A new report by Marketo and ADMA has found that although revenue growth is the top focus for marketers in ANZ, with over 50 per cent of marketers surveyed admit to guessing the impact of marketing contributions. You can read the report in full here.
The research, which surveyed 444 senior marketers, found that 61 per cent of those surveyed feel like they are fairly or poorly demonstrating their contribution to revenue. In fact, almost a third (31 per cent) do not even measure it.
The study found that some marketers are investing in programs to better demonstrate the value of their work but approximately 13 per cent make no attempt at all to measure the success of their activities at all.
The inability to speak the language of business metrics is influencing the poor perception by non-marketing management peers. Barely 15 per cent of respondents said their peers saw marketing as a primary business driver and revenue generator.
Chris Connell from Marketo said, “It’s amazing to me that attribution remains such a challenge for businesses. Marketers are always talking about data-driven insights and measurable outcomes – yet many marketers don’t practice what they preach.
Marketers need the right technology to be able to prove their impact. However, without tangible proof they won’t get these necessary funds. It’s a cycle – without attribution there is no real justification for investment in marketing technology.”
In fact, it is still more common for marketers to rely on traditional campaign metrics like clicks, downloads and customer satisfaction ratings, than on the financial metrics that underpin internal company and organisational goals.
After revenue, the next key goals for businesses are acquiring new customers (21 per cent) and enhancing customer experience (approximately 18 per cent). To achieve this, marketing leaders must improve operational efficiency, invest in new technology and commit to improving the capabilities of their people through education and training.