Marketers have moved past the long-running declaration, “This is the year of mobile.” Some are riding high today on the native advertising wave as others consider bailing on advertising. Meanwhile, others look to the future, anticipating marketing’s role with the Internet of Things (IoT).
Before chasing the next new thing, marketers have a critical issue to address: their marketing measurement and analytics practices. There are plenty of signs that CMOs struggle with measuring marketing’s effectiveness.
According to Gartner’s Marketing Strategy Survey 2017:
- 46% of the respondents characterized their marketing and customer analytics programs as ineffective or neutral.
- Marketing leaders lack consensus about what key performance indicators belong on the CMO’s dashboard. One challenge: Only 32% of the survey respondents said they track ROI of total marketing spend as one of their top five strategic KPIs.
Christi Eubanks, Gartner managing VP who specializes in marketing analytics, uses this metaphor to characterize the issue: “Overlooking ROI of total marketing spend is like driving a car without a fuel gauge: Everything runs smoothly until the tank runs empty.”
Today, marketers have an opportunity actually an obligation – to trade their battered “station cars” for high-performance vehicles.
Let’s start by making 2018 the year of marketing measurement.