Return on Marketing Investment: A Diagnostic Tool
When it comes to measuring marketing, how does your company measure up? Take BCG’s diagnostic to assess your marketing-measurement capabilities across six dimensions.Take our diagnostic
The job of marketers has grown broader and more complex. Traditional skills and expertise such as creativity, brand building, and consumer insight remain critical. However,. What does that mean for businesses?
New digital channels and tools are constantly emerging and shifting, and there have been dramatic changes in how customers learn about, and buy, products and services. It’s becoming increasingly important for CMOs to have a strong understanding of new technological platforms. In addition, marketing organizations must iterate much more quickly to respond to changing conditions. Today’s organizations require very different capabilities than were needed in the past. This means finding new talent skilled in big data and advanced analytics, programmatic buying, and branded content.
Companies also have to redefine roles for existing talent in areas such as media mix modeling, agency management, and marketing innovation.
We believe that organizations that do not invest with the mindset of rapid continuous improvement will fall behind their competitors. At the same time, marketing effectiveness and efficiency remains an important lever to drive growth and ensure a high-quality, consistent customer experience.
Developing brand equity
Shaping the customer journey
Building multichannel campaigns centered around television and radio spots
Managing broad-based channels with new campaign playbooks that are much more targeted
Working with rudimentary data and metrics (or none at all)
Exploring a world of big data to better understand what drives ROI across multiple channels
Relying on push marketing, with the ability to shape the message
Moving to pull marketing, which grounds an organization’s brand in authenticity and trust and generates compelling content
Depending on traditional media channels with long production and launch cycles
Orchestrating a fragmented ecosystem of channels, many of which allow real-time, two-way dialogue
Using a marketing team with a general background in branding, advertising, and business
Developing a new breed of marketers that combines digital and technological expertise with brand-marketing sensibilities
Working with a few large agencies to create and execute the marketing plan
Navigating a complex ecosystem of specialty vendors
BCG not only helps clients to embrace the complex challenges of optimizing marketing effectiveness by aligning top-down strategic potential with bottom-up, granular tactical optimization, but also to develop ongoing capabilities that can help them optimize continuously moving forward.