In the past two weeks, two completely different digital marketing industry reports have been released that, while very different, reveal some very similar insights about the greatest challenges facing the industry, and business as a whole, today.
Each year HubSpot releases the the significant gap between sales and marketing, one thing has exponentially stood out to us. Since 2015, the top three responses to the greatest marketing challenges have been the same, and they have a direct correlation to each other.
The top three marketing challenges facing companies in 2015, 2016 and 2017:
- Generating traffic and leads* (63% in 2017, 65% in 2016)
- Proving ROI (40% in 2017, 43% in 2016, 71% in 2015**)
- Securing Enough Budget (28% 2017, 28% in 2016, 51% in 2015***)
Top answer in 2017; **Top answer in 2015; *** 2nd ranking answer in 2015
The Metrics Matrix
First and foremost, companies are still very challenged by tracking and analyzing their metrics. All of the top three challenges reported this year are related to data and metrics. With dozens of analytics and tracking tools available, from HubSpot to Google Analytics and Ahrefs to Moz, there is no shortage of options that companies have to track results. While using these tools is a daily part of what we do as an inbound marketing agency, we’ve discovered that many businesses, even multi-million dollar companies, do not have any type of analytics tracking in place when we first start working with them. While they might have at least Google Analytics set up on their site, they don’t have the internal resources to interpret the data, nor an internal process in place for what to do with these metrics.
Generating traffic and leads, proving ROI and securing budget are all directly correlated.
More than ever, marketing teams are being measured on their contribution to company revenue. To help prove marketing results directly impact sales, teams need the right tools and attribution processes to track their efforts and ultimately to leads and sales . The data in the State of Inbound Report proves that there’s still a big black hole in the operations of many companies that is preventing metrics from being accurately measured.
“So, these challenges come full circle. Tracking and proving ROI makes marketing teams more “successful;” thus successful marketing teams often get more budget.”
Marketing Industry Transformation
Beyond the State of Inbound Report, there have been several other big news stories and studies about the shakeup and transformation of the marketing industry. In January 2017, Marc Pritchard, Chief Brand Officer of Procter & Gamble made a speech that rippled across the marketing world. In a major statement of this speech, he called out the closed measurement systems of Google and Facebook, and demanded they take down their “walled gardens” of data metrics. Pritchard also demanded that every agency and media partner they work with adhere to the Media Ratings Council (MRC) standard by the end of the year, shaking up the long-standing agency commission structure of media buying.
On May 31, 2017, Kleiner Perkins Caufield & Byers Go to the full article.
Source:: Business 2 Community