A Renewed Focus on Marketing Analytics
- AUTHOR Josh Rosenberg
- February 25, 2013
- No Comments
Last week Accenture came out with a great piece called From Marketing Communications to Experience Engineering: The New Role for CMO’s in the Digital Era. This article outlined many different things that modern CMO’s (Chief Marketing Officers) must do including the empowerment of marketing operations, tracking marketing technology innovation, and digital dominance. However the subject that stood out the most to me was customer and marketing analytics. In fact I feel that this is by far the most important thing for a modern CMO to focus on.
All throughout business school the concept of the voice of the customer was hammered into our brains, and for good reason. If you are unable to understand your customer’s point of view then you will not be able to successfully market and sell a product. So we have established that understanding the why, or what customers look for is important. Duh. The next step to this is in depth analysis of your current clientele. As a CMO, or honestly just as a good marketer, you need to understand who buys your product and not just why. You need to look through your CRM system, marketing automation system, or wherever the data is stored and figure out as much as you can about who purchases your product. Again this is not earth shattering stuff and most competent marketers already do this in some way, shape, or form.
If you are expected to do all of this analysis with your customers, why not take the next step and do the same thing with your marketing campaigns? After all the goal of marketing is to drive revenue. Without solid back end marketing analytics and metrics on your marketing campaigns it is nearly impossible to come up with strong, repeatable marketing plans that effectively segment and target your audience, and most importantly generate revenue. You need to understand what role each campaign plays in influencing deals, which campaigns generate the most revenue, which campaigns create the most net new names, and much more.
The bottom line is that it has become possible to measure these things in the digital marketing world of today so why wouldn’t you take advantage of this when you have so much to gain from it? Take that next step beyond just analyzing your customers and look internally – review your marketing programs to hone and refine your practices and drive more revenue from, as the article so eloquently put it, your “constrained marketing resources”.