One of the biggest trends in business is the rise of collaborative marketing reporting. Increasingly marketers need to interact with other departments – in particular sales and finance – to create a new and more effective breed of reports.
The disconnect in marketing
Most businesses today fail to do collaborative marketing reporting. The result is lost synergy because different company departments play by different rule books, rather than acting as a team.
Many marketers live in a world different from the rest of the business. They live in a bubble, focusing on tactical metrics rather than financial goals. Most marketers measure their performance by soft numbers such as brand exposure or social media engagement.
The problem with today’s reporting
And so today’s marketing reports, for example, often measure the success of email campaigns by the number of click throughs. But what really matters is whether the clicks led to sales: that’s the metric that needs to be reported. But marketers fail to report on that and what really matters: financial impact.
The metrics flouted by marketers are irrelevant to C-suite and provide little hard evidence. Marketers might point to an increase in sales during a particular campaign, and credit their campaign. But unless they can tie sales to marketing actions, there’s no solid proof. C-suite executives increasingly expect marketing to provide solid proof.
Marketers need to work with the rest of the enterprise to create reports that matter. Until then, the rest of the enterprise will have little insight into the financial value contributed by marketing. And thus marketers’ power, influence, and budget will be diminished.
Benefits of collaborative reporting
By shifting to collaborative reporting that focuses on financials, marketing can move beyond campaign minutiae and reveal the full view: its contribution to the business’s financial bottom line. By collaborating with other departments, marketers can get increasingly precise information and discover exactly how marketing contributed to enterprise goals and the business bottom line.
C-suite, finance and sales will finally get to see exactly how much money that marketing is contributing to the enterprise bottom line. And because executives will better see what marketing contributes, marketers will be more trusted and valued.
How to adopt collaborative reporting
How do you move towards collaborative marketing reporting? Get together all the vested parties: sales, finance, IT and marketing. In particular, partner with sales to get the revenue and attribution numbers you need. And be sure to work with finance to ensure they will get the numbers they need.
Collaborative marketing reporting gets get all enterprise departments speaking the same language and working towards the same financial goals.
The entire organization benefits from collaborative marketing reporting. An enterprise should be a unit, with all departments working in synergy: marketing, sales, finance and more. A great starting point is collaborative marketing reporting.