C-Suite execs share concerns across sectors, size and geographies.
In the CX business, we talk to key executives literally every time we’re engaged to help address an issue. Usually in the areas of brand, touchpoint, loyalty and customer experience improvement, we hear many of the same questions and concerns from the “C” suite, across industries, company size and geography. This insights and concerns have also been surprisingly consistent for the past several years, indicating to us (on a qualitative basis) that they may be universal, and that many struggle to resolve them.
Why should brand and marketing performance be tracked “by the numbers?”
Though not all, a small majority of executives we speak with feel that – overall – their brand and marketing programs are at best only somewhat effective. We think this perception is driven by the lack of clear metrics to show what’s working, and what isn’t – and why. To improve both perceived and actual performance, marketers must be clear on their objectives, and relentlessly work to improve their programs and measure their success.
Where does marketing (and the voice of your customer) get to sit in your boardroom?
This is particularly prevalent in organizations where marketing might not have as “big” a seat at the board table as other groups. Though more and more executives are coming from marketing and sales backgrounds, the ability to quantify both brand and marketing performance is key to assessing effectiveness.
If you’re part of a company that gets it, then good for you. Keep it up. But if you’re not tracking the soft stuff by the numbers, here are some questions to ask, that may help you get there.
- Does your organization have an overall philosophy of encouraging and rewarding performance?
- How does marketing specifically support the CEO’s agenda, and deliver the results to support his or her strategic objectives?
- Whose “agenda” is marketing tasked with pursuing? Is it the right agenda?
- Are there any informational barriers between the marketing department and the CFO’s suite?
- Has your organization begun thinking about the benefits of tracking brand and marketing performance, and being able to improve performance over time as a result?
We think that the challenge many marketers face is to become more strategic and accountable in nature, focusing more on financial and customer value metrics – without sacrificing the creativity inherent in successful brand and marketing initiatives that truly “connect” with and engage your audiences.