Marketing meets IT but should be meeting Finance

In this Information Week article on Marketing analytics, I just find myself amazed that this is still a rising issue. If I were running a company, I would want to know my return on every “investment” I was making. Until you prove this, I’m not sure how seriously you can be taken.

I know designing and measuring effective metrics is difficult. I’ve done it at two previous firms and am now struggling again at my new firm. Every place and situation is different. Here, we have a very long buying cycle compounding by large buying groups. How do you tie, say a webcast, back to revenue? Not easy and will never be perfect. But you need something to hang your hat on.

But why IT? I would always go with Finance. IT may help you implement the measures but Finance can help you figure out what you SHOULD measure.

Any Marketing leader (whatever your title, VP, CMO, Director) should be working with the head finance person or at least someone in that group to help determine how marketing helps drive the company’s financials. If you can get agreement there, it’s a much easier sell to all executive management.

I’m hoping my previous experience at doing this will help me in my current position – and I’m sure it will. But I am surprised at the differences between here and my previous firms. Makes me have to go back a few squares and think all over again. And that’s not a bad thing!

 

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