Creating a cycle of improved marketing performance
Unleashing the power of marketing data
There’s no doubt about it, knowledge is power. In the context of marketing performance, it’s absolutely vital. By unlocking market insights, you’re then prepared for the production or marketing execution process.
At the other end of the cycle, you’ve got measurement. You’ve done the research, ensured the marketing production phase went smoothly, but where’s the return on marketing investment? You want to see the money, but do you have that visibility? Never has such a level of transparency and marketing measurement been so crucial. Only when this is tangible, are you able to create a cycle of truly world class marketing performance.
The point is this: good marketing practice should be cyclical. You need to benchmark, sustain, and improve. The science of marketing is becoming increasingly complex, but only as a result of the tools at our disposal. As a result of this, while more complex, the ability to measure and outclass is becoming much more readily available.
The science of marketing
As discussed in the Performance Driven Marketing report by Marketo: in order to be successful, marketing needs both accurate, current, and historical data, and the ability to recognize patterns that connect seemingly unrelated data points. The science of marketing is performance driven – and increased insight into measurement and analytics is allowing marketers to really leverage their data, and as a result, optimize their campaigns.
This now heavily adopted practice of gathering insights before implementation and measuring after are the two simple components to creating a cycle of optimal marketing performance. Increasingly, marketers want and need access to tools that can offer this level of transparency, whether carried out in-house by gaining access to tools, or by outsourcing the whole marketing process to a credible marketing services provider.
The elements of the marketing analysis cycle
Either way, in order to ensure ROI and evaluate marketing performance, these two elements of the marketing cycle are crucial. Big data and visual dashboards are often delivering the reports that both marketers and stakeholders need to see, digestible yet complex reporting that provides the analysis necessary to dictate the second cycle of marketing performance.