Where have all my marketing investments gone?

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1 IBM Software Business Analytics Business Analytics for marketing organizations Where have all my marketing investments gone? Addressing accountability with marketing performance analytics

2 2 Where have all my marketing investments gone? Executive summary In the US $83 billion is lost each year because of poor customer experiences. 1 This kind of loss puts immense pressure on marketers to: Understand and engage with empowered consumers. Evaluate and prioritize channels. Create a consistent customer experience. Coordinate and deliver a seamless experience throughout the enterprise. Optimize marketing performance. This pressure comes at a time when the marketing landscape is dominated by technology-savvy customers who expect more and better products and services and are quite happy to broadcast their needs, likes and dislikes in new channels created by social media. The pressures on marketing can be turned into opportunities, however. With ownership of customer interaction, sentiment, demographic, behavioral information and more, marketers can lead the charge toward becoming truly customer-centric. With the right tools and solutions, chief marketing officers (CMOs) and their marketing teams can gain a better understanding of their contribution to the business by tracking results, comparing them to operational drivers and metrics, sharing this information and linking performance to key financial targets. One key to success is marketing performance analytics. This paper describes the state of marketing today and covers the latest marketing imperatives. It then explains how marketing performance analytics can help marketers address and act on today s pressures to optimally allocate marketing resources, quantify marketing returns and demonstrate accountability to the business. The state of marketing today Marketing today is nothing like the marketing of even as little as five years ago. New information and communication technologies have revolutionized business. Consumers expectations have risen; they want better products and services, more choice and more value, and they expect an ongoing two-way conversation. Globalization has given customers everywhere many more options. Social media makes it possible for anyone to become a publisher, broadcaster and critic. Marketing expenditures have changed dramatically with the bulk of investments shifting to digital away from offline. As a result, marketing organizations are moving toward the ownership of customer interaction and customer information. In the 2013 IBM State of Marketing survey of 500 marketing professionals, the surveyed marketers mentioned an increased desire to implement customer management and customer experiences that are informed and delivered by technology. 2 In fact, the study also revealed that marketing organizations that are using technology to know their customer context and integrate accordingly, act on insights systematically and take a broader view of the customer experience are outperforming their peers in major financial categories. 3 These shifts, combined with competitors who are gaining financial advantage by being ahead in the technology game, create major challenges for the CMO. In the 2011 IBM CMO Marketing Study, CMOs stated that the changed marketing landscape had affected their organizations, citing issues with data explosion, social media, proliferation of channels and devices, and shifting consumer demographics. The digital revolution has given more power to individuals, tipping the balance in their favor. Because of this power shift, CMOs must concentrate even more on understanding individual consumer needs as well as markets so they can better target marketing programs and campaigns and use the right channels to achieve optimal business outcomes. To put it simply, they are feeling the push to get the most bang for their marketing buck.

3 Business Analytics 3 Along with the requirement to make the most out of marketing investments comes the need for CMOs and their organizations to quantify and analyze the financial results of their marketing initiatives and communicate them to the wider organization as a way of establishing credibility and effectiveness. In addition, businesses are pushing CMOs to demonstrate and link the contribution of marketing activities to revenue and overall business performance. Open communications with finance and other parts of the business are critical. Each one of these challenges brings new analysis and reporting requirements, and the last challenge requires discipline, data-driven insights and critical focus on return on marketing investments (ROMI). Marketing imperatives for financial and performance accountability CMOs and their marketing organizations are increasingly responsible for tying marketing initiatives directly to business performance. Marketing organizations are expected to transform themselves from cost centers to revenue generators. The result is the creation of new and very different imperatives for CMOs and marketing organizations than they have had in the past. CMOs are expected to: Clearly demonstrate financial accountability. Develop the financial acumen to run marketing as a business. Run their business through the lens of customer groupings, whereby the allocation of resources is pushed down to more granular and insightful levels, and align the marketing mix accordingly. Track, measure, analyze and report on key marketing performance indicators. Clearly demonstrating financial accountability In an article in Advertising Age, John Quelch wrote, financial accountability of marketing is here to stay. 4 In their book, The Marketing Accountability Imperative, Michael E. Dunn and Chris Halsall describe accountability in marketing terms as Simultaneously organizing company growth and the return on customer facing spending through disciplined planning, rigorous tracking and education and continuous performance improvements to link marketing spending cause and effect. 5 The emphasis is on delivering measurable, positive return on marketing investments, translating brand experiences that span differing touch points and achieving more with smaller budgets. CMOs, therefore, must provide the rest of the C-suite with daily status of key performance indicators (KPIs) and the return on investment (ROI) of key marketing programs. These KPIs must be more than page views, engagements leads or brand awareness; they must be tied to revenue. Developing the financial acumen to run marketing as a business In his Advertising Age article, Quelch also wrote that improved accountability requires CMOs to be financially literate, to understand the balance-sheet as well as the income-statement effects of marketing initiatives. 6 Marketing organizations are now a business within a business with CMOs responsible for driving revenue and tracking ROI. In fact, in the IBM CMO Study, 16 percent of the respondents said they needed to boost their financial proficiency to become more successful in the business and in the marketplace. The good news is that ROI for much of marketing s expenditures can be derived with help from a good business or financial analyst, who can show CMOs how to present ROI clearly and how to drive revenue. And, as they strengthen collaboration and openness with the office of finance, CMOs can gain financial analysis and reporting acumen in-house.

4 4 Where have all my marketing investments gone? Using customer groupings and aligning marketing mix Now more than ever, CMOs are being asked to determine the right formula for the company s aggregate marketing mix. This requires surveying marketing systems and communication channels with the aim of moving from tactical campaign execution to a total, systematic sense of revenue-generation. This can involve investments that balance priorities and help achieve effective and detail-oriented execution at the periphery that remains constantly guided and bounded by the strategic whole. More importantly, getting the marketing mix right requires CMOs and marketing organizations to use information, data and analysis to create personas for prospects and existing customers. The objective is to bring focus, empathy and consensus to marketing campaigns and then plan to interact with them along their buying journey. Tracking and analyzing inbound and outbound channel metrics In the past, outbound or offline marketing was king. However, Web 2.0, social media and digital marketing have created a revolving door of simultaneous inbound and outbound marketing activities that are used to acquire and nurture new prospects. Now, instead of simply measuring the success of sales calls, referrals, prospecting programs and media buys, companies are having to track performance of inbound tactics such as online engagement, social media interactions, pay per click, share of voice and more. CMOs, therefore, must track and analyze activities, such as: Monthly growth in organic website traffic Social engagement Lead generation by content, channel and initiative Percentage of leads with an inbound original source Conversions These imperatives not only affect CMOs, but also the entire marketing function with far reaching consequences for nearly every role and responsibility. How the imperatives are challenging key marketing roles The four imperatives that have resulted from the transformation of marketing into an organization that must be creative but demonstrate measurable results of campaigns and programs have also had an effect on marketing operations and business analysts who support the marketing function. They now require holistic, consolidated customer or segment views to go along with traditional campaign hierarchies. Demand generation marketers also face new challenges such as providing results-driven views and analysis of programs and challenges; they now must have answers to the question of which combination of offers and channels is performing best for target customer segments or micro segments. In addition, new marketing roles have emerged in the changed marketing landscape. For example, teams of specialists are needed to support data-driven decision-making, keep their eyes on ROI and determine specific methods that span preferred channels to get even closer to customers. Marketing performance analytics Marketing performance analytics can determine the efficiency and effectiveness of marketing activities and programs with a focus on the results and ROMI. CMOs and other key marketing roles can use marketing performance analytics to help maximize campaign and program effectiveness and track key marketing operational metrics. With understanding of how marketing is performing through KPIs, CMOs and marketing organizations can better allocate and budget resources to optimize the campaign mix so it focuses on best performing channels and touch points for targeted customer segments. They can use metrics to communicate ROMI and key revenue information to the finance organization for more informed budgets, plans and forecasts.

5 Business Analytics 5 Home Trust optimizes marketing activities with marketing performance analytics Home Trust is Canada s largest independent trust company. When Home Trust s senior management asked the marketing department to optimize its loyalty programs, the team used features of the IBM Marketing Performance Analytics solution to conduct what if analysis of different scenarios for its loyalty programs and decide on the best course of action. They reviewed the effectiveness of the loyalty program and provided supporting evidence for cancelling it. With scenario modeling, they discovered that the loyalty program resources could be redirected to an incentive program that better met Home Trust s objectives. In addition, the solution accelerated monthend sales reporting processes from four days to just four hours, and users were able serve themselves with sales and marketing analysis, giving the marketing team more time to focus on other priorities. Addressing the needs of key marketing roles With marketing performance analytics, CMOs and VPs of marketing can identify, track, share and analyze the right information about the effectiveness of marketing campaigns and program initiatives to drive better decisions and outcomes that span the organization. The process of defining, planning and modeling their marketing mix, including budgeting costs, margins and expected sales, is quick. Budget cycle time is reduced, which helps drive demand and enables the business to react to competitive threats. Marketing performance analytics also includes sensitivity modeling, which CMOs can use to determine optimal ROMI. Most importantly, marketing performance analytics solutions make it possible to share what-if scenario models and updated marketing investment allocations with the finance team so they can incorporate and update the current forecast monthly or quarterly for an accurate reflection on marketing investment. Marketing performance analytics helps directors of demand generation and other demand generation professionals measure the effectiveness of marketing campaigns with greater speeds than with spreadsheets and at intervals they choose (weekly, monthly or quarterly, for example). Demand generation professionals can analyze data from online and offline channels and data sources to make data-driven decisions and take immediate action. KPIs are tracked automatically on dashboards that can be customized, and reports are generated, along with insights on campaign and program effectiveness by funnel stage (that is, qualified versus validated), program, channel, region, product or service. Marketing operations professionals and business analysts can use marketing performance analytics to derive insights by program, channel, region, product or service for the intervals they view as critical (daily, weekly or monthly, for example). Scenario modeling helps these professionals understand marketing investment allocation and make tradeoff decisions that span channels, programs and regions. They can conduct ad hoc analysis of large marketing data sets and can take advantage of automated reporting based on standardized metrics and KPIs that they can then share with others on the marketing team.

6 6 Where have all my marketing investments gone? Effective planning, modeling, budgeting and spending for customer lifetime value Tracking and measuring marketing s contribution to business success and demonstrating financial accountability requires effective planning, modeling and budgeting, along with optimal spending. Marketing performance analytics enables marketers to generate driver-based plans that are modeled for distinct initiatives and target customer segments that demonstrate high customer lifetime value (CLV) for an organization s product or services portfolio. CLV is a critical metric for any business to embrace because a focus on CLV can help boost revenue, minimize unnecessary costs and significantly increase the bottom line. With marketing performance analytics, marketers can understand the costs of serving segments and initiatives for all touch points in aggregate for a holistic perspective of their business. Marketing operations professionals can weigh, consider and make the tradeoffs on spending opportunities. Using the models they develop, they can determine the optimal marketing resource allocation for the highest ROI. CNDC improves promotional planning with marketing performance analytics The Chickasaw Nation Division of Commerce (CNDC) is the economic arm of the Chickasaw Nation, which supports the Chickasaw people and their way of life with a diverse range of enterprises. As part of a major effort to improve decisionmaking, CNDC decided to use features of the IBM Marketing Performance Analytics solution to support the process of promotional planning for the CNDC marketing team. CNDC can now see how profitable their campaigns and promotions are, which enables them to confidently determine which types of promotion perform best in which revenue areas. For the first time, they are deciding which promotions to run based on facts, rather than gut feel. They have more detailed insight into their promotions, and the solution also helps them plan and develop the promotions more quickly. CNDC can conduct promotion analysis in the system about 75 percent faster than before they implemented the solution. Linking back to the financial plan and much more Marketing performance analytics enables CMOs and their marketing organizations to model initiatives or new programs and evaluate alternative programs to see which is most likely to achieve the best returns and meet revenue targets. They can identify the programs, campaigns or channels with higher ROI and also those that cover their marketing targets. With these tools, marketing and business analysts can develop the outputs for scenario modeling, budgeting and ROI analysis. The team can then link these outputs to the finance organization s projections to help finance generate a more reliable and consistent quarterly forecast. The finance organization can project cash flow and income more accurately and then adjust core strategies. With marketing performance analytics, the marketing organization and the finance organization can also work together to determine metrics that work for both departments. CMOs and their organization often have a wealth of customer information that they might not be tapping fully. Finance organizations, by contrast, have a wealth of analysis expertise that could be put to use on this data. So, along with marketing budgets and projected returns, the two organizations can identify ways to use customer and prospect data more intelligently. The result can be more accurate, workable targets for everyone. Supporting the optimization of marketing mix Marketing performance analytics provides the tools necessary for uncovering insight from multiple customer information sources such as customer relationship management (CRM) systems, sales force automation, marketing contact databases and more. With this insight and a consolidated 360-degree view of customers, channels and touch points, CMOs and their marketing organizations can optimize the inbound and outbound marketing mix for the channels and touch points used by each target segment or micro segment. In addition, they can make data-driven decisions based on best performing offers per segment or interaction and best performing customer micro segments. These decisions can result in the most efficient use of marketing investments, driving a higher ROMI.

7 Business Analytics 7 In essence, marketing performance analytics can yield significant benefits not only for marketing organizations, but also for finance organizations, the C-suite and more. The key is to implement a solution with software and technology designed to address all aspects of marketing performance analytics with automation, preconfigured software, integrated business intelligence solutions, multidimensional analysis and more. The right solution: IBM Marketing Performance Analytics The IBM Marketing Performance Analytics solution is scalable, preconfigured software that helps marketing organizations and CMOs understand and justify performance by answering three critical questions: how are we doing? ; why? ; and what should we be doing? A combination of IBM Cognos Business Intelligence and Cognos TM1 software, the range of this solution moves from descriptive analytics, or what is going on, to prescriptive analytics, or recommendations that can make what we should be doing happen. Marketing operations professionals can gain a 360-degree view of all marketing activity results and returns, including all relevant customer and marketing interactions. In addition, the solution is designed to provide the capabilities necessary for measuring, evaluating and improving the performance of marketing initiatives and campaigns. These capabilities include: Powerful and scalable business intelligence and performance management that helps users track, analyze, measure and report marketing performance analytics results, share insights with colleagues and act on findings to drive the company forward Visibility of key marketing performance indicators such as responses, conversion rates, pipeline and leads that can be accessed daily, weekly and quarterly Powerful what-if scenario modeling for optimized marketing resource allocation based on quarterly revenue targets Simulation of marketing scenarios to improve decisionmaking, planning and budgeting and to understand investment tradeoffs Ability to unlock insights from multiple data sources. including marketing automation platforms, social media, CRM and financial systems With this solution, marketing VPs and CMOs can identify, track, share and analyze information about marketing campaigns, programs and initiatives to drive better decisions and outcomes for their organizations. Demand generation and campaign professionals can monitor and measure marketing campaigns to determine their effectiveness. Business and marketing analysts can generate insight daily, weekly and monthly by program, channel, customer segment, location or region, and product and service. They can engage in scenario modeling to understand marketing investment and allocation tradeoff decisions. In addition, marketing organizations and finance organizations can share information and expertise more easily, which results in improved accountability and outcomes. Conclusion Marketing has changed forever and with that, so too have the roles of CMOs and others in the marketing organization. Satisfying the empowered and connected customer, fostering long-term customer loyalty and being financially accountable for campaigns and programs are the new normal. Resource allocations, marketing expenditure tradeoffs, optimized product mix and ROMI calculations are now part of the game. Marketing performance analytics can help marketing organizations turn today s marketing challenges into opportunities.

8 With marketing performance analytics, CMOs can provide quantifiable contributions in support of revenue accountability. Marketers can embrace ROI and ROMI discipline to align marketing to the business while optimizing the allocation of expenditures for maximum business effect and providing visibility of marketing s investment decisions. IBM offers a marketing performance analytics system that aligns with revenue goals and helps cover all touch points with a focus on key customer segments and key metrics per segment, such as conversions, lead revenue and more. It supports the optimization of offline and digital marketing mix that spans all channels for key targeted customer segments and micro segments. And, very importantly, it is designed to improve organizational alignment by linking back into finance systems to help finance organizations develop more accurate and reliable forecasts. About IBM Business Analytics IBM Business Analytics software delivers data-driven insights that help organizations work smarter and outperform their peers. This comprehensive portfolio includes solutions for business intelligence, predictive analytics and decision management, performance management, and risk management. Business Analytics solutions enable companies to identify and visualize trends and patterns in areas, such as customer analytics, that can have a profound effect on business performance. They can compare scenarios, anticipate potential threats and opportunities, better plan, budget and forecast resources, balance risks against expected returns and work to meet regulatory requirements. By making analytics widely available, organizations can align tactical and strategic decisionmaking to achieve business goals. For further information please visit ibm.com/business-analytics. Request a call To request a call or to ask a question, go to ibm.com/businessanalytics/contactus. An IBM representative will respond to your inquiry within two business days. Copyright IBM Corporation 2013 IBM Corporation Software Group Route 100 Somers, NY Produced in the United States of America June 2013 IBM, the IBM logo, ibm.com, Cognos and TM1 are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at Copyright and trademark information at copytrade.shtml. This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. The client examples cited are presented for illustrative purposes only. Actual performance results may vary depending on specific configurations and operating conditions. THE INFORMATION IN THIS DOCUMENT IS PROVIDED AS IS WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON- INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided. The client is responsible for ensuring compliance with laws and regulations applicable to it. IBM does not provide legal advice or represent or warrant that its services or products will ensure that the client is in compliance with any law or regulation. 1 Jack Loechner, Poor Customer Service Costs Companies $83 Billion Annually, Research Brief, the Center for Media Research, 18 Feb ( Accessed 5 June 2013) 2 The State of Marketing 2013, IBM s Global Survey of Marketers (www. public.dhe.ibm.com/common/ssi/ecm/en/zzl03043usen/zzl03043usen.pdf. Accessed 4 June 2013) 3 The State of Marketing 2013, IBM s Global Survey of Marketers (www. public.dhe.ibm.com/common/ssi/ecm/en/zzl03043usen/zzl03043usen.pdf. Accessed 4 June 2013) 4 John Quelch, Why CMOs Are Gaining Ground in the Recession. Advertising Age, 10 March 2009 ( Accessed 7 June 2013) 5 Michael Dunn, Executive Summary: The Marketing Accountability Imperative. Prophet. 2 February 2010 ( view/429-executive-summary. Accessed 7 June 2013) 6 John Quelch, Why CMOs Are Gaining Ground in the Recession. Advertising Age, 10 March 2009 ( cmos-gaining-ground-recession/135145/. Accessed 7 June 2013) Please Recycle YTW03339-USEN-00

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