Talking this month to companies based in Switzerland, Norway, the US and Sweden, I was struck by the similarity in marketing measurement pain points and desires across industries. Companies differed in size and ability, but all complained about confusion regarding new media metrics/effectiveness and the lack of real-time employee insights in how they are progressing to reach the firm’s goals.
Have you filled out your free ‘organization diagnosis’ at www.notsizedata.com? Many managers did, from industries ranging from consumer and industrial goods to services, healthcare and technology. Results at blog time reveal the following benchmarks:
1) Prominent pain points include the return on investment of new media and employee performance tracking (83%), and using comparable metrics across channels (67%). Half of the surveyed companies complain about too many KPIs and want to improve trust between marketing and finance. Online/offline channel resource competition (42%) and authority (too young/too old to understand) arguments were important for a minority of companies.
2) The ability of companies is best in assessing marketing return on investment (42%) and knowing how to increase revenue (42%). One third of companies understand future performance drivers and where to cut the budget. Knowing the timing of marketing effects (25%) and how to improve marketing efficiency (8%) were rated as the lowest abilities.
3) The desires of all surveyed companies include having facts at everyone’s fingertips, justify budgets financially, deploy marketing analytics to turn data into better decisions, scale up sales-driving campaigns quickly, leverage learning worldwide and predict customer and competitive reactions. Rewarding managers based on customer funnel progress is a priority for 83% of the surveyed companies.
Differences were interesting across company size and industry. While medium-sized companies reported more pain points than large companies, they saw less resource competition between online and offline marketing. They also expressed more confidence in knowing when to stop campaigns. Consumer good companies suffer more from online/offline marketing resource competition but enjoy a better ability to identify performance drivers, lift revenue and improve marketing efficiency.
What have we learned: it’s time for you to perform your own diagnosis and assess whether you should be reading “It’s not the Size of the Data – It’s How you Use It: Smarter marketing with analytics and dashboards”. The direct link for the diagnosis is here.