“Marketing is accountable for optimizing performance — and leadership wants more than a simple ROI.”
Marketing needs technology
Peter Drucker knew that what Marketing has been learning since the mid80's: “Efficiency is doing things right; effectiveness is doing the right things.”
Most marketers have been early adopters of technologies in order to do the right things that meet their objectives. Streamline process, increase efficiencies and glean insights from terabytes of data. From the introduction of ACT! databases to the advancement of CRM (Customer Relationship Manager) like Hubspot, most marketer have adopted a platform to make better decisions.
Evaluation is limited to the digital things that can be easily measured, such as customer sales, web page analytics and Nielsen syndicated data.
Based on available data and past performance, most strategy is developed using education, experience, and acumen.
Most often, optimization comes incrementally, and not fast enough, based solely on resources, objectives and results.
Measure, Monitor, Optimize: Get Market Ready Index®
Traditional channels of communications have expanded with technology, splintering into subchannels of specialization. Digital has become a dominant force and demands a growing share of most marketing budgets. The struggle to evaluate has compounded with disparate systems using separate measurements, making it difficult or impossible to understand what works best.
Over the last 10 years, mass media has become secondary to social media with changing patterns of consumer consumption. Media fragmentation has created market fragmentation as consumers follow specific interests, channels, or trends. Today, more people and more decisions are required to create an integrated marketing communications plan that achieves business objectives.
Optimization has become even more challenging because traditional analog channels (i.e., branding, public relations, sales, et al) provide the same accuracy or metrics as compulsory digital channels. The perception of measurement is often confused with actionable data; there’s a difference between having knowledge and knowing what it means. Marketers at all stages are then tasked with making positive changes to reach critical KPIs based on incomplete data.
Measure and evaluate all channels and subchannels of communications using a new discipline, and optimize Receiver Analytics by addressing Sender Analytics.
Create more effective strategies that better meet business objectives more consistently by applying data-driven creativity to all forms of communications.
Make well-informed decisions to improve efficiency of marketing spend by channel and subchannel, leveraging real-time dashboard monitoring over time.
IN THE END
Exceed business objectives
The ability for marketing departments to flourish depends on their ability to meet business objectives on a regular basis, over time. Consistent and accurate evaluation is critical to understanding your organization's current position in the marketplace, while new strategies for analog and digital channels are required to properly impact target markets. By implementing a proven process for optimization, marketing leaders can consistently increase revenue and set up the department for long-term success.