Marketers who put measurement at the center of their growth strategy are four times more likely to exceed their business objectives, grow revenue and gain market share.
That’s according to a study of 622 marketing executives by global management consultancy Bain & Company. Asked about their organization’s ability to use measurement to profile their customers and activate insights effectively, the research placed companies on a ‘measurement maturity curve’ consisting of four levels; foundational, intermediate, advanced and best-in-class.
According to the study, best-in-class companies run campaigns that are fully automated and personalized across multiple channels. They use real-time data to earn customer loyalty and work in cross-functional, agile teams that share marketing measurement insights across the entire organization, not just the marketing department.
These high-performing companies measure the entire customer journey, use automation at every step and have a strong focus on breaking down walls between teams.
By contrast, those considered ‘foundational’ reported data in silos and interpreted data on a channel-by-channel basis. In addition, members were primarily focused on individual rather than group success.
“It’s not only about measurement. It’s about measurement of the metrics that relate to business performance. For instance, marketers can easily measure ad impressions, clicks and views, but which one should they optimize in order to increase offline sales? This is the insight business owners need."
- Aske Østergård, CEO and Co-founder of Decision Lab
The report said that leading marketers were 2.3 times more likely to embrace automation, with 48% agreeing that they used it to manage bids and budgeting across more than one channel in real time.
In addition, the same companies were 1.6 times more likely to organize teams in a customer-centric way rather than around a specific channel.
“Optimizing a channel in isolation will only lead to an incremental gain.
In our Effect Lab studies, we often discover channel synergies that exceed impact generated by any single channel. Therefore, I am not surprised that leading marketers organize their teams in a customer-centric way.”
- Le Hoai Tram, Decision Lab Manager
The report also called for chief marketing officers to make measurement a priority and to mobilize their teams and technology toward actionable insights that advance business goals.
To find out how being customer-centric will drive your business forward, and what you should be measuring to get there, download our free presentation now.