All CMOs are under intense pressure to demonstrate the impact of marketing efforts on business outcomes, but a cohesive marketing measurement strategy is often hindered by the complexity of data, the proliferation of touchpoints, and varying levels of marketing initiatives. On top of that, CMOs must keep up with ever-changing buyer behaviors, operationalize measures of marketing success, and deal with a shortage of skills and resources that are needed to produce insights. These factors hinder the CMO’s ability to effectively measure marketing impact, align metrics with business goals, and gain support from key stakeholders. Overcoming these obstacles is crucial for developing a robust and comprehensive measurement strategy that drives business growth.
CMOs need to rethink how they measure their entire marketing mix. A single marketing measurement approach falls short of considering the nuances of marketing efficacy or the drivers of marketing efficiency. Instead, CMOs must adopt a layered measurement strategy that adopts complementary measurement approaches to reveal the full value that marketing drives for a business.
Our recently published report outlines six core principles to establish a successful, scalable measurement strategy across B2B, B2C, and B2B2C businesses. This layered measurement approach reveals how dynamic forces across brand advertising, marketing campaigns, sales, service, and customer experience initiatives, as well as external factors, all impact key business performance indicators. It also uses multiple measurement methods in tandem across the marketing hierarchy to ensure that every piece of marketing is analyzed.
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