Today’s marketers face more challenges than ever before. Technological advances, demographic shifts, and new economic realities have changed buyer behaviour forever. Companies and sales teams no longer have complete control. The digital revolution has shifted control to buyers.
At the same time, a marketer’s struggle for control is magnified as their scope of responsibility has grown. It’s moved from the Mad Men days of Brand and Agency, to more detailed Communications strategies, Demand Gen programs and now to owning the full Customer Experience.
The net effect of these two paradigm shifts is that marketers must maintain control and make every dollar count.
Marketers have two jobs; run marketing and do marketing. ‘Do marketing’ covers the external facing tasks such as running events or campaigns. ‘Run marketing’ is the behind-the-scenes planning, operating, and evaluating to determine the next best marketing action. That’s Marketing Performance Management (MPM).
In order to win, marketers need to know what’s working and what isn’t. The two components, Run and Do, need to happen in tandem to fuel better decision-making, which leads to improved performance and ultimately drives more revenue. When the running marketing and doing marketing components are disconnected, performance can suffer through bad investments and missed opportunities.
The ultimate goal of MPM is to drive marketing organizations towards more effective planning and more impactful execution. After all, if you don’t run marketing efficiently, you can’t do marketing effectively
To put it simply, MPM is not an ‘opt-in’. It’s essential to your future marketing success. According to Gartner, more than two thirds of marketers plan to base most of their decisions on data and analytics within two years. As marketers, we know a cultural change cannot happen overnight. It is incremental steps that gather momentum and drive long-term change.
Get started with Marketing Performance Management with these three key steps:
1. Say Goodbye to Spreadsheets
Did you know that 80% of spreadsheets contain some kind of error? Not to mention they can be a nightmare for manual updates, version control, and team collaboration.
Take your budget out of Excel and into a cloud-solution so you can save between 20%-40% of your time, enable team collaboration, customize permission controls, handle multiple currencies, and produce flexible reports to track your marketing performance.
2. Get Aligned on Objectives and Metrics
Before investing in MPM, it’s critical to have agreement with your Finance and IT teams about your shared objectives and what metrics you will report on. Without alignment on performance metrics, your definition of success will be varied.
Establish a stakeholder committee with representatives from Marketing, Finance, and IT to define and evaluate performance metrics.
3. Prepare and Train for Change
Driving change can be especially hard when battling against a lack of communication and historical processes.
Identify ‘change champions’ on your team to drive a change management program focused on educating and training team members.
Set yourself on the path to marketing success. The time is now. Make every dollar count.