The results suggest companies need to invest in systems, processes, and training as well as continue to develop a culture of accountability to create more performance-driven marketing organizations.
AUSTIN, TX (PRWEB) March 6, 2007
VisionEdge Marketing announced the results of its sixth annual marketing Performance Management Survey. Only 17% of the 136 executives and marketing professionals indicated that their CEO would give marketing an A, that is they believe marketing is making a difference and can document this contribution compared to 53% of the respondents who indicated that their CEO believes marketing programs are effective but the contributions were not measured. A total of 48% felt that their CEO believes their organization’s ability to measure marketing performance was only marginally effective.
As in previous years, there remains a gap between business goals and marketing metrics. For example, 63% of respondents agreed that increasing share in existing markets was a top priority but only 37% had regularly reported performance indicators for share. Also as in years past, it seems that companies continue to struggle with the contradiction between priorities and action; with 58% stating that measuring marketing performance was a top priority but still 64% had no marketing performance training or budget. The need and opportunity remains for marketing to improve the linkage between marketing expenditures and delivered results.
“Marketing departments, in general, are still failing to live up their CEOs needs,” said Laura Patterson, president of VisionEdge Marketing. “The results suggest companies need to invest in systems, processes, and training as well as continue to develop a culture of accountability to create more performance-driven marketing organizations.”
Other key findings:
- Marketing renews their focus on market share. In 2007, 63% of the respondents said the number one area marketing needs to address in increasing market share in existing markets compared to 2006 where the number one area of focus was growing the company’s brand value.
- Tracking campaign ROI moves up in priority. In 2006, marketers were expected to track and measure in priority order lead conversion, market share, awareness, revenues from new products, campaign ROI and customer satisfaction. In 2007, the number one priority is tracking campaign ROI followed by lead conversation, customer satisfaction, market share, and then awareness.
- Over 80% of the respondents still gave a six or less on a 10 point scale in terms of their satisfaction level with their ability to track marketing performance.
- Acquiring new customers, bringing new products to market, and growing share of wallet of existing customers remain the top three initiatives most critical to a company’s success.
Revenue from new products, customer satisfaction, and market share remain the top indicators marketing regularly tracks and reports.
Other key findings and details about the online survey are available at http://www.visionedgemarketing.com/index.php?option=com_content&task=view&id=209&Itemid=0
The full report will be available for purchase at the end of the month from the VisionEdge Marketing Store, http://www.visionedgemarketing.com/index.php?option=com_oscommerce&Itemid=27 .
About VisionEdge Marketing
VisionEdge Marketing of Austin, Texas (http://www.visionedgemarketing.com) is a data-driven strategic and product marketing consulting firm recognized as a thought leader in the area of marketing performance management.