You’ve heard this story before: The pressure on marketing to prove its value is at an all-time high. And it’s not getting any easier.
The CEO, CFO, and board want to know “what have you done for me lately?”
Within the industry, new digital marketing technologies and necessary skills pop up on a seemingly monthly basis.
The reality: being a marketer today is hard.
This where marketing performance comes in: All marketers want to be high-performing. Who doesn’t want that gold star of success? But, the challenge is, what exactly is marketing performance, and what does success look like?
Most marketers would say they are already measuring and managing marketing performance—and they would be correct (sort of).
Marketing organizations must focus on driving the discussion and setting the criteria for marketing performance for their companies. Marketers sometimes avoid responsibility and struggle to grasp the different factors that enhance their team’s marketing performance. Instead, they take shortcuts or allow other people to define success. Consequently, this leads to an underperforming marketing organization.
To be successful and exceed expectations, marketers need to understand two main factors that affect marketing performance. These factors are: marketing execution and marketing performance management. (see below):
The strategy and execution (or tactics) within marketing are each important, but should not stand alone. Organizations often face struggles when they spend too much time and resources on execution. Without cognizant, constant efforts towards MPM, marketing becomes decentralized and disjointed, which makes it ineffective.
In successful organizations, MPM is a strategic role that falls on marketing operations and executives. Marketers must devote sufficient effort towards strategizing and planning to manage marketing performance effectively.
When thinking about marketing performance and how it can drive your organization towards success, we have three suggested takeaways: