Data intelligence has transcended industries from high tech and health care to insurance and finance. It is now transforming marketing, making Marketing ROI (MROI) more tangible than ever before. In a recent study of more than 1,700 CMO’s worldwide, 63 percent think that ROI will be the main measurement through marketing analytics by 2015, yet 56 percent feel ill prepared to manage ROI. Historically, marketers have not been challenged to analyze or correlate data for decision-making processes leaving CEOs stumped about why or how they have invested in marketing initiatives. In today’s age of Big Data, marketers should be required to not only collect the marketing analytic data, but also draw conclusions and make strategic recommendations based upon insights.
The truth is, marketers are now analysts.
The key to uncovering insights and making calculated decisions is to realize that integration is critical. The CEO and executive team must work hand-in-hand with marketing to identify goals, milestones, and key metrics in order to gauge MROI. Once the executive team is on board, it’s up to marketing to ensure they have full comprehension of market variables, the target audience, and the firm’s financial goals to track progress back to high level, firm-wide strategies.
Marketing analytic tools come in several forms. Some can be purchased for a hefty investment at the enterprise level and others like Google Analytics are free and highly intuitive. For those looking to kick-start the initiative and begin measuring MROI from the ground up, Google Analytics is the best place to start and here’s what to look for:
These recommendations only scratch the surface. Take time to discuss analytics initiatives with the internal marketing team and challenge them to invest time in learning best practices, if they are not doing so already. The bottom line is that data is readily available and measuring MROI is not longer an intangible. Integrate, invest, and analyze to get the most out of your marketing investment.
Jessica Stenklyft is the Director of Consulting at Hollinden, a Houston-based professional services marketing firm. Passionate about achieving growth through integrated marketing, the firm works with clients across Texas to identify market opportunities, develop solid strategies, create scalable processes, and build stronger teams.
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