Why does business software exist? Its purpose is simple: to automate tasks and make them more accurate and efficient. Good business software provides greater intelligence – and shortcuts to quicker results – for growth-focused organizations. The right software can provide you with a competitive advantage.
In the past marketing might point to a series of funny TV commercials as a big accomplishment; today the department might celebrate 10,000 likes on Facebook. In either case, CEOs and CFOs are increasingly likely to react: “so what?!” In my conversations with Fortune 500 executives, their expectations of marketing are changing rapidly and forever, and focusing more on this: “what’s my financial return on my marketing investment?”
Imagine marketing spending $1 trillion per year. For roughly half that spending, the return on investment is often vague at best. For the other half, there’s no measurement of ROI…at all. That $1 trillion is the global annual spend on marketing and advertising. And with global competition heating up, businesses are increasingly looking to ensure every dollar is well spent. $1 trillion is a good place to start.
Of perhaps any area in business, changes are coming in marketing – big changes. That’s because unlike most areas of business – from finance to quality control – marketing has been notorious for failing to give hard numbers. But in the era of Big Data, CEOs and C Suite executives are putting more pressure on marketing to answer this simple question: what’s marketing’s contribution to the bottom line?
When Scott Brinker teased out to the marketplace some new marketing technology categories and the respective technology brands within each category, he obviously knew at the time just how immense and crowded the landscape would look.
I attended a great event put on by MITX last week, The Science of Marketing: Using Data & Analytics for Winning. My biggest take-away was that the science means nothing without the art– nothing new in that statement, but I did learn more about why.