Mid-Sized and B2B Firms Struggle to Improve Marketing Measurement5 Nov, 2009 By: Jacqueline Renfrow Response This Week
BOSTON – Mid-sized firms and B2B companies are having the hardest time improving their marketing effectiveness, according to a survey conducted by marketing consultancy CMG Partners and market research firm Chadwick Martin Bailey.
“The Marketing Performance Advantage” study, which surveyed more than 400 companies, and found that while 75 percent of all interviewed were interested in measuring marketing performance, mid-sized and B2B companies were more likely to report having no measurement or limited measurement in place.
Other findings showed that these firms were three times more likely as others to have no measurement system in place; 44 percent of B2B firms had limited or no marketing measurement – twice as many as B2C firms; and about half of the mid-sized companies found improving marketing initiatives a huge challenge.
“The story behind these numbers is slightly different for each of these segments but the barriers to improvement they face are remarkably similar,” says Mark Carr, a partner at CMG Partners. “For example, both B2B firms and mid-sized companies were much more likely to report struggling in key areas such as lack of senior management buy-in, lack of alignment with other function areas, and a lack of established processes to utilize measurement data to generate insights and to make better decisions.”
In addition to identifying the marketing challenges of these companies, the survey looked at the key attributes of successful marketing organizations in order to understand what marketing practices they employ.