Mar 22, 2013
There is a chasm forming. CMOs are having more success than ever before. Their salaries are up. More marketing leaders have the CMO title and a seat in the executive suite. More than ever before, marketing is recognized as a driver of revenue growth. Industry press and analysts have claimed 2013 as “The Year of the Marketer.”
Studies show, however, that there is still a huge gap between what the CMO believes she is contributing to the business and what the CEO can measure. A recent study by Fournaise Group states that 70% of “CEOs have lost trust in marketers’ ability to deliver growth after becoming frustrated by what they see as an inability to prove ROI.”
Mar 20, 2013
This article in Forbes is so good I want to share in its entirety. It focuses on a study that shows a huge perception gap between what the CMO thinks are his/her goals, strengths and contributions and what the CEO thinks. It highlights a growing challenge to CMO’s ascending importance in the C-suite and how it is at risk if they can’t prove their contribution to business growth. It may be the single best piece I’ve read describing the need for better Marketing Performance Management solutions.
Here’s a teaser, but follow the link to read the whole article.
Today’s marketing initiatives must be data-driven, customer-centric and omnichannel. Unfortunately, though, many CMOs seem to be struggling to gain alignment and to build consensus across their lines of business and into the board room.
What can CMOs do to retain –or regain –relevance in this environment? Other results from this study point the way. The findings show that:
1.Data-driven marketing is critical to driving relevance….
2. Most new investments will be focused around technology….
3. Consistent, personalized, customer-centric marketing requires integration, collaboration and tech expertise….
We’re excited to announce Enodo Software’s participation in Marketo’s LaunchPoint partner program. Marketing Automation is a cornerstone of modern digital marketing. It is a must-have tool for every marketing department, providing the workflow and lead management processes necessary for highly effective online marketing. Many of our customers use Marketo as a key component of their online marketing software suite, in combination with other software solutions such as CRM, social media publishing and monitoring, SEO tools, ad platforms, community platforms and more.
Mar 04, 2013
I recently read an article on "the 3 Secrets to Data-Driven CMOs," but the 3 secrets left me gasping. ...Gasping in disbelief. Gasping that the 3 secrets to life were not...well...loftier. I think we can do better. While it might not be the secret to happiness, here's my take on one key element to becoming more effective "Data Driven" CMOs.
Jan 28, 2013
...or, “Will we make our number based on the Pipeline?”
Many of our customers recently have come to us for what they call “better forecasting analytics.” This is not your traditional forecasting—sales teams projecting which deals they are going to close—but a new, data-driven spin on it, with specific emphasis on better understanding what is projected to close out of the existing pipeline. Customers want “Data Driven Forecasting.”
So, here are some simple best practices....
Nov 20, 2012
Studies have shown that Sales Performance Analytics can have a dramatic impact on improving company performance, including an increasing revenue, improving the accuracy of sales forecasts and reducing sales cycle time. Best in class organizations implement a regular process of measuring, improving processes, planning and data-driven management of their sales performance. Here are 10 steps every company should do as part of a regular process improvement methodology to track and improve sales performance.
Sep 04, 2012
We recently launched Enodo Pipeline Manager. This is something I have wanted as a marketing manager for the last 8 yrs. I'm a data junkie and have always analyzed our pipeline performance because it helped me improve our sales process, focus on early pipeline development and allocate resources better.
Here are some stats that I've picked up along the way: Improving forecasting capability by 12% points, reduce sales cycle by 50%, increase conversion rates,...(for more, read the blog).
That's why we analyzed pipeline performance. But it took my team many hours exporting data, compiling spreadsheets, dumping into charting tools and we never got the depth of information we needed. Furthermore, looking in the rear view mirror is no way to manage performance.
With all that in mind, I left a good job on a mission to provide better marketing and sales analytics solutions. This is our first step...
I couldn't have said it better myself. Laura Patterson's article "How to Improve Performance Measurement in Four Steps" is one of the most succinct and on target arguments for the need for and the core elements of Marketing Performance Management.
"Only via measurement can we marketers truly demonstrate how effective we are at making investments on behalf of the company and what value those investments are generating. ...With so many metrics options available, you could readily fall into the trap of focusing on metrics that are easy to capture. ...The whole point of performance management, marketing accountability, and marketing measurement is to help Marketing optimize performance to achieve meaningful business results."
"The creation of consistent and reliable standards for marketing measurement is the single most important business issue of this decade," as stated by James Gregory, founder and CEO of Corebrand in his blog titled How to Calculate the Value of a Brand. I couldn't agree more. As has been a recurring theme in my tweets and blog posts, Marketing continues to sell itself short by reporting its performance based on the number of leads created or "Likes" engendered. Marketing needs to start reporting on its performance based on the incremental revenue created, the market share gained, the pricing power developed through successful branding efforts and the Customer Lifetime Value created through positive customer engagement and loyalty programs.
The crux of the problem in Marketing Performance Management is that most organizations (perpetuated by analysts and the press) use inadequate metrics for measuring performance. A survey from DemandGen Report suggested 10 metrics as possible marketing performance metrics including "web traffic", "social media referrals" and "database growth." These are all "factors" in marketing operations, but not key metrics of performance. Key metrics need to align to business performance goals and quantify marketing's influence on business performance. Marketing needs to elevate the discourse on Marketing Performance Metrics and focus performance metrics on outcomes that drive business value and showcase the true impact of marketing.