With Covid-19’s success in event spending, travel, and public relations, many companies have shifted that extra budget to marketing technology and automation investments. Today, almost a year after the start of the pandemic, most CEOs are not convinced that their marketing teams are successfully using this extra money.
According to StrategyBox’s The New Normal 2021 benchmark report, 56% of CEOs aren’t sure their teams are delivering results. Among C-suites, 48% aren’t convinced their teams know how to measure their performance against their goals, and 49% say teams don’t know which channels work best, or how to compare those results with their competition. .
“Companies are unable to relate individual marketing efforts to their return,” said Aaron Vidas, CEO of StrategyBox, a customer journey mapping platform that brings together brand performance data. “More marketing teams need to be able to discuss ‘This is what we do, this is why and this is how it drives people to our business.’
Teams spend more on experimental marketing, but don’t really know how to measure the results of these trials.
Communicate on data-driven results
According to the CEOs interviewed, the solution is data. The report says 53% of CEOs believe better access to data is needed to make more informed spending decisions. This would allow teams to measure results against their own KPIs as well as those of their competitors, and focus on the channels with the best return on investment.
While the lack of quantitative information is a major concern for the majority of Marketing and C-Suites teams, Vidas believes companies can take action now to ensure the value of their campaigns and then communicate them to senior executives.
“Put all of your data into an easy-to-understand template or report that summarizes your customers’ journey to your brand, then share that story with your team and the C-Suite,” said Vidas. “Understanding your ROI allows you to double what works and stop what doesn’t.”
Once this data is accessible, teams can directly connect marketing campaigns to salesThe StrategyBox study shows that the majority of CEOs have no problem continuing to use additional funds for experimental and high performing campaigns.
“Discipline is freedom,” Vidas said. “Once you can consistently see results and generate income, you can be confident to try experimental and fun marketing.”