- Marketers: lobby your top executives to make regular sales process training for marketing a priority.
- Sales executives: demand that marketing know how the different parts of your sales force work so they can more effectively develop prospects and serve customers.
- CEOs: get smart about your customer supply chain by applying the same level of due diligence and process discipline to it that you have to your product and services units. As a result, you will make much more effective use of marketing investment and be able to hold your whole customer facing team accountable for its contribution to your strategic objectives.
Have you ever wondered, “Is my marketing organization receiving enough budget to compete?” or “Exactly how much should I be spending on marketing automation?” If so, IDC’s CMO Advisory Service’s benchmark survey has been helping senior marketers answer questions like these for over 10 years!
Below are the essential “need to knows” around our survey and further down I’ll dive into all the great value of benchmarking your marketing organization. Let’s get started:
What are the benefits?
- Complimentary copy of our 2014 Marketing Investment Planner to benchmark your company’s marketing data against the industry’s data.
- Receive an invitation to our client only telebriefing held by IDC Analysts.
What is needed?
- Email me (smelnick (at) IDC (dot) com) to get our survey instrument and taxonomy.
- Complete the survey and send it back in a timely manner (‘due date’ to be discussed).
What is the Quality of Data and Confidentially?
- This is the 11th year IDC has fielded the Tech Marketing Benchmark Survey and will include participation from many of the 100 largest tech companies – this depth and expertise is unmatched.
- All responses are 100%, no questions asked, confidential. We take this part very seriously.
Bonus to all Participants
- All participants will be eligible for our 2014 Chief Marketing Officer ROI Matrix and will have access to their placement on the Matrix. A great way to easily compare your marketing progress against the rest of the industry’s.
Why do companies benchmark? A benchmark provides context for decision-making. You spend a million dollars a year on social marketing. So what? If your CEO asks you this question, what will you say? Tech marketers tell us that they like to benchmark for the following reasons:
Feel free to reach out and let’s have a discussion whether it’s the right time for your organization to participate!
Email me at: (smelnick (at) IDC (dot) com) or find me on twitter @SamMelnick
Here at the CMO Advisory Service, we recently closed up our 2013 Barometer Study which includes data from senior level marketers working at some of the largest Tech companies in the world. While there are a lot of great insights from this study, these senior level marketers made it very clear that their highest priority is “Proving Marketing’s Value”, or in other words, that always elusive marketing ROI. While this quest(ion) is nothing new to marketers, as our industry continues its transformation, marketing ROI is becoming an even more pressing topic. We see this truth in our surveys, we hear it from clients, and it is actively being discussed at industry events. This year we launched our Chief Marketing Officer ROI Matrix (see the image to the right) in an effort to give participants a look into their own return on investment from marketing and continue the conversation. There is no easy answer here (otherwise my days would not be quite as busy), but I have 3 steps senior marketers can take to move closer to measuring marketing ROI.
1. Identify what matters and what does not
This might seem obvious, but to successfully prove value, first it must be understood what is providing value. Often when we speak with clients we remind them that tactics are important, but without strategy on the front end those tactics may be wasted energy. Before creating a substantial dashboard or reporting tool, take the time to understand which data or measurements are going to further the case and which are white noise. Once done, not only will the organization be better able to prove ROI, but it will be able increase effectiveness.
Key Fact: 27% of B2B companies report they have not yet used predictive analytics to improve any marketing activities.
2. Communicate inside and outside of your department
As transformation continues within the tech industry it is creating a ripple effect to companies and then departments within each company. This means lots of change, and change can often mean confusion. Not only are marketers pushing to prove their worth, but they have to compete with this ongoing confusion. To overcome this issue, communication is a must, both within the marketing organization and across the entire company. It is key to receive buy-in from stakeholders and make sure the steps taken are continuously aligned with expectations. It also means communicating the actions taken (and why they were taken) to staff or superiors. Remember, over communicate, as in times of turmoil “value” can be a moving target.
Key Fact: In 2013 senior marketers expect 2/3 of the marketing technology budget will come from the marketing department – the rest from IT, Sales, and other areas. Communication across these departments is key.
3. Benchmark your progress
Identifying what provides value and then communicating as progress is made towards measurment are two great steps. However, when it’s time to share the work, comparisons and baselines will be needed. The first step is measuring your own progress. How have the KPIs improved and what can be expected in the future? The next question will be, what is the comparison to competitors? Finding ways to benchmark and measure progress internally and externally will help tell the story of value added and improvement. It will also set standards and targets to shoot for, without these benchmarks there is a risk of flying blind.
Key Fact: Close to 100 tech companies participated (For Free) in IDC’s Chief Marketing Officer ROI Matrix and benchmarked their marketing ROI against their industry peers. To participate this year contact smelnick (at) IDC (dot) com.
What other steps would you recommend to prove marketing value or even derive that elusive marketing ROI number?
Do you think this is fools gold and there are other areas marketers should be focused on?
Let me know your thoughts!
You can follow Sam Melnick on Twitter: @SamMelnick
Chief Marketing Officer ROI Matrix
If you are a B2B Marketer you’ve read the articles, heard the pundits, and attended the conferences – marketing is transforming. This is not ground breaking news. However, what you probably have not seen is a tangible and holistic way to measure your organization’s marketing performance. Today you are in luck.
IDC’s CMO Advisory Servicehas just released our Chief Marketing Officer ROI Matrix. This Matrix not only provides measurement on Marketing ROI for those companies who participate in our annual benchmark survey, the recently published reportalso provides fact based analysis, actionable recommendations via IDC Analysts and best practices from leading marketing organizations.
For the down and dirty on the report view our press release
#CMOFact: As a percentage of revenue, Marketing Leaders spend ~3X more on marketing than the Challenged http://bit.ly/CMOROI Tweet This!
#CMOFact: Marketing leaders staff Campaign Mgt roles at 5.4% of their staff. http://bit.ly/CMOROI Challenged staff at 1.7%… Tweet This!
#CMOFact: Marketing challenged spend 22% of their program budget on digital. http://bit.ly/CMOROI The leaders spend 33%! Tweet This!