European, North American Firms Share Problems in Adopting Metrics
Slightly less than 90 percent of European marketers polled rate marketing performance measurement as a high or moderate priority. This is almost identical to the council's Measures + Metrics North American study when 89 percent held the same opinion.
Also, less than 14 percent of the surveyed European firms have formal market performance measurement systems in place versus 17 percent for North American companies.
Finally, almost 50 percent of the European respondents said their marketing performance measurement systems are an informal or anecdotal accounting of metrics that are taken on an ad-hoc or semi-regular basis. This again was in line with the North American response.
The almost identical responses show a growing support for marketing performance measurement among senior marketing decision makers.
Marketing executives polled in another CMO Council survey called "Renovate to Innovate" also ranked marketing performance measurement as a key area of investment to boost operational effectiveness.
The CMO Council defines marketing performance measurement as a series of quantitative measures and metrics across marketing delivery channels like direct mail, e-mail and online marketing, broadcast television, telemarketing, events and public relations.
The measurements cover demand generation activities like revenue, bookings and market share as well as lead generation metrics like qualified new leads and leads by channel. The metrics tie in with field sales productivity measurements like revenue per sales rep and customer win/loss ratio.
"Many companies are creating marketing dashboards that provide all of these metrics in real time so adjustments to channel mix and budget can be made on the fly," said Scott Van Camp, New York-based editorial director at the CMO Council. "These systems allow for greater marketing yield and accountability to the C-suite."
Today's forum at the Thomson Media office will have participants and speakers from IBM Corp., Factiva, Eastman Kodak, Konica Minolta, webMethods, Information Builders, Sterling Commerce, Responsys, Google, Cognos and Avaya.
Mickey Alam Khan covers Internet marketing campaigns and e-commerce, agency news as well as circulation for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters