The business climate today is tough – no two ways about it. What was taken for granted a few years back is no longer valid and companies have to expend a good amount of effort to retain existing business, grow and remain profitable.
What has triggered this change ? The usual reasons are applicable here too – tighter global market leading to increased pressures on margins and hence budgets. Plus business functions are being expected to demonstrate value to the business at every stage which was not such a common ask earlier. And this is not restricted to only the biggies – we are seeing an increasing number of smaller companies adopting rigorous metrics too. All for the good I guess!
One of the key goals of marketing organizations is to assist and enable sales. This goal gave rise to metrics such as number of leads through marketing and RoI of marketing initiatives. In fact, such measurements are becoming more commonplace as marketing becomes more and more accountable for the budgets they are allocated as well as the actions they take. This is a good thing in my opinion. Why? It forces a marketer to understand the big picture and take considered decisions. The marketer cannot rush headlong into spending money whatever is the current flavour of the season. However, he will be forced to arrive at the best course of action for his business based on market data, previous experience, company culture, available budgets, target audience and business capabilities. A more holistic approach is needed.