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Why MAM is a core piece of your EMM strategy

“Marketing Asset Management (MAM) should be at the foundation of an organization’s over arching Enterprise Marketing Management (EMM) strategy”, says John Thomson, president and CEO at Saepio Technologies, in  the whitepaper ‘MAM, Making Assets Actionable and Engaging’.

And why is that?

As a vital part of the advertising process, MAM combines digital asset management, collateral customization and marketing automation technologies into a single, seamless process that:

  • improves brand compliance;
  • advances measurable return on marketing investment (ROMI);
  • eliminates repetitive tasks;
  • enables speed-to-market; and
  • engages distributed marketers.

In the white paper Thomson first defines where MAM fits in the Enterprise Marketing Management strategy. “There are many models that depict the component of an EMM system”, according to Thompson.”But this document focuses on CRM, business intelligence/analytics, MRM, MAM and customer nurturing as key components.”

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ROI of Marketing Automation

A fast, steady and predictable growth, that is what companies these days want. The fastest growing companies of today use repeatable marketing and sales 2.0 techniques to grow revenue predictably and reliably. They are embracing the shift from the selling process to the buying process, moving marketing from a cost center to a revenue generator. By replacing the old linear sales model with a new holistic approach, companies are redefining the way marketing and sales teams work together.

The new buying landscape has changed marketing’s approach to lead generation and management. This tectonic shift has created a need to improve upon outdated systems that can no longer keep up with the demand to increase lead flow, ensure lead quality, and prove program effectiveness and ROI.

Companies that implement a marketing automation system to support their marketing and sales efforts are better equipped to manage lead flow and process leads more efficiently. A whitepaper by Marketo outlines how marketing automation optimizes marketing programs and can help companies:

  • Create a faster and more predictable revenue cycle
  • Increase profitability with tactics that result in higher conversion rates
  • Align the efforts of marketing and sales teams to substantially increase topline revenue growth

Source: Marketo Benchmark on Revenue Performance as of Sept 15, 2012

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Do marketers need a plan B?

In the last decade thousands of papers and presentations, have been written to instruct marketing and IT practitioners in how to improve the way they execute marketing campaigns. “We believe that the body of conventional wisdom amassed over the years is missing the point”, say Eric Rotkow and Thomas Manders from Coffee + Dunn Inc in their whitepaper ‘Marketing is different’. “What’s more, we believe there is a better approach to building sustainable marketing operations, and it is not rocket science.”

The two start their paper with a bold statement. “From a marketing operations point of view marketers are no better of than they were a decade ago and their conventional thinking persists”, they state in the first paragraph of the first chapter.

There are three common views on marketing which don’t work:

Not traditional

Traditional approaches to marketing do not work the way marketing works. The approaches do not account for marketers’ natural iterative human relationships and their fundamental task to enrich and deploy their ideas as late in the process as possible. Managing global decision-making, reporting relationships, incentives, processes and technologies are wildly complex and making sweeping improvements is nearly impossible.

Technology

The technology available today is mature, does what it must do: supporting customer interactions and providing data to inform the next interaction. However, according tot Rotkow and Manders, a view on the full ecosystem of technologies that help marketers get the work done – think back office – and those that interact with customers- think front office – reveals there is a significant incongruence. Front-office tools are increasingly utilized to manage customer interactions across channels. While back-office solutions haven’t been fully executed by the softwarevendors who have instead responded with incomplete solutions which are serviceable but further isolate marketing, rather than connecting it to the enterprise.

Advisors

Advisor don’t know it all. The gaps left across agencies, consultants, and technology vendors, results in a disconnection between a marketer’s operational capabilities and the customers it is trying to influence. Who is designated to build marketing – people, process, and technology – to drive the capabilities needed to deliver the world-class programming? “No one, in our view”, Rotkow and Manders say.

Marketing is unique

That is because marketing is a different kind of cookie. Marketing is unique because:

  • Marketers must navigate unprecedented technological advances and a new regulatory standard (think of, for example, all the new channels coming up)
  • Marketers must navigate increasingly complex internal relationships
  • Marketing process is critical to success, though linear approaches don’t meet the challenge
  • Marketers depend on a network of resources to successfully collaborate

The depth and complexity of the issues discussed by Rotkow and Manders cannot be addressed in a simple checklist of action items to be owned by the CMO’s direct reports. The best path forward is not a new buzz, but rather that marketers may realize operational improvements by applying the marketing-specific design principles to tried-and-true business design frameworks. Sustainable improvements require a mix of methodical top-down study and design, and practical bottom-up initiatives.

In conclusion they state: “Marketers who wish to enjoy an advantage in the coming decade will adopt a view of their organization – an uncomfortable view perhaps – that is less about a hierarchical organizational design and more about collaborative human interactions set within a specific process context. They will use a smart mix of technologies to enable these collaborations made possible by even smarter information standards that allow open communication. To start, marketing and technology leaders should initiate a top down design of an optimum marketing function, while identifying high impact improvement opportunities from the bottom up. In time, the top down will meet the bottom up for an organization that has the capacity for dynamic operations.”

We all need a growth hacker

Marketing automation company Ifbyphone recently published their 2013 State of Marketing Measurement Survey. “It’s one of the most exciting research studies we have conducted in this rapidly changing sector”, says Ifbyphone CEO Irv Shapiro. “I am fascinated by many of the results that reflect the innovation that is occurring in marketing measurement.”

So, what are the results?

A primary trend from the 2013 research is the level of support, and scrutiny, that marketers are receiving from their CEO’s around marketing measurement as a growth engine. Two thirds of CEO’s surveyed have significant influence in marketing decisions and half receive regular marketing measurements. In fact, one in ten CEO’s seek marketing measurements daily (9.2 percent) while one in five (19.7 percent) are receiving updates weekly.

How often marketing metrics are reported

 (graph by Ifbyphone ’2013: State of Marketing Measurement Survey Report’)

What is being measured?

Marketing teams are being asked to measure a wider range of marketing metrics with a greater focus on revenue and tracking of customer interactions from both offline and online sources. Tracking new customer sources is the highest rated marketing metric utilized (by 49 percent of all respondents), with measuring increases in sales/revenue across marketing channels a very close second (48 percent).

Given the dominance of the sales-related metrics already being measured by the marketing team, it is not unreasonable to conclude that marketing measurement innovation, which enables marketers to better track and monetize engagements with customers and sales prospects, will be a high priority in coming years.

Use of marketing metrics

 (graph by Ifbyphone ’2013: State of Marketing Measurement Survey Report’)

Marketing enjoys budget growth

Investment in an emerging generation of marketing measurement tools is needed to satisfy the CEO’s increasing demand for tracking data. In order to facilitate this, budget growth and additional marketing resources are being provided.

Possibly as a result of the increased focus from the CEO and the growing role marketing has as a growth engine, almost half of respondents (45 percent) reported an increase in their marketing budgets in the past year while only 12 percent are working with a tighter marketing budget.

Respondents were asked what their marketing personnel priorities would be for 2013/14 and a significant majority were focused on proactive and growth related strategies. Almost a third (32 percent) plan to add more full-time marketing resources, one in five respondents (19 percent) plan to invest in more contingent marketing workers, while one in 10 (10 percent) will hire a new marketing agency.

One in 10 respondents (10 percent) will also share resources with other departments, such as IT, reflecting the highly technical nature of twenty-first century marketing analytics. A much smaller percentage of respondents are planning to downsize their investment in marketing personnel in 2013/14.

The emergence of the Growth Hacker

In line with increasing marketing budgets, more marketing people are being hired. Growth hackers, marketers who combine marketing knowledge with a strong technical background to drive growth, are having an impact on improvements in marketing measurement. One quarter of respondents (25 percent) now have a Growth Hacker on their marketing team, the same percentage that have Product Managers.

Marketing teams with Growth Hackers are prioritizing investments in emerging marketing measurement technology, across both online and offline channels. Almost three quarters of marketing teams with a Growth Hacker engaged (72 percent) are experimenting with Voice-Based Marketing Automation (VBMA), 19 percent more than marketing teams generally. Meanwhile, 44 percent of marketing teams with Growth Hackers are using marketing automation software compared to only 26 percent of marketing teams generally.

Over a third of Growth Hacker-backed marketing teams (34 percent) are utilizing heat map tools compared with only 20 percent of the average marketing teams. Almost twice as many marketing teams with Growth Hackers (28 percent) are experimenting with emerging workflow automation tools, compared to 15 percent generally.

Across every category of marketing measurement technology, it is the Growth Hackers who are leading the charge in experimenting and innovating with emerging tools that will give them, their CEO, and their marketing colleagues the edge in tracking where the best results are being achieved for marketing investments.

See the complete survey at Ifbyphone.com

Spending less on optimization impacts conversion rates

As marketing budgets are increasing, there is less money for marketing optimization, says the Adobe 2013 Digital Marketing Survey. The survey was published April 26th. Some 53 percent of the digital marketers surveyed from around the world say they devote less than 5 percent of their budget to optimization activities. Last year 48 percent of the marketers said this. Only 6 percent of respondents are allocating more than one-quarter of their budgets to these activities, relatively unchanged from last year’s 7 percent. And that is strange, because through optimization companies can reduce the costs of their marketing operations. By calculating the ROI for the optimization projects it can become apparent that the reason not to, is actually the reason to do it; saving budget.

Eye-openers

Adobe conducted this survey amongst 1800 marketers from around the World. “Some of the findings are eye-opening”, says John Cristofano, PR-Manager at  Adobe, “like data showing a majority of the companies surveyed spend 5 percent or less of their marketing budget on optimization activities. Five percent or less, even though it’s also clear from the data that companies investing more get more in return. For example, companies allocating more than 25 percent of marketing budgets to optimization are twice as likely to see high conversion rates.”

With these kinds of results, it’s only logical to ask why there are not more companies are investing in optimization. According to the survey there are two major challenges. Budget and resources are the two most important things, that hold marketers back says almost half of the respondents.

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Big Data: Who owns customer and budget?

Though frequently at odds, marketing and IT executives agree that harnessing Big Data is imperative to building a customer-centric corporate culture, according to a study by the CMO Council, in partnership with SAS.

They also agree that a lack of CMO/CIO alignment, rigid silos, unclear responsibilities, and a lack of leadership impede an organization from using Big Data to its full potential, the survey of CMOs and CIOs found.

Big Data is important to achieving a customer-centric culture, according to the study:

  • 40% of marketers and 51% of IT executives said it’s critical for improved decision making.
  • 36% of marketers and 23% of IT execs said data drives the ability to personalize customer experiences.

Below, additional findings from the CMO Council study, titled Big Data’s Biggest Role, Aligning the CMO & CIO.

Access to in-depth data, and the ability to translate it into insights, is a competitive advantage according to 70% of marketers: 30% say it is critical, and 40% say it is part of the overall picture.

However, most respondents view the flood of incoming data as part obstacle and part opportunity: 61% of CMOs and 60% of CIOs say so, admitting they have a long way to go still in using Big Data properly.

The main challenge, according to 52% of marketers (and 45% of IT professionals), is that functional silos block aggregation of data from across the organization, making it difficult to truly achieve customer-centricity:

Moreover, 39% of CMOs say the corporate culture is not aligned around the needs of customers.

A likely explanation for the lack of total customer focus is that no clear ownership of the customer exists. Among marketing executives, 18% say that ownership rests with the CEO, 17% say the CMO, and 19% say sales. IT professionals assign ownership to the CEO (20%), CMO (19%), and sales (17%).

Organizations that report they have achieved total partnership between CMO and CIO also have clearer ownership of the customer.

In such organizations, marketers (24%) and IT professionals (30%) say the CEO owns the customer. Furthermore, marketers and IT executives in “total partnership” organizations are highly satisfied with their company’s ability to engage the customer (42% of marketers, 31% of IT execs).

Read more: http://www.marketingprofs.com/charts/2013/10574/marketing-and-it-big-data-an-obstacle-an-opportunity-and-key-to-customer-centricity#ixzz2RHLYXuwe

 

What does it cost?

In times of crisis more then one company ceases the moment to reorganize. Sometimes because business goes bad and they just have to, sometimes because the market demands it, sometimes because management sees a good excuse to lose some weight. Most of the time it results in downsizing the workforce, but… is that really necessary. Isn’t it better to improve efficiency so your people do more with the same energy, and thus results go up?

In this infographic Jive shows you what  an reorganisation costs.

 

What’s it worth?

In business the value of something is what most things are about. You deliver a service, wich is valued by another, they pay you for this service. It’s the key of doing business. In Marketing Operations (MO) companies that evolve toward higher and more sophisticated Marketing Operations are reaping a higher value. In Journey to Marketing Operations Maturity one can read that high-value MO goes beyond automation, measurement and administration to include higher value-add tools such as cross-functional collaboration, change management, metrics alignment, competency development, predictive analytics, and the like.

According to the survey, companies showed clear tendencies to extend the scope of MO. Thus, the scope of MO typically includes fundamental, expanded, and sophisticated elements:

  • Fundamental MO Scope — Includes budget management, customer relationship management (CRM), vendor management, marketing outcomes measurement, and marketing services (e.g., bill of materials, licensing, pricing, creative, production management).
  • Expanded MO Scope — Expands beyond the “Fundamental MO Scope” to comprise marketing campaign automation, process mapping and design, best practices and knowledge management, cross-functional and behavior-rewards alignment, marketing operations management (MOM), marketing resource management (MRM), digital asset management (DAM), and marketing process metrics.
  • Sophisticated MO Scope — Evolves to higher sophistication than the “Expanded MO Scope” to include advanced processes (e.g., LEAN Enterprise, Six Sigma, and supply chain management), marketing governance, portfolio management, customer profitability, change management, competency development, shared vision and strategic management, enterprise marketing management, metrics alignment, and predictive analytics.

The graph shows the progression over time from “Fundamental” to “Expanded” to “Sophisticated” practices

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Optimizing for ROI

In today’s market marketing teams are under more and more pressure to perform and get results. ROI is a magic word in marketing now-a-days, while budgets and resources are under pressure as well. In the meantime customers are holding back and getting less and less faithfull to just one brand. So, pressure is on for the marketing department, because you can only do so much to get better results.

There are several trends today which cause this higher pressure, says a paper by DMA and SAS.

  • Consumers are more empowered then ever
  • Data volumes are exploding
  • New contact channels add complexity and dissonance
  • You don’t control all the channels
  • There’s more opportunity for confusion and noise
  • Marketing organizations are drowning in data

How can marketers keep their head up in all this turmoil? How can they identify the best strategy that will deliver the best returns on from marketing investments?

Wilson Raj, Global Customer Intelligence Director at SAS shed his light on how to improve ROI on your marketing investments during a webinar sponsored by the Direct Marketing Association and SAS.  Optimization is the keyword, he says.

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Drowning in data

The modern technology, and especially digital technology like e-mail, websites, mobile and social media, are a blessing for marketers. Not ever before were they able to gather so much data on what they do. But, this also comes with a danger. The flood of data is large, marketers are awash in data. Marketing analytics is the way to take control over this flood. In the 2013 Marketing Analytics Benchmark Report by MarketingSherpa the importance of marketing analytics is addressed.

Over 1.100 marketers are surveyed for this research. It provides insight into analytics for all kinds of marketing channels.

According to Marketingssherpa the surveyed marketers provided some interesting insights, and also highlighted areas where marketers could improve in taking advantage of this valuable marketing asset.

The availability of marketing analytics data is promising with 79% reporting having average, significant and even vast amounts of client interaction data to analyze. Only 3% reported having no analytics data at all. An overwhelming majority — 97% — of marketers have some amount of marketing analytics data to work with.

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