Want More of the Resources? Improve Marketing Accountability
Best-in-class (BIC) marketers go beyond tracking and reporting on vanity metrics. They don’t waste time creating dashboards consisting of a smorgasbord of numbers that report on activity and outputs. These astute marketers identify and track metrics derived from aligning Marketing to the business outcomes.
Marketers who make this connection make a stronger case for securing a greater share of resources. Period.
We all know what happens when Marketing is unable to quantify their impact, value, and contribution. Marketing’s existence is in peril, subject to the whims of the C-suite’s opinion du jour, and constantly facing the threat of the budget-cutting axe.
Don’t Measure What’s Easy; Measure What Matters
Marketing organizations that are able to measure and report the real contribution of their programs to the business definitely exist. How are they different and, indeed, better at what they do?
They build a culture of accountability.
The BICs measure and report on what matters to the business as a whole. They work diligently to ensure that measurements are properly defined and that tracking and reporting mechanisms are in place. These elite marketers pursue the performance data that allows them to measure, report and improve.
Their dashboards both guide their actions and help them mitigate risks. They use their dashboard to see what is and isn’t working. They know how to ascertain whether they are within proper operating and performance target parameters.
Your Actionable Dashboard
Depends on Strong Metrics Chains
If your Marketing dashboard doesn’t guide your strategic and investment decisions, it’s time to return to the drawing board.
1. Measure your Marketing, and choose the right measures.
Choosing the right measures is far more important than the quantity of data measured. Measuring the right things, and acting on the results found in the measurements, is an essential requirement for operating marketing as a Center of Excellence (CoE).
2. BIC marketers are adept in creating metrics chains, the sequence of metrics that establishes the links between
- Operational metrics
- Outcome metrics
They understand how to connect email campaigns, for example, to relevant outputs, such as response rates and sentiments, and achieve what matters to the business—renewals.
Metrics That Help You Make Wise Decisions
Concrete and quantifiable performance targets that link your activities and your objectives serve as the starting point of your chain. To achieve your objectives, work down—from the outcome you need to impact to the activities you need to perform. This process will illuminate which metrics and measures need to go together. These metrics chains serve as the framework for your marketing dashboard.
And, knowing which metrics matter will bolster your competence around marketing planning and forecasting. Pick metrics that enable you to know what is and isn’t working and that demonstrate Marketing’s value to the business.
You want metrics that help you make investment decisions and appropriate course corrections; not metrics that are easy to collect or cool to see. Select the right metrics and create a dashboard that
- Measures Marketing’s contribution
- Tracks and analyzes Marketing performance
- Facilitates strategic and investment decisions
Marketing accountability can improve the financial and strategic business goals of the organization, which will in turn enable you to hold onto, or add to, your marketing budget.
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