Let's make a resolution to make 2013 the year marketers regain trust from their CEOs and become obsessed with business performance.
Did you see the startling statistic shared last week that 70 percent of CEOs have lost trust in marketers? If you're a marketer, like I am, that should alarm you.
According to the recent Fournaise 2012 Global Marketing Effectiveness Program, which has interviewed more than 1,200 CEOs across North America, Europe, Asia, and Australia, CEOs have lost faith in their marketing departments with their inability to prove ROI on campaigns:
Furthermore, they have:
Made the conscious decision not to expect more from marketing than branding, look/feel good ads and promotions…
CEOs feel marketers "live too much in the brand, creative and social media bubble."
I was discussing this with my buddy, Mitch Joel, who shared the following on his blog:
Doesn't digital change everything?
Digital does change everything (at least from my perspective), but digital changes nothing if all a brand is doing is traditional marketing in new marketing channels. That isn't to say that solving the digital marketing challenge will suddenly get the marketers a more respected chair in the c-suite, but this is massive opportunity for marketers because measuring, testing, optimizing and learning has never been as scientific and results-oriented as it is (and can) be in the digital channels. There's the old saying, "fail faster," I believe that digital marketing allows a brand to not only fail faster, but to do it in a cost-effective way.
There is very little excuse (other than it is hard to do and takes work) for digital marketing not to be business-performance-obsessed. The fact is, way too many marketers may no longer be counting HITS, but they are still measuring with that philosophy. By the way, HITS stands for "How Idiots Track Success."
Don't misunderstand me and think I am anti-social media. Just the opposite, I know the true ROI of social media. I view it as a long-term brand-building necessity, but just like branding, you can't measure it in the short term by direct sales and without proper attribution modeling in place. That's why it doesn't concern me when I see social media sales statistics like:
Marketing measurement should never be about how many views, likes, +1s, retweets, shares, etc. you have. All marketing efforts, and especially digital marketing efforts and their metrics, should flow directly and intelligently into the C-suite's financial statements. That is, if we want to stay relevant to what matters to the CEO and CFO. We have been preaching this since 2001.
If we still have this issue in digital a decade later, imagine the issues the rest of marketing must have in terms of business performance alignment and measurement. Let's make a resolution to make 2013 the year marketers regain trust from their CEOs and become obsessed with business performance.
In my next column, I'll share with you a framework on how to get there.
Blind Folded Business Man image on home page via Shutterstock.
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Bryan Eisenberg is co-founder and chief marketing officer (CMO) of IdealSpot. He is co-author of the Wall Street Journal, Amazon, BusinessWeek, and New York Times best-selling books Call to Action, Waiting For Your Cat to Bark?, and Always Be Testing, and Buyer Legends. Bryan is a keynote speaker and has keynoted conferences globally such as Gultaggen, Shop.org, Direct Marketing Association, MarketingSherpa, Econsultancy, Webcom, the Canadian Marketing Association, and others for the past 10 years. Bryan was named a winner of the Marketing Edge's Rising Stars Awards, recognized by eConsultancy members as one of the top 10 User Experience Gurus, selected as one of the inaugural iMedia Top 25 Marketers, and has been recognized as most influential in PPC, Social Selling, OmniChannel Retail. Bryan serves as an advisory board member of several venture capital backed companies such as Sightly, UserTesting, Monetate, ChatID, Nomi, and BazaarVoice. He works with his co-author and brother Jeffrey Eisenberg. You can find them at BryanEisenberg.com.
Hong Kong, May 5-6, 2015
Gartner Magic Quadrant for Digital Commerce
This Magic Quadrant examines leading digital commerce platforms that enable organizations to build digital commerce sites. These commerce platforms facilitate purchasing transactions over the Web, and support the creation and continuing development of an online relationship with a consumer.
Paid Search in the Mobile Era
Google reports that paid search ads are currently driving 40+ million calls per month. Cost per click is increasing, paid search budgets are growing, and mobile continues to dominate. It's time to revamp old search strategies, reimagine stale best practices, and add new layers data to your analytics.
May 6, 2015
12:00pm ET/9:00am PT