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In May, Forrester teamed up with the IT Services Marketing Association (ITSMA) and VisionEdge Marketing (VEM) to survey marketing leaders about how they demonstrate marketing's impact on the business. About a week ago I (finally) published Forrester's take on this important survey (subscription required).
Key among the findings: marketing leadership continues to use metrics to report on performance and justify budgets. But far fewer use data and analytics to analyze purchase patterns, fine tune the mix, and understand customer lifetime value - actions that can have a bigger impact on overall performance. The bottomline here is that marketing's impact doesn't matter if CMOs fail to link what they do to business goals.
To help CMOs shift their measurement perspective from outputs to outcomes and to put a sharper focus on business agility, I recommend four key actions to take:
1) Clarify which outcomes the business wants.
2) Go beyond ROMI to expose the full scope of marketing's influence.
3) Model and monitor customer lifetime value.
4) Measure existing customer value as well.
Via Marteq
Sometimes I get self-conscious that I'm making sophomoric statements regarding the CMO and the usage of data and technology to drive the function, i.e., am I stating the obvious here? Then I come across articles such as Laura Ramos' above post, and I don't know whether to be shocked that this is still occurring, or pleased that I'm making the right call.