Management and Skills
A Forrester Research and Heidrick and Struggles study titled The Evolved CMO, found that 20% of the 115 chief and senior marketing professionals needed a further understanding in marketing measurement, customer relationship management (CRM), and customer data analytics. Marketing professionals must be able to tap into customer information that enables them to provide a strategic guidance the organization requirements. This allows them to extend business into emerging markets and bring innovative products to market.
Marketing professionals can then assess how to measure the impact of marketing on the business and translate the metrics to simple charts, data, and figures that the top management of the organization (CEOs, CFOs, and other CxOs) can understand.
A United States-based study conducted by management consultants Bersin and Associates states that "today more than 40% of US corporations believe that 'driving a performance-based culture' is one of their top three talent strategies." Cultures that foster an environment of teamwork and employee development, and resource empowerment achieve higher quality outcomes. Similar to other optimization processes (for example a six sigma quality management program), MPM requires a culture of accountability within the organization. Without a disciplined approach, success of implementation of MPM to drive productivity would not yield tangible results.
Read more about this topic: Marketing Performance Measurement And Management
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