Video Transcription
There’s not a CEO, Founder, Owner, Investor, or CFO that does not want to understand the return on investment for marketing. But getting to marketing ROI is not just a light switch exercise. I can’t tell you how many times executives have said to me “Listen, I have an unlimited marketing budget so long as you can tell me for every dollar we put into the marketing plan, how many dollars come out the other side of that engine and how fast.”
Wouldn’t that be nice to know? What these executives are really asking for is predictive analytics when it comes to marketing investment. But getting to predictive analytics takes time and structure. I want to share with you the six different stages of moving to predictive analytics, really in any function of your business, but specifically for marketing and help you understand why this takes time.
Here are the six stages of data:
- Non-existent
- Unstructured
- Baselined
- Informative
- Insightful
- Predictive
I’m Jennifer Zick, founder and CEO of Authentic®. We are a community of fractional chief marketing officers that works with growing businesses to help them Overcome Random Acts of Marketing® and data to take the next right step toward healthy growth.
Most of the time when we’re working with small and mid sized growth businesses, their data is somewhere between stage two, unstructured, maybe living in the minds of their employees or spreadsheets on their hard drives, and possibly all the way to stage four, where the data is structured and it’s informative, but they’re not sure how to gain the insights that they need out of it.
Perhaps the right questions aren’t being asked of the data to understand how to apply those insights into the business. Perhaps there hasn’t been enough analysis of the right data criteria to find the patterns that help the business understand how marketing is influencing or directly attributing to revenue, profitability and business value creation. If any of this sounds familiar, you’re not alone. This is a common challenge for every growth business.
As marketing investments increase, so does the need for accountability. Executives need to feel confident about where they’re placing their bets and mobilizing their resources to help move toward the company’s North Star growth goals. And if you’re not sure how marketing is contributing, supporting or attributing to your growth, this is what we do.
We help companies overcome random acts, overcome immaturity in their marketing systems and teams and processes to build marketing muscle and generate results that help to strengthen revenue, profitability and business valuation. We’re here for you on this journey as a long term partner in healthy growth. We’d love to connect with you – reach out today!
