According to the Incorporated Society of British Advertisers: “Marketing effectiveness is measured by how well a company’s marketing strategies increase its revenue while decreasing its costs of customer acquisition.”
Marketing budgets are under pressure to perform, more than ever. But what does success look like and who decides when it is achieved? It means different things to different roles in your organisation so your messaging on effectiveness has to adapt. The IPA/Marketing Week found that only 35% of marketers can demonstrate marketing impact to more senior management and Deloittes’ SMO survey places Return on Investment (RoI) as the number one challenge for CMOs (Chief Marketing Officers).
Today’s Chartered Institute of Marketing (CIM) has excellent advice on this topic, for me, a refresher and update on thinking.
- Measure what matters – link metrics to business outcomes not activity.
- Blend methods – there is no single truth, triangulate data to build confidence.
- Tell the story – frameworks help you simplify, align and convince stakeholders
CIM has a Marketing Training Hub with a wide range of content and new online courses which cover topics such as, ‘AI’, ‘Copywriting’ and ‘Marketing Communications’ but contact us if you would like more guidance on Marketing Effectiveness, something we are passionate about.