As organizations continue to tighten their purse strings and demand accountability from their executives, marketing departments are finding themselves under increasing pressure to justify their spending, prove the effects of their marketing campaigns, and demonstrate program success…or risk losing their budgets.
To shed more light on the topic of marketing metrics, Forbes Insights, in association with MarketShare Partners,surveyed U.S. marketing executives on the topic of measurement and accountability. The Accountability Evolution looks at how these executives are managing metrics to quantify and demonstrate the impact of their marketing. The study also identifies potential gaps between marketers’ desire to employ metrics and their actual formal execution of goal-focused measurement.
According to the survey, nearly seven in ten said they used analytics to measure marketing effectiveness. Internal resources were used most frequently to measure the success of marketing programs; 86% used internal data, with 74% relying on internal teams and 52% on internally developed tools. Fifty-eight percent (58%) used third-party data and 35% turned to outside professional services. Many marketers still report that these tools do not meet their needs and the majority believe that they’re not adequately communicating the value or impact of marketing initiatives to company executives.
Click here to download a copy of the Forbes Insights Study: The Accountability Evolution: Marketers Turn to Metrics to Boost Their Strategic Value