B2B and Mid-sized Firms Struggling Most At Improving Marketing
Some interesting insights from our recent research....
Marketing Performance Advantage Study of 400 companies links performance
to specific marketing management best practices
Boston, MA (11/3/2009) – Mid-sized firms and B2B companies are struggling the most at improving the effectiveness of their marketing efforts, according to the results of a landmark survey of more than 400 companies by strategic marketing consultancy CMG Partners and market research firm Chadwick Martin Bailey. The recently released study -- entitled The Marketing Performance Advantage -- found that while 75% of all participants expressed interest in measuring the performance of their marketing initiatives, mid-sized firms and B2B companies were also more likely to report having no measurement in place or only limited measurement.
"For example, both B2B firms and mid-sized companies were much more likely to report struggling in key areas such as lack of senior management buy-in, lack of alignment with other function areas, and a lack of established processes to utilize measurement data to generate insights and to make better decisions."
The study surveyed more than 400 companies across a variety of industries and company sizes to determine the key attributes of successful marketing organizations and to understand what marketing practices they employ. In addition to identifying challenges, the study identified five best practices of those companies who were seeing the most success in improving their marketing performance. Each of these best practices are described in detail in The Marketing Performance Advantage report which can be downloaded free of charge from www.marketingperformanceadvantage.com.
"The study clearly shows that those companies that embrace marketing performance management -- the practice of measuring, learning from, and improving upon marketing strategies and tactics over time – are reaping the rewards in terms of market share and bottom line results," said Rich Schreuer, senior vice president of Chadwick Martin Bailey.
"For mid-sized firms and B2B companies that are struggling in this area, the key first steps are to secure senior level buy-in and to obtain the necessary expertise that is so critical to setting up and implementing a successful initiative."
Marketing Performance Advantage Study of 400 companies links performance
to specific marketing management best practices
Boston, MA (11/3/2009) – Mid-sized firms and B2B companies are struggling the most at improving the effectiveness of their marketing efforts, according to the results of a landmark survey of more than 400 companies by strategic marketing consultancy CMG Partners and market research firm Chadwick Martin Bailey. The recently released study -- entitled The Marketing Performance Advantage -- found that while 75% of all participants expressed interest in measuring the performance of their marketing initiatives, mid-sized firms and B2B companies were also more likely to report having no measurement in place or only limited measurement.
For example:
- B2B companies and mid-sized firms were both three times as likely as other companies to have no measurement system in place
- 44% of B2B firms report limited or no marketing measurement, twice as many as their B2C counterparts
- Around half of all mid-sized companies reported that they were finding improving the performance of marketing initiatives a "huge challenge" – twice as many as their larger brethren
- One of the biggest challenges? "lack of data" according to 40%
"For example, both B2B firms and mid-sized companies were much more likely to report struggling in key areas such as lack of senior management buy-in, lack of alignment with other function areas, and a lack of established processes to utilize measurement data to generate insights and to make better decisions."
The study surveyed more than 400 companies across a variety of industries and company sizes to determine the key attributes of successful marketing organizations and to understand what marketing practices they employ. In addition to identifying challenges, the study identified five best practices of those companies who were seeing the most success in improving their marketing performance. Each of these best practices are described in detail in The Marketing Performance Advantage report which can be downloaded free of charge from www.marketingperformanceadvantage.com.
"The study clearly shows that those companies that embrace marketing performance management -- the practice of measuring, learning from, and improving upon marketing strategies and tactics over time – are reaping the rewards in terms of market share and bottom line results," said Rich Schreuer, senior vice president of Chadwick Martin Bailey.
"For mid-sized firms and B2B companies that are struggling in this area, the key first steps are to secure senior level buy-in and to obtain the necessary expertise that is so critical to setting up and implementing a successful initiative."
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