The Marketing Strategist:
Featured Research: Overcoming the Rear-View Mirror Mentality
July 18, 2013
If marketing wants to shed its reputation as a cost center, it must build a reputation of continuously adding value and setting the direction of the business. Instead of reporting on past performance, marketers need to train their outside-in lens on shaping strategy for the future.
The 2013 ITSMA/VEM/Forrester Marketing Performance Management Survey shows that most marketers use data and analytics to report on past performance. But the top marketers are more likely to use them as predictive tools as well. We define the top group as the 27% who agreed that “marketing measures and reports its contribution to the business.” Among these marketers, 40% use data and analytics to predict future business outcomes, compared to 34% and 19% of the “middle of the pack” and “laggard” marketers.
There’s nothing wrong with reporting past performance. It’s important, even necessary, in order to secure a marketing budget, at least in the short term. However, if marketing is to stay relevant over the longer term, marketers need to think about how to take a more strategic role. That means guiding future business decisions—using data and analytics to identify new or emerging customer segments, drive innovation and development of new offerings, and analyze purchase patterns to anticipate customer buying behavior.
To get the full story on how the more effective B2B marketers are measuring their contribution to the business, see the 2013 ITSMA/VEM/Forrester Marketing Performance Management Study