Do you want to be a best-in-class marketer? In survey after survey, we find that it is well worth the effort. Regardless of how best-in-class marketers are defined, these companies consistently stand out in profitability and customer retention.
According to one research study (“Analytics for the CMO: How Best-in-Class Marketers Use Customer Insights to Drive Revenue,” the Aberdeen Group), best-in-class marketers were found to receive 9.9% average YOY improvement in incremental sales lift resulting from marketing campaigns. This compares to 1.1% for “average” marketers and a 3.6% decline among marketing laggards. Best-in-class marketers were also found to receive 9.5% average YOY increase in customer retention rate vs. 2.1% among average firms and a 3.2% decline for laggards.
How do they do it?
According to the study, they have intentional, strategic processes in place to track, measure, and report on all marketing campaign results, both print and online. These efforts include:
- Website visitor tracking (86% utilizing)
- Tracking, measuring, and reporting on all marketing campaign results (82% utilizing)
- Establishing processes to test effectiveness of campaign content (64% utilizing)
Best-in-class marketers also make a 60% average marketing contribution to the sales pipeline versus 10% for industry average firms and 3% for laggards.
What’s clear from this data is that best-in-class marketers understand the value of making planned, strategic investments in monitoring their campaigns and their results, then the importance of wrapping those results around to their next campaign to reap the benefits of what they have learned. The good news is, these are strategies that any marketer can put into place.
Need help setting up intentional processes for your marketing campaigns? Give us a call (312) 663-4720!