Marketing metrics assists recognition from board
and CEO, survey finds
Marketing executives who used metrics in their work believed they received greater recognition from those in charge, according to a survey of senior marketing executives undertaken as part of the Australian Marketing Institute’s Marketing Metrics Project.
The survey, carried out by the Centre for Applied Marketing at the Australian Graduate School of Management, asked 374 senior marketing executives from companies around Australia how they felt about marketing accountability and the measures they used to track its effectiveness within their organisation.
It found that up to 56% of marketing executives believed marketing metrics was one of the main concerns in their job. Equally, nearly 60% believed marketing accountability was a driving force towards delivering set performance targets.
However, this issue continues to be overshadowed by concerns relating to the bottom line, with many more executives far more concerned with the business outcomes of marketing – namely growth, position, and customer relationship.
In general, however, marketing executives were positive about their marketing measures and felt metrics had a place within their company structure.
The survey also asked marketing directors what were the main hurdles they faced in their jobs. Of the top seven concerns, three focused around marketing efficiency and improving investment – all highlighting a need for improved metrics within their organisation.
Not all executives felt that metrics were being well used within their companies. Many saw potential for improvement, especially in the quality of and access to internal marketing information. More than 60% of respondents were unhappy with information provided to them and felt access to internal information was difficult.
So what are the barriers holding organisations back from focusing more on marketing metrics? The biggest factor was money. Respondents said there was a need for a larger research budget, better external and internal data, and a better system to help cut down time between measurement and action.
However, the survey also found that it was the management and release of information controlled by the company that had a greater influence on whether metrics were used. They wanted an increased level of detail and better strategies to share information and implement action.
But if today’s competitive marketing environment continues, we can expect to see an increase in the need for marketing metrics. With 90% of respondents predicting growth in their marketing budgets over the next three years, assuring return on investment is going to remain of high importance and the role of metrics will remain crucial. |
