In an online survey of 525 global marketers, confidence and optimism are sky-high: 69% of senior marketers said they are trusted, strategic members of the C-suite. The top five areas of responsibility for CMOs are strategic planning and forecasting (74%), branding (71%), digital (68%), budgeting and mix modeling (68%) and market research (67%). http://adage.com/article/cmo-strategy/study-81-cmos-confident-meet-revenue-goals/294614/?utm_source=cmo_strategy&utm_medium=newsletter&utm_campaign=adage&ttl=1409154342
Does this reflect the marketing you observe in your organization? Unlikely, also in my experience. Most companies don’t have CMOs and the tasks of the marketing department do not include strategic planning or budgets and mix modeling. Moreover, marketing manages feel uncomfortable bringing in outside experts to help them with such tasks, afraid their bosses will disapprove, the right data won’t be available or the results of marketing mix models will not be implemented in the organization. This lack of trust on marketing accountability prevents demonstrating and improving marketing performance, from new digital tools to delivering profitable growth. Check out the free diagnosis tool at http://www.notsizedata.com/?page_id=131 to assess your organization.
The solution? Educate your stakeholders on the benefits and how-to of strategic planning, forecasting and mix modeling. Excellent seminars are available, such as the acclaimed GfK Academy Seminar on Marketing Performance http://www.gfk-academy.com/index.php?article_id=7&seminar=5. Based on solid research and action-oriented cases, this seminar enables you to measure and evaluate the ROI of marketing expenditures, to communicate these insights effectively by means of relevant metrics and dashboards, and to initiate steps to improve marketing effectiveness. The seminar will be highly interactive, based on action-oriented cases and exercises and will deliver new perspectives and tools for immediate application in your organization. As Donovan Neale-May, executive director of the CMO Council commented:
“Marketers have to be much more numbers-oriented and be able to speak financial language. That is how they will continue to command the necessary budgets and resources to get things done.”