Marketers 'Ever Keener on Measurement'

US companies continue to demand more accountability from their senior marketing executives and marketing departments, according to a survey conducted by MarketShare Partners (MSP) for Forbes Insights.

As with previous studies in the area, in the US and elsewhere, this one suggests firms have a long way to go to arrive at a consistent, formal approach to measuring marketing ROI. The majority (68%) of marketing executives in the survey confirmed that they have analytics in place to measure effectiveness and ensure accountability; but only 56% of respondents have a defined system in place.

More than 100 senior marketing execs were surveyed in February and March this year for the report, entitled The Accountability Evolution: Marketers Turn to Metrics to Boost Their Strategic Value. The report examines the current marketing landscape, companies' current approaches and the variation between large and small firms (over and under $1m marketing budget, respectively).

Bruce Rogers, Chief Brand Officer of Forbes Media, says the research turned up the finding that 'the best marketers have invested in both the art and science of marketing... metrics must be equally weighed with a 'big idea' that serves as a core theme guiding all marketing initiatives. This was particularly pronounced among those with budgets of more than $1m, where 58% felt that having a 'big idea' was more important than metrics.

Jon Vein, co-founder and CEO of MSP says the study 'provides a compelling case that marketers need to take a second look at their accountability programs to ensure that they are optimizing across channels more effectively to have a meaningful impact on the bottom line.'

The study can be downloaded at www.forbes.com/forbesinsights/accountability . MSP is online at www.marketsharepartners.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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