Greater than half of CEOs don't consider their advertising groups will produce outcomes
With the success of Covid-19 in event spending, travel, and PR, many companies have switched that extra budget to marketing technology and automation investments. Now, almost a year after the pandemic started, most CEOs aren't convinced that their marketing teams are successfully putting that extra money to work.
According to StrategyBox's New Normal 2021 Benchmark Report, 56% of CEOs aren't sure their teams are delivering results. Of the C suites, 48% are not convinced that their teams know how to measure their performance against their goals, and 49% say the teams are not sure which channels work best or how to use those results compare with those of their competitors.
"Companies are unable to link individual marketing efforts to their ROI," said Aaron Vidas, CEO of StrategyBox, a customer journey mapping platform that collects performance data for brands. "More marketing teams need to be able to have the conversation," This is what we do, this is why, and this is how it drives people to our company. "
Teams spend more on experimental marketing, but don't know exactly how to measure the results of these studies.
Via communication about data-driven results
According to the interviewed CEOs, data is the solution. According to the report, 53% of CEOs believe that better access to data is needed to make more informed spending decisions. This would allow teams to measure results against both their own performance indicators and those of their competitors, and focus on channels with the highest ROI.
While a lack of quantitative information is a major problem for the majority of marketing teams and C-suites, Vidas believes companies can now take steps to ensure the value of their campaigns and then pass it on to senior executives.
"Put all of your data in an easy-to-understand template or report that summarizes your customers' journey to your brand, and then share that story with your team and the C-Suite," said Vidas. "When you understand your ROI, you can double what works and stop what doesn't."
Once this data is available and teams can tie marketing campaigns directly to sales, StrategyBox's study shows that the majority of CEOs have no problem continuing to devote additional funds to experimental and high-performing campaigns.
"Discipline is freedom," said Vidas. "Once you can consistently produce results and increase sales, you can be given the confidence to try out the fun, experimental marketing."