bit-ticket events, for, you know, getting out the message and building up the brand. But those heady days of blind budget increases are fast being replaced with a new mantra : measurement and accountability” Marketing Metrics, 50+ Metrics every executive should master. Paul W. Farris, Neil T. Bendle, Phillip E.Pfeifer, David J. Reibstein
Indeed, when talking about marketing performance , it is not, as I have sometimes read, about digital marketing techniques… Or campaigns indicators… Marketing performance goes well beyond these limits. It is multifaceted and adapts to the company’s context.
MARKETING PERFORMANCE IS “A SEARCH TO IMPROVE ITS PERFORMANCE THROUGH ITS EFFECTIVENESS AND EFFICIENCY”. PHILIP KOTLER
It all starts with a marketing plan. Preparing a B2B marketing plan is not just about listing future activities and expenses. It requires to focus on the strategic point of view that will allow Marketing to align with the company’s objectives. Only then can the operational marketing plan (OMP) be decided and ensure that it is effective and contributes to the company’s revenues.
Now let’s talk budget. As marketing budget is often the largest source of expenses, it is even more necessary to prove its legitimacy. No more automatic renewals from one year to the next. Marketing budgets are calculated from the objectives set out in the plan. It must be considered as an investment to be managed.
Optimizing our marketing organization, and aligning it with our various stakeholders, which are mainly Sales and Finance, is a major pillar of marketing performance. This alignement is accompanied by the formalization of processes that must benefit marketing teams, saving them time, giving them agility and flexibility. And pursuing an objective: serve our customers. An example of formalisation here.
Measurements and controls. Ouch, I may have said the word that irritates: “control”. And yet… Marketing departments that are too often perceived as ineffective, or even useless 🙁 , can now demonstrate their contribution to revenues. Relevant marketing performance indicators and intelligent dashboards make it possible to manage marketing activity in a changing environment.
To continue on this subject : where does your marketing organization stand in marketing performance management ?
Would you like to know more ?
Call Béatrice Loriot – + 33 6 81 07 34 41 – Bloriot@beautifulnumbers.fr