News
 Marketing
Success Is Difficult to Measure
Marketers are not too pleased about the measurement
processes and tools used to track their
performances. What did they have issues with?
Executives and marketing professionals revealed that
while measuring marketing continues to be a top
priority, 86 percent of respondents are still
dissatisfied with their ability to measure or track
marketing performance, mostly because they have no
effective tools to gauge their campaign’s success –
according to a recent study by VisionEdge Marketing,
a strategic and product marketing consulting firm.
The study reveals there’s a big gap between business
goals and marketing metrics. This year, the top
three issues marketers are expected to address are
identifying new markets, increasing share in
existing markets and boosting share of business with
existing customers. But the report states that
companies don’t have the processes in place to track
the metrics used to quantify their impact in those
areas mentioned.
For instance, 39 percent of respondents are expected
to increase share of business with existing
customers but only 9 percent have a process in place
to measure or track their metrics or marketing
performance.
What metrics are marketing departments are expected
to track this year? About 69 percent of respondents
are required to track ROI for individual campaigns,
but 59 percent of those don’t have a process in
place for them to use. Other examples are tracking
for awareness, value of overall customer base and
share of the customer’s wallet. This is a major
issue because marketers may not have the tools
necessary to accurately and consistently report
progress to management.
Process and training – key ingredients for improving
the state of metrics – remain under funded, with
only 9 percent of respondents indicating that
metrics training is among their top three training
priorities. The study also reveals that 60 percent
of those surveyed didn’t have any budget set aside
at all for metrics training.
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