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With Covid-19’s hit to event spending, travel and PR, many companies shifted that extra budget over to marketing technology and automation investments. Now, almost a year into the pandemic, most CEOs aren’t convinced their marketing teams are using that extra cash successfully.
According to The New Normal 2021 Benchmark Report from StrategyBox, 56% of CEOs are unsure their teams are delivering results. Of C-suites, 48% aren’t convinced their teams know how to measure their performance against its targets, and 49% say teams are unsure which channels are working best, or how to compare those results with their competitors.
“Companies are unable to connect individual marketing efforts with their return,” said Aaron Vidas, CEO of StrategyBox, a customer journey mapping platform that gathers performance data for brands. “More marketing teams need to be able to have the conversation of, ‘This is what we’re doing, this is why and this is how it’s driving people to our company.’”
Teams are spending more on experimental marketing, but don’t quite know how to measure those trials’ results.
Over communicate on data-driven results
According to the surveyed CEOs, the solution is data. The report states 53% of CEOs believe higher access to data is required to make more informed spending decisions. This would allow teams to measure results against their own key performance indicators as well as those of their competitors, and to focus in on channels with the highest ROI.
While a lack of quantitative information is a major concern to a majority of marketing teams and C-Suites, Vidas believes there are steps companies can take now to ensure the value of their campaigns and then communicate that to higher-level executives.
“Put all of your data in an easy-to-understand template or report that encapsulates your customers’ journey to your brand, and then share that story with your team and the C-Suite,” said Vidas. “Understanding your return on investment allows you to double down on what does work, and stop what doesn’t.”
Once that data is accessible, and teams can directly connect marketing campaigns to sales, StrategyBox’s study shows the majority of CEOs have no problem with continuing to use extra funding for experimental and high-performing campaigns.
“Discipline is freedom,” said Vidas. “Once you can consistently return results and drive revenue, you can be given the trust to try the fun, experimental marketing.”