What single metric defines efficiency of a marketing operation?
CONTROL, CONSISTENCY, AND COLLABORATION
The chief marketing officer of a global enterprise grapples with many issues and challenges.
Most successful CMOs make the execution of strategy their number one priority. This execution entails having the right people in the right jobs and having the systems for managing the marketing process.
GISTICS’ analysis of CMOs who consistently achieve strategic business results shows that they do so through systematized processes—repeatable, predictable ways of producing consistent, high-quality tactical results.
GISTICS’ research also reveals that many otherwise successful strategies failed to produce results due to a lack of systems for managing the marketing operation.
The figure below depicts four criteria by which a CMO can measure the efficiency of the marketing process.
Although cost remains a key concern, time (or how long it takes to produce a result) often takes priority over money.
Time to market emphasizes how quickly a firm can identify customer requirements, develop an appropriate offering, and bring it to market, all while maintaining tight controls of information—who needs to know what?
This speed may often require that a firm master collaboration with existing and prospective customers, as well as key third parties, consultants, and trade partners.
Important in the past, the product launch has emerged as the defining event for the enterprise. At no other time does marketing have such cross-functional visibility of its role in a company or a more direct link between its activities and increased sales than in a new product launch.
For these reasons, a marketing operations management platform must enable an enterprise to capture, codify, and propagate best practices for reducing time to market for a major launch.
Time to synchronize emphasizes how quickly a marketer can marshal multichannel resources for maximum effect at various points of purchase.
The synchronization of “land, sea, and air” assets of a marketing campaign means that the single voice of a brand spans the entire spectrum of the media and channels used. Successful synchronization creates an echo effect, where media synergies enable the brand voice to reverberate throughout the market.
Successful synchronization requires best-of-class collaboration among marketers and their channel partners.
Time to customerize emphasizes the technical and logistical capacity to localize products and online services to a culture or society, customize marketing programs and services for particular seasonal opportunities or distribution channel partners, and personalize offerings and brands to individuals, customer groups, or lifestyle profiles. Mastering cycle times as outlined above requires new systems, processes, and accountabilities within a marketing operation—the subject of this paper.
Time to satisfy emphasizes post-sales service and fulfillment, using advanced policy-managed subscriptions and individual customer personas—increasingly complex, multidimensional declarations of preferences, modes of consumption, and correlations to social contexts and geo-locations.
- How important is cycle time in your firm?
- What is the economic value of one added day in a product-sales life cycle?
- What are the principal barriers to more effective collaboration within marketing? Among marketing partners?